Industrial Development Funding (IDF) and Oaktree committed $1.7 billion to a new energy project. The investment deploys Bloom Energy’s fuel cell technology to support Nebius AI’s cloud infrastructure.
This project delivers dedicated, behind-the-meter power to handle intensive artificial intelligence workloads. IDF acts as the lead developer for the project, while Oaktree holds a minority equity stake.
Morgan Stanley serves as the sole tax equity investor. MUFG Bank provided the senior debt financing for the transaction.
The deal expands an existing partnership between IDF and Bloom Energy. It addresses the growing demand for rapid and clean power solutions within the AI sector.