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FINWIRES

IDF, Oaktree Finance $1.7 Billion Fuel Cell Project for AI Data Centers

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Industrial Development Funding and Oaktree Capital Management confirmed a $1.7 billion project investment to deploy Bloom Energy's (BE) solid-oxide fuel cell technology to power Nebius's AI cloud infrastructure.

Nebius selected the fuel cell solution specifically for its ability to deliver clean, consistent energy with the speed required to meet the demanding uptime and power requirements of modern AI workloads, IDF stated on Thursday.

IDF is serving as the lead developer for the project, with Oaktree providing minority equity participation, it stated.

Financial structuring for the deal included senior debt financing from MUFG Bank and tax equity financing led by Morgan Stanley, the company added.

By utilizing fuel cells, the project offers a cleaner and faster alternative to traditional utility-scale power connections, addressing a critical bottleneck for the data center industry as it struggles to meet the unprecedented electricity demand driven by the global AI boom.

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