Industrial Development Funding and Oaktree Announce $1.7 Billion Project Investment in Bloom Energy Fuel Cells for Nebius AI Infrastructure Build-Out
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NEW YORK, July 16, 2026 /PRNewswire/ -- Industrial Development Funding ("IDF") and Oaktree today announced $1.7 billion in project investment as part of a broader commitment to support the deployment of Bloom Energy's (NYSE: BE ) fuel cell technology for the build-out of AI cloud infrastructure. Once complete, the project will provide dedicated behind-the-meter power, helping Nebius meet demand for the compute capacity underpinning its AI cloud platform. Nebius selected Bloom for its speed to power, clean technology, and ability to support the performance and availability demands of AI workloads. IDF is the lead developer of the Nebius project, with minority equity participation from Oaktree. Morgan Stanley served as sole tax equity investor and placement agent for the tax equity financing, and MUFG Bank provided the senior debt financing. "By bringing together institutional capital and critical power infrastructure, IDF and Bloom are unlocking the next generation of energy solutions and are proud to help Nebius meet the energy demands of the AI economy," said Nik Nunes, Chief Executive Officer of IDF. Austin Pearson, Oaktree Managing Director, said, "Oaktree is focused on investing in infrastructure assets delivering critical power to the digital space. This transaction reflects our confidence in Bloom's fuel cell technology and those relying on it." "AI infrastructure...
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