Industrial Development Funding and Oaktree Back $1.7 Billion Bloom Energy Project for Nebius AI

Jul 17, 2026
Industrial Development Funding and Oaktree announced a $1.7 billion investment to deploy Bloom Energy fuel cells powering Nebius AI cloud infrastructure, with Morgan Stanley and MUFG providing financing support.

In a press release, Industrial Development Funding and Oaktree announced a $1.7 billion project investment to support the deployment of Bloom Energy fuel cell systems for the build out of the Nebius Group AI cloud platform. The project will supply dedicated behind the meter power to meet Nebius's high compute demand.

Industrial Development Funding is leading the project, with Oaktree taking a minority equity stake. Morgan Stanley acted as the sole tax equity investor and placement agent, while Mitsubishi UFJ Financial Group provided senior debt financing.

The investment continues a broader collaboration between Industrial Development Funding and Bloom Energy, expanding their combined portfolio to over $2.6 billion in Bloom projects. The partners said the project will deliver rapid, clean power solutions to support the growing energy requirements of AI infrastructure.

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