Industrial Development Funding and Oaktree Announce $1.7 Billion Project Investment in Bloom Energy Fuel Cells for Nebius AI Infrastructure Build-Out

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 customers need more than innovative technology," said Aman Joshi, Chief Commercial Officer of Bloom Energy. "They also need a path to finance and deploy power rapidly. Our collaboration with IDF demonstrates how institutional capital can help accelerate the build-out of AI infrastructure."

"Morgan Stanley is proud to partner with IDF, Bloom Energy and Nebius on this landmark behind-the-meter transaction delivering rapid power solutions to critical AI infrastructure," said Jorge Iragorri, Co-Head of Infrastructure Capital Markets at Morgan Stanley.

"MUFG is pleased to support Nebius, IDF, and Bloom on this landmark transaction, which provides an innovative and efficient solution for data center power demand while meeting the needs of the local community," said Fred Zelaya, Managing Director – Project Finance.

Today's announcement reflects IDF's broader strategy to invest in clean energy, digital infrastructure, transportation, and industrial sectors through bespoke capital solutions. It expands collaboration between IDF and Bloom Energy that has enabled multiple transactions and a diversified portfolio of over $2.6 billion in Bloom Energy projects.

About Industrial Development Funding
Industrial Development Funding, LLC ("IDF") is an investment advisor registered with SEC that manages capital for Qualified Institutional Buyers. IDF's proprietary funding solutions enable large industrial companies to sell existing products or introduce new products to the marketplace. IDF provides bespoke capital solutions to companies across the digital infrastructure, power and transportation sectors. Website: www.indevfunding.com.

About Oaktree Capital Management
Oaktree is a leader among global investment managers specializing in alternative investments, with $224 billion in assets under management as of March 31, 2026. The firm emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in credit, equity, and real estate. The firm has more than 1,500 employees and offices in 26 cities worldwide. For additional information, please visit Oaktree's website at http://www.oaktreecapital.com/.

Media contacts
Industrial Development Funding
Doug Rivenburgh ([email protected])

Oaktree Capital Management
Rachel Wood ([email protected])

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SOURCE Industrial Development Funding, LLC