AI infrastructure is a team sport.
Industrial Development Funding’s (IDF) recent announcement with Bloom Energy and Oaktree Capital Management (Oaktree) reflects something we ve seen across the market. Building AI infrastructure requires an ecosystem of organizations with different expertise working toward the same outcome.
The announced $1.7 billion project investment supports the deployment of Bloom fuel cell technology for Nebius’ AI infrastructure build-out. It also demonstrates how developers, energy leaders, institutional investors and financing partners each play a distinct role in bringing critical infrastructure online.
Nebius is expanding its AI cloud platform to meet growing demand for compute. Bloom provides onsite power technology delivering clean and reliable electricity where and when it is needed. IDF is the project’s lead developer. Oaktree provides infrastructure capital. Morgan Stanley arranged the tax equity financing and served as the sole tax equity investor. MUFG Bank led the senior debt financing.
Each organization brings distinct expertise and exceptional teams with unique capabilities. The project succeeds because those strengths come together around a shared objective.
This collaborative model is critical as AI infrastructure scales. Customers are looking for speed and certainty. Delivering both requires experienced developers, proven technology, access to capital, and financing structures capable of supporting large infrastructure projects.
We’ve seen that firsthand through our work with Nebius and recently with Brookfield. In June, we expanded our strategic partnership with Brookfield fivefold to $25 billion, enabling the buildout and financing of rapid power projects for AI infrastructure worldwide. Both partnerships demonstrate that delivering this new generation of infrastructure requires expertise with tight integration and collaboration from the outset.
AI infrastructure leaders will differentiate themselves through relentless execution and the ability to deploy capacity at extraordinary speed. Delivering that infrastructure at scale will depend on equally strong execution across development, financing, and deployment.
Every successful project reflects organizations with different expertise working toward the same objective. That’s the model behind our recent announcements, and one we are incredibly proud to be a part of.
