Zanskar Secures $40 Million Development Facility to Accelerate U.S. Geothermal Build-Out

New updates have been reported about Zanskar.

Zanskar has raised a $40 million non-recourse Development Capital Facility to speed early-stage geothermal projects across its U.S. portfolio, in a structure that can expand to $100 million as its pipeline grows. Co-led by Just Climate and Spring Lane Capital, with additional capital from Tierra Adentro Growth Capital, the revolving facility finances pre-construction work and bridges projects to conventional project finance, giving Zanskar scalable, off-balance-sheet capital for greenfield geothermal development.

The company positions this as a breakthrough for a sector long constrained by a lack of non-dilutive development funding, asserting it creates a template for geothermal to be treated as a mainstream infrastructure asset class. CEO Carl Hoiland and Vice President of Finance Diego D’Sola say the facility, following Zanskar’s $115 million Series C in January 2026 and recent project milestones in Nevada and at the Lightning Dock plant in New Mexico, underpins a plan to build multiple power plants, deliver gigawatts of firm clean power, and create hundreds of jobs, while leveraging Zanskar’s AI-driven exploration platform to improve drilling outcomes and lower development costs.