Zanskar closes $40m in development capital financing to support greenfield geothermal sites
Drilling rig operations at the Lightning Dock geothermal plant in New Mexico (source: Zanskar)
Carlo Cariaga
17 Apr 2026
Zanskar has closed a $40 million Development Capital Facility that will go towards accelerating development of greenfield geothermal sites in the United States.
Zanskar has announced the closing of a USD 40 million Development Capital Facility that will cover key pre-construction activities and will serve to bridge projects towards traditional bank project financing. The deal strengthens Zanskar’s ability to commercialize its pipeline of naturally-occurring geothermal systems and sets a scalable financing precedent for greenfield geothermal as a recognized asset class across the U.S.
The Development Capital Facility is co-led by Just Climate and Spring Lane Capital, with additional capital committed by Tierra Adentro Growth Capital. It is among the first ever structured for early-stage geothermal development, drawing on the best practices from the renewables and natural resource sectors. The financing establishes a revolving development credit facility designed to accelerate project development across Zanskar’s growing portfolio. The facility is structured to upsize to USD 100 million as the portfolio of Zanskar scales.
“Zanskar has successfully transitioned from a pure geothermal explorer and operator to pioneering the financial infrastructure the entire industry needs to scale. This facility unlocks the critical bottleneck of early-stage project financing,” said Carl Hoiland, CEO and Co-founder of Zanskar.
“We are deeply appreciative of our partners, Just Climate and Spring Lane Capital, whose innovation and commitment have not only validated our business model but have created a blueprint for accelerating a significant expansion of dispatchable, clean geothermal energy in the U.S.”
This announcement follows Zanskar’s recent $115 million Series C raise in January 2026, which has since been expanded with an additional investment from Just Climate. With a portfolio of greenfield geothermal projects, Zanskar will use the financing to rapidly build multiple geothermal power plants across the United States. The company has so far announced two discovery sites in Nevada, in addition to the landmark Lightning Dock project in New Mexico that is already providing energy to utility customers.
“Zanskar has built a differentiated, AI-powered exploration platform that improves drilling success rates and lowers development costs. It has secured a substantial acreage with considerable resource potential. We are pleased to partner with Zanskar on this flexible, purposefully constructed Development Capital Facility which is designed to grow as the company accelerates the delivery of large-scale, dispatchable clean baseload power in a market experiencing rapidly increasing electricity demand,” said Natalia Simakina, Managing Director at Just Climate.
“Spring Lane is excited to follow on our Series C investment in Zanskar by co-leading this groundbreaking geothermal industry development capital facility,” said Jason Scott, Partner and Entrepreneur in Residence, Spring Lane Capital.
“We were happy to develop this capital solution with Generation’s Just Climate and believe that it creates a path for not only Zanksar but other geothermal developers and operators to scale this crucial source of clean, firm power at a time of rising energy demand and volatile supply and prices.”
Source: Zanskar via GlobeNewsWire
