Foley Hoag advised Spring Lane Capital and Just Climate as co-lead lenders in a $40 million Development Capital Facility for Zanskar Geothermal & Minerals, the first AI-native geothermal energy company. Tierra Adentro Growth Capital also committed additional capital. The facility is structured to scale to $100 million as Zanskar’s project portfolio grows.

This Development Capital Facility is among the first ever structured specifically for higher-risk, early-stage geothermal development, drawing on best practices from the renewable energy and natural resource exploration sectors. The financing establishes a revolving credit facility designed to accelerate project development across Zanskar’s growing portfolio while adjusting for risk as projects move through development stages. The non-recourse facility covers key pre-construction activities such as test drilling, interconnection study and complex site control, bridging projects to traditional bank financing for construction and operations.  Adding to its flexibility is the facility’s accordion feature which allows Zanskar to upsize to $100 million as the portfolio scales.

This transaction follows Zanskar’s announced $115 million Series C financing in January 2026, which has since been expanded with an additional investment from Just Climate. 

Spring Lane Capital is an investment firm based in Boston, MA and Montreal, QC, deploying tailored project finance and corporate equity across the “missing-middle” in sustainable real assets.

Established by Generation Investment Management, Just Climate is a specialist investment business focused on scaling solutions for the highest-emitting, most off-track sectors of the economy. 

A Foley Hoag team led by Rebecca Rogers and including Mark Barnett, Erica Harrington, Lexi Stacy, and Matt Hursh, as well as regulatory, real estate and tax specialists including Kristine Sheehy, Aaron Lang and Seth Jaffe, advised Spring Lane Capital and Just Climate.