Position
The anchor and speed site in the portfolio. Behind the meter gas on Appalachian supply carries the campus to its full without waiting on the grid, and firm supply from West Penn Power arrives underneath it as redundancy rather than as a dependency. That is what makes this the first site to reach capacity. PJM is the deepest large load queue in the country, which is precisely why a site that does not need to clear it first is worth holding. West Penn Power is a FirstEnergy operating company, the same parent that serves Mansfield, so the two sites sit inside one utility relationship across two states rather than two separate ones. Waste heat is a value add to partners on site.
Site and control
Power and energization
A phased behind the meter gas build on Appalachian supply carries the campus to full capacity, with firm grid supply from West Penn Power arriving underneath it. A temporary mobile fleet carries the anchor ahead of the permanent plant, so revenue begins before the campus completes.
Rent commences per phase on delivery of the applicable premises. 300 MW is the full site. P2 is an intermediate step and does not appear as a cover milestone.
West Penn Power at the substation. Arrives under the gas ramp.
Phased gas on Appalachian supply.
Mobile fleet bridges to permanent gas.
PUE
Alongside ERE . Heat recovery first, dry cooler for the balance.
Deployment schedule
Capital and deal structure
Apollo's commitment is contingent on a locked site and a locked customer, so the Anthropic offtake and this campus together are the trigger.
Economics
| Metric | Basis | Figure |
|---|---|---|
| Contracted lease value | Full path, base term | |
| Implied rent | Per critical IT MW per year | |
| Development cost | Shell, power, cooling, land, network, on site generation | |
| Silicon | Tenant funded, excluded | Tenant |
| Net operating income margin | At scale, net of operating cost | |
| Yield on cost | At full path, indicative | |
| Anchor draw | Apollo first phase |
Indicative · terms not set · portfolio standard assumptions, site model on request