Position
The paired site in the portfolio. West Penn Power is a FirstEnergy operating company, the same parent that serves Mansfield, so Fort Cherry and Mansfield sit inside one utility relationship across two states rather than two separate ones. Firm grid supply is backed by behind the meter gas on Appalachian supply, and the site sits inside PJM, the market with the deepest queue and therefore the highest value on a position that is already moving. Diligence is live and the load study is with the utility. Waste heat is a value add to partners on site.
Site and control
Power and energisation
Firm grid supply from West Penn Power plus a phased behind the meter gas build on Appalachian supply. 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. Path to structured as a right of first offer on adjacent capacity.
West Penn Power at the substation.
Phased gas on Appalachian supply.
Mobile fleet, no permit up to WW mo.
PUE
Alongside ERE , dry cooler first.
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 | |
| Silicon | Tenant funded, excluded | Tenant |
| Net operating income margin | Triple net, at scale | |
| Yield on cost | Inferred | |
| Anchor draw | Apollo first phase |