Position
The speed site in the portfolio. Land under control, an energised grid path, a dated behind the meter gas build and a live land position let MicroLink switch on a small anchor fast and hand Anthropic a credible ramp to WWW MW on one campus. Reused industrial power with a date is the headline. Waste heat is a value add to partners on site.
Site and control
Power and energisation
Firm grid supply plus a phased behind the meter gas build. 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 WWW MW structured as a right of first offer on adjacent capacity.
WWW MW
FirstEnergy at the substation.
WWW MW
Phased gas, Jenbacher then Bergen.
WWW MW
Mobile fleet, no permit up to WW mo.
PUE W.WW
Alongside ERE W.WW, 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 | $WW.W bn |
| Implied rent | Per critical IT MW per year | $W.WW M |
| Development cost | Shell, power, cooling, land, network | $WW M per MW |
| Silicon | Tenant funded, excluded | Tenant |
| Net operating income margin | Triple net, at scale | WW% |
| Yield on cost | Inferred | WW.W% |
| Anchor draw | Apollo first phase | $W.W bn |