Position
The energised site in the portfolio. Two adjacent sites on the Ohio River inside PJM, carrying an active interconnection that is dispatching today rather than sitting in a queue. New generation and new large load in PJM both face multi year queue timelines, so an interconnection that is already live is the scarce asset here, not the land. MicroLink takes load behind the fence on a platform it holds a position in, which is what turns a merchant power station into contracted infrastructure. Waste heat is a value add to partners on site, with feedwater preheat the obvious first call.
Site and control
Power and energisation
An active and energised grid interconnection with no queue position to clear. Load is taken behind the fence on a platform under a staged fuel transition, so the anchor energises against generation that is already running.
Rent commences per phase on delivery of the applicable premises. Path to 750 MW structured as a right of first offer on adjacent platform capacity.
W,WWW MW
Combined platform capacity, active interconnection.
WWW MW
Captive load at the station, no queue to clear.
None
Interconnection is energised, not pending.
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 |