Position
The energized 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 energization
An active and energized 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 energizes against generation that is already running.
Rent commences per phase on delivery of the applicable premises. Path to structured as a right of first offer against the operating station. P2 is an intermediate step and does not appear as a cover milestone.
Combined platform capacity, active interconnection.
Captive load at the station, no queue to clear. Anchor takes 60 MW from Q1 2028.
None
Interconnection is energized, not pending.
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