Position
The scale site in the portfolio. A retired 1.1 GW coal hub leaves a live double circuit 345 kV and 500 kV backbone in the ground, and generation, storage and load are studied at a single point of interconnection, so power reaches the campus without waiting on transmission deliverability. Land is measured in thousands of hectares rather than parcels, which is what turns 750 MW into a floor rather than a ceiling. Dry air at 1,707 m of elevation makes the dry cooler path the default here, and waste heat is a value add to partners on site.
Site and control
Power and energisation
Firm grid at the switchyard plus generation, storage and load studied at one point of interconnection. Mobile transformer skids carry the anchor ahead of the permanent connection, so revenue begins before the campus completes.
Rent commences per phase on delivery of the applicable premises. Path to 750 MW structured as a right of first offer on adjacent capacity.
1,500 MW
APS at the switchyard, double circuit 345 kV and 500 kV.
1,500 MW
Solar with 1,500 MW and 18,000 MWh of storage, same POI.
200 MW
Mobile transformer skids, 50 to 200 MW, no permit.
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 |