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 under Q609 and LP-00108, so power can reach the campus without waiting on transmission deliverability. Land is measured in thousands of hectares rather than parcels, which is what turns into a floor rather than a ceiling. A neighbouring algae farm takes the thermal offtake, so waste heat leaves as a value add to a partner already on site, and dry air at 1,707 m (5,600 ft) of elevation rejects the balance without water, over an aquifer the campus does not need to draw on.
Site and control
Power and energization
Firm grid at the switchyard plus generation, storage and load studied at one point of interconnection. An interim 100 MW connection is stated from late 2027, and mobile transformer skids carry the anchor from there to the permanent switchyard connection in Q4 2028, 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. P2 is an intermediate step and does not appear as a cover milestone. P2 is the first generation tranche behind the interim connection. P3 adds the second block. The permanent switchyard connection lands Q4 2028 and the skids retire against it. P4 is 750 MW at the campus meter.
Load studied at the point of interconnection under LP-00108.
Facility capacity, first tranche as base load. Injection held at so storage can export on demand.
Interim grid connection stated from mid 2027, conservatively end 2027. Anchor draws 60 MW.
PUE
Alongside ERE . Heat recovery first, dry cooler for the balance.
Figures above describe the point of interconnection. MicroLink's campus draw is .
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