A build at this scale is project-financed: debt raised against contracted revenue rather than against your company. We arrange that raise, from the lenders to the tranche structure to the terms the offtake has to carry.
The full build runs into the billions: chips, fabric, retrofit, redundancy, the power buildout. Capital at that scale exists, and it is priced almost entirely on one question: how certain is the revenue.
A signed offtake is what answers it. Once a creditworthy tenant has committed to multi-year payments, that contract becomes collateral: you raise debt against the contracted cash flows rather than against your company, and your own equity funds only a fraction of the build.
A signed tenant does not by itself put money in the ground. The structuring between contract and drawn debt is what sets your cost of capital.
Few lenders fund a build of this size alone. Senior debt takes the safest slice against contracted revenue; mezzanine and equity carry the rest at higher cost. Who sits where, and in what order, sets your blended cost of capital.
The goal is project debt secured by the site and its offtake rather than by your other assets. A non-recourse structure lets you finance the next site while the first is still being built.
Debt is sized so contracted revenue covers debt service with room to spare. That means proving the offtake's term, its counterparty credit and its escalators line up with the tenor of the debt.
The cheapest capital is arranged in parallel with the offtake. Lenders shown firm power and a near-final contract at the same time price a lower risk.
Project-finance desks and private-credit funds price deals like this daily. Access to the ones who fund brownfield compute is built on relationships and track record.
A lender underwrites your tenant's credit, the contract's term, its escalators and its termination rights. Gaps in any of these reprice the debt or end the process.
Senior, mezzanine and equity each want different security, tenor and return, and each negotiation constrains the other two. Sequenced badly, the whole raise stalls.
Project debt, private credit and placement are partner work. We bring them in on the right terms, in the right order.
Anyone can pledge to spend billions. A signed offtake is what turns the pledge into drawn capital.
Tell us the site and the tenant you are working toward. We'll come back with an honest first read on the capital stack.
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