Four sites we worked through in a single week, and what each turned out to be. Anonymised, because naming somebody's asset on our own website is not a call we want to make for them.
A 1,600-acre smelter site in the Pacific Northwest, 400 MW of operating history, a stalled hydrogen project attached. The power was an entitlement nobody could actually claim: another buyer had already spent eighteen months failing to secure it, and the federal marketer holding it is sitting on roughly 24 GW of load requests. Killed in an afternoon.
A paper mill in northern New England, 150 MW on site, and a governor who had vetoed a statewide data center moratorium to protect projects exactly like it. The generation had been listed as retired since 2023, and the state had just stripped data centers of two tax benefits, which changed the economics more than the goodwill did.
A shuttered mill in southern Ohio. Eleven months from closure to a named institutional development partner, which is roughly how long these take to be spoken for.
An industrial park in Texas with live generation on site and a grid position held by neither a utility nor a power producer. It did not come from a listing or a news story. It came from asking who holds power and is not in the power business.
All four looked good enough to spend money on. What separated them was a handful of facts that took between an afternoon and a few days to establish: who actually controls the power, what the state had changed, and whether anyone had got there first. That is the week an engagement opens with, and it is cheap next to finding out in month four.
Megawatts, market, and the date you need them by. You get back what we can establish, and what we could not.
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