You run an industrial business, a mining operation, a development company or a utility, and you hold a powered site that has never run compute. That grid connection is the scarce input of the AI buildout. What it is worth depends on what it can actually deliver, and on a date.
New grid connections at industrial scale take years of studies and approvals. Yours already exists. In a market where power is the binding constraint on new AI capacity, that connection, not the land or the building, is the asset.
What the site earns depends on what stands on it. As an industrial load it earns its current margin. As the home of a contracted AI tenant it earns data-center economics, financed against the tenant's covenant rather than your balance sheet.
Four moves, in a fixed order.
Firm megawatts against nameplate, who controls the connection, what the permits and the state allow, assessed before you spend real money. If the site cannot carry a build, you hear it from us first.
Nothing gets financed before a creditworthy tenant signs, so the site has to answer their committee first. We know those questions and the order they arrive in. The signing is between you and them.
Debt at this scale is raised against contracted revenue rather than against your company. That shapes the offtake terms, and it is worth knowing before you negotiate them, not after.
A buildable project, and then we are out. The retrofit, the equipment and the operating business go to the firms that do those things.
A mining facility is the shortest version of this case: the connection exists, it is energized, and it is drawing at scale today. Four things change when the buyer is a tenant rather than a pool.
A running load demonstrates draw. It does not establish what is deliverable around the clock, at what cost, in the form a tenant's diligence expects. That is a different question and it is the one that gets asked first.
Your electrical backbone largely carries over. The thermal plant mostly does not. That work belongs to an EPC, and knowing the number early is what stops it surfacing during somebody else's diligence.
A creditworthy tenant on take-or-pay terms turns the site's revenue into contracted cash flow a lender will finance against. That is the change that re-rates the asset.
Staged so mining revenue carries the site as long as it usefully can, rather than stopping on the day a term sheet is signed.
The interconnection took years to get. That is the part the market is short of.
Tell us the building and the megawatts. We'll come back with a straight first read, before you commit a dollar.
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