7GW Hyperscale Data Center & Powered Land Development Platform

The project represents a large-scale powered-land acquisition opportunity in the Permian Basin, West Texas, comprising a portfolio of seven secured development sites with the potential to support up to 7 GW of behind-the-meter (BTM) power generation.

The platform combines titled and optioned land, access to substantial natural gas supply, and a site-specific Power Purchase Agreement (PPA) issued by CLS Sustainable, acting as an independent power producer (IPP).

The development strategy is designed to serve the rapidly growing demand for hyperscale data centers, artificial intelligence (AI) infrastructure and other energy-intensive applications, offering a phased route to multi-gigawatt power delivery without relying on ERCOT grid interconnection as the primary source of initial power.

Buyers may select two or three of the seven available sites to assemble the full 7 GW development platform, with the remaining sites potentially available for other development opportunities.

KEY INVESTMENT HIGHLIGHTS

1. 01
   Total Power PlatformUp to 7 GW of proposed behind-the-meter generation capacity.
2. 02
   PortfolioSeven secured development sites across the Waha hub region.
3. 03
   Land AreaApproximately 9,750 acres across the seven sites.
4. 04
   Additional LandApproximately 10,000 acres optioned for future infrastructure and expansion.
5. 05
   Power Purchase AgreementSite-specific PPA issued by CLS Sustainable.
6. 06
   Indicative Power PriceUSD 0.10/kWh (USD 100/MWh), plus a 3% annual escalator on the conversion component.
7. 07
   Natural Gas SupplyApproximately 20 GW of gas supply availability reported across multiple suppliers.
8. 08
   Initial Power Delivery150 MW targeted for Q2 2027.
9. 09
   Development ScheduleTargeting 1 GW in 2027, 4 GW cumulative by 2028 and 7 GW by 2029.
10. 10
    InfrastructureExisting regional gas and fiber corridors, with water, permitting and substation information available in individual site data rooms.

SITE PORTFOLIO & DEVELOPMENT POTENTIAL

The Project Waha platform comprises seven development locations in the Permian Basin, offering flexibility in site selection and phased campus deployment.

Site	Land Area (Acres)	Minimum Gas Availability (MMBtu/day)
Andrews	1,760	200,000
Archer 2	1,840	200,000
Glasscock 1	930	200,000
Glasscock 2	750	100,000
MIP	1,180	250,000
Mendel	640	100,000
Midkiff	2,650	300,000
Total	9,750	1,350,000

Archer 2 – Quintessa is identified as the reference site for the initial 1 GW development model, with the same development framework intended to be replicated across the selected locations.

The development can be implemented sequentially or simultaneously across multiple sites, providing flexibility in construction, power delivery and environmental permitting.

POWER & COMMERCIAL STRUCTURE

The platform is supported by a proposed behind-the-meter generation strategy under a Power Purchase Agreement issued by CLS Sustainable, acting as an independent power producer.

Key Commercial Terms:

Item	Details
Power Provider / IPP	CLS Sustainable
Contracted Capacity	PPA issued against full 7 GW campus potential
Conversion Price	USD 0.10/kWh (USD 100/MWh)
Annual Escalator	3% on conversion component
Fuel	Passed through at cost, without markup in conversion price
Tariffs & Taxes	Passed through

The commercial structure separates the fixed power conversion component from fuel, tariff and tax expenses. The buyer is therefore exposed to the agreed conversion price and annual escalator, while commodity and applicable regulatory costs remain pass-through items.

The initial power strategy is based on on-site generation, with potential Oncor grid service serving as a supplementary bridge or redundancy option rather than the primary determinant of initial power delivery.

NATURAL GAS & GENERATION INFRASTRUCTURE

The project benefits from its strategic position at the Waha natural gas hub in the Permian Basin, with approximately 20 GW of gas supply availability reported across multiple suppliers.

Gas supply term sheets are reportedly in hand, with the following infrastructure development parameters:

1. 01
   Initial 150 MW SupplyTargeted to be available in less than six months.
2. 02
   Gas InterconnectionApproximately USD 25 million in estimated development costs.
3. 03
   Development TimelineApproximately 6–9 months for gigawatt-capable interconnection, metering, regulation and lateral infrastructure.
4. 04
   Midstream PartnerRevolution Midstream is the contemplated counterpart for building, owning, operating, transporting and metering the gas lateral.

The long-term energy strategy is based on scalable on-site generation, supported by the natural gas infrastructure and the proposed PPA structure.

PERMITTING & DEVELOPMENT SCHEDULE

Air permitting is expected to follow a phased strategy aligned with generation capacity.

Indicative Power Development Timeline

Development Phase	Target Timing	Cumulative Capacity
First Block	Q2 2027	150 MW
Second Block	Q3 2027	300 MW
Third Block	Q4 2027	550 MW
Year 1 Target	2027	1 GW
Year 2 Target	2028	4 GW
Year 3 Target	2029	7 GW

The schedule represents the project's stated development targets and remains subject to generation equipment procurement, gas infrastructure, permitting, construction and commissioning.

FIRST-PHASE DEVELOPMENT COSTS

Estimated owner-controllable development costs total approximately USD 117.5 million, excluding generation equipment.

Workstream	Estimated Cost
Survey, ALTA, Title, Legal & Closing	USD 200,000
Environmental & Site Assessments	USD 25,000
Geotechnical & Materials Testing	USD 25,000
TCEQ NSR / PSD Engineering	USD 25,000
Title V Operating Permit Support	USD 250,000
Water Rights, Testing, Treatment & Storage	USD 3,000,000
Fiber Laterals & Redundant Connectivity	USD 25,000,000
Gas Interconnection & Lateral Infrastructure	USD 25,000,000
Substation Interconnection & Protection	USD 15,000,000
Site Grading, Roads, Drainage & Security	USD 12,000,000
Construction Power & Mobilization	USD 4,000,000
EPC / Owner Engineering & Project Controls	USD 12,000,000
Insurance, Bonding & Commissioning	USD 6,000,000
Development Contingency	USD 15,000,000
Total Estimated Development Costs	USD 117,525,000

Generation equipment costs are excluded from the above development budget.
INFRASTRUCTURE & UTILITIES
Power: Behind-the-meter generation platform targeting up to 7 GW under the proposed IPP / PPA structure, supported by reported natural gas availability.

Natural Gas: Access to approximately 20 GW of gas supply across multiple suppliers, with site-specific supply arrangements and gas lateral infrastructure under development.

Fiber Connectivity: Multiple regional and long-haul fiber routes identified across the portfolio, with route studies available in the respective site data rooms.

Water: Water availability documented on a site-specific basis, with identified infrastructure and development requirements.

Permitting & Substations: Site-specific documentation covering air permits, existing substation context and potential future grid interconnection options.

Expansion Infrastructure: Approximately 10,000 additional acres optioned to accommodate future gas laterals, water infrastructure, fiber connectivity and potential grid interconnection.