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Market Tracker

Texas AI Data Center & Private Power Market Tracker

Tracking major announced AI data center, behind-the-meter power and private-grid developments across Texas.

Why private power is reshaping Texas data center development

Texas is now the centre of a shift in how large computing loads get built: instead of waiting for the grid, developers are bringing their own generation.

The reason is timing. ERCOT's interconnection queue and transmission planning cycles move on multi-year horizons, while AI compute demand is being committed on annual ones. A campus that must wait for a large-load interconnection study and network upgrades may be looking at the end of the decade; a campus that generates its own power behind the meter can compress that to a matter of a few years. Across the projects tracked on this page, that single constraint — time to power, not cost of power — explains most of the design decisions.

Natural gas is doing most of the work, for a simple reason: it is the only fuel in Texas that can be contracted firm, at gigawatt scale, on a schedule that matches equipment delivery. In the Permian, gas is available at the wellhead; in Central Texas and along the I-35 corridor, it has to be piped in, which shifts the site-selection question from is there gas nearby to is there firm, contracted deliverability at the pressure and volume the fleet requires, for the life of the offtake.

Battery storage and onsite substations are the second layer. BESS is increasingly specified not as an energy resource but as a ride-through and power-quality asset — replacing or supplementing traditional UPS, absorbing the step loads that GPU training clusters impose, and providing black-start capability for islanded plants. Where utility supply is available, developers are pairing a contracted utility tranche with supplemental onsite generation rather than choosing one or the other.

West Texas has become the focal region because it is where four things overlap: large contiguous land parcels, wellhead gas, existing pipeline and electrical infrastructure from decades of oil and gas activity, and counties experienced in permitting industrial facilities. Those same conditions are why announced capacity in the Permian has run ahead of the rest of the state.

A closing note on reading the numbers below. Announced gigawatts, permitted gigawatts, contracted gigawatts and energised gigawatts are four different quantities, and public reporting often blurs them. This tracker separates what has been permitted, what has been contracted, and what remains dependent on financing or a customer's final investment decision.

Tracked projects

Select a project name to jump to its profile below.

  • GW Ranch

    Pacifico Energy

    Location
    Pecos County, TX
    Capacity
    5+ GW campus; 7.65 GW gas permitted
    Power model
    Integrated private grid — gas, 1.8 GW BESS, 750 MWac solar
    Status
    TCEQ air permit secured; Phase 1 planned at 1 GW
  • Project Matador

    Fermi America

    Location
    Carson County, Amarillo area, TX
    Capacity
    ~6 GW gas permitted (+5 GW application filed); 17 GW long-term master plan
    Power model
    Private "HyperGrid" — gas, with planned nuclear, solar and battery storage
    Status
    ~6 GW gas preliminarily permitted; NRC accepted AP1000 licence application; binding tenants not yet secured
  • Caldwell Valley Technology Park

    Tract, with Bluebonnet Electric Cooperative and LCRA

    Location
    Caldwell County, near Uhland / Lockhart, TX
    Capacity
    Nearly 3,000 acres; more than 4 GW of potential capacity
    Power model
    Utility supply with an onsite substation scalable to 1.6 GW; onsite generation planned to be grid-connected
    Status
    First 250 MW contracted for Q1 2028 delivery
  • Project Kilby

    Chevron with Engine No. 1 / Joulent

    Location
    Reeves County, near Pecos, TX
    Capacity
    ~2.67 GW generation under a 20-year agreement
    Power model
    Co-located natural-gas generation serving a Microsoft-operated data center campus
    Status
    Named hyperscale customer and 20-year power agreement announced; subject to FID and permitting
  • Abilene (Stargate campus)

    Crusoe, with OpenAI / Oracle and Microsoft as announced users

    Location
    Abilene, TX
    Capacity
    ~1.2 GW (Oracle/OpenAI) plus an announced ~900 MW campus
    Power model
    Onsite gas generation and grid supply supporting hyperscale AI campuses
    Status
    Operational and under construction across phases
  • San Marcos Data Center I

    CloudBurst Data Centers (with Evolve)

    Location
    San Marcos / New Braunfels corridor, Hays and Guadalupe counties, TX
    Capacity
    Master-planned up to 1.2 GW
    Power model
    Behind-the-meter natural-gas generation supplied through Energy Transfer's Oasis Pipeline
    Status
    Groundbreaking announced; no binding hyperscale tenant identified
  • West Texas AI Infrastructure Campus

    Circe Energy

    Location
    Permian Basin (I-20 corridor), TX
    Capacity
    ~150 MW in 2027; up to 1.1 GW by 2030
    Power model
    Behind-the-meter Cummins natural-gas generators with microgrid controls
    Status
    1,950-acre site; ~2 GW of Cummins equipment ordered (not exclusive to this site)
  • Goodnight (Crusoe / Google)

    Crusoe; development agreed to be sold to Google

    Location
    Goodnight, Armstrong County, TX
    Capacity
    Proposed 933 MW onsite gas generation
    Power model
    Proposed off-grid natural-gas plant serving the campus; not grid-connected
    Status
    TCEQ permit application filed; Google says no contract in place for the plant
  • Hubbard Campus

    Nexus Data Centers (backed by Transition Equity Partners)

    Location
    Hubbard, Hill County, TX
    Capacity
    ~612.93 MW baseload gas (+~152.75 MW emergency diesel)
    Power model
    Onsite natural-gas generation as primary power, behind the meter
    Status
    Two construction filings registered; filings list "Tenant Not Assigned"
  • Texas Critical Data Centers

    New Era Helium × Sharon AI (joint venture)

    Location
    Ector County, outside Odessa, TX
    Capacity
    ~250 MW initially; master-planned above 1 GW
    Power model
    Off-grid onsite natural gas, with solar and carbon-capture options under evaluation
    Status
    Financing announced; no binding hyperscale tenant publicly identified
  • Prometheus Hyperscale × ENGIE / Conduit Power

    Prometheus Hyperscale with ENGIE North America and Conduit Power

    Location
    Multiple proposed sites, Texas I-35 corridor
    Capacity
    Up to 300 MW of bridge/backup power at each of two initial projects; campus capacity not disclosed
    Power model
    Co-located with ENGIE renewables and battery storage; hybrid gas + battery bridge/backup by Conduit
    Status
    Sites and permanent capacity not publicly disclosed

Compiled from public reporting, company announcements and state permitting records. Announced capacity reflects publicly stated plans and may differ from permitted, contracted or energised capacity. Each project profile lists its sources and the date its facts were last verified.

Project profiles

GW Ranch

Pacifico EnergyPermitted

TCEQ issued an air permit authorizing up to 7.65 GW of gas-fired generation — reported as the largest power-generation air permit granted in the United States.

Developer
Pacifico Energy
Location
Pecos County, TX
Region
Permian / West Texas
Announced capacity
5+ GW campus; 7.65 GW gas permitted
Power model
Integrated private grid — gas, 1.8 GW BESS, 750 MWac solar
Current status
TCEQ air permit secured; Phase 1 planned at 1 GW
First power target
H1 2027 (developer target)

Confirmed facts. Pacifico Energy's GW Ranch is an off-grid power campus in Pecos County designed to serve hyperscale AI and high-performance computing load. The Texas Commission on Environmental Quality has issued an air-quality permit authorizing up to 7.65 GW of gas-fired generation — reported as the largest power-generation air permit granted in the United States. The published plan pairs that generation with approximately 1.8 GW of battery storage and 750 MWac of solar, operating as an integrated private grid rather than drawing capacity from ERCOT.

Current development stage. Air permit secured. Phase 1 is planned at 1 GW, with first power targeted for the first half of 2027. Permitting documents place the authorized envelope at more than 12,000 tons per year of regulated air pollutants and up to 33 million tons per year of greenhouse gases.

These are developer targets and a permitted ceiling — not completed or contracted capacity.

Key dependencies

  • Firm, contracted gas deliverability at the volumes a multi-gigawatt fleet requires (analysis cited by the Texas Observer puts full-output consumption on the order of 1–2 Bcf/d)
  • Generation equipment delivery slots
  • Tenant offtake for phases beyond Phase 1

W Land note

An air permit of this size sets the regulatory ceiling a site may operate under; turbines, gas supply and offtake still have to be assembled underneath it. Read the 7.65 GW figure as runway, and the 1 GW Phase 1 as the near-term deliverable.

Project Matador

Fermi AmericaPermitting

TCEQ granted preliminary approval for the first ~6 GW of gas generation and the NRC accepted the combined licence application for four AP1000 reactors; separately, a prospective tenant terminated a $150 million construction-funding agreement in December 2025, and both the CEO and CFO departed in April 2026.

Developer
Fermi America
Location
Carson County, Amarillo area, TX
Region
Panhandle
Announced capacity
~6 GW gas permitted (+5 GW application filed); 17 GW long-term master plan
Power model
Private "HyperGrid" — gas, with planned nuclear, solar and battery storage
Site
Approximately 5,769 acres adjacent to Pantex (Carson County)
Current status
~6 GW gas preliminarily permitted; NRC accepted AP1000 licence application; binding tenants not yet secured
First power target
Phased; nuclear tranche in the 2030s

Confirmed facts. A campus of approximately 5,769 acres adjacent to the Pantex Plant in Carson County, near Amarillo, marketed as a private "HyperGrid" combining gas generation with planned nuclear, solar and battery storage. TCEQ has granted preliminary approval for the first ~6 GW of gas generation, and an additional 5 GW gas-permit application has been filed. The NRC has accepted the combined licence application for four Westinghouse AP1000 reactors. Site and foundation work has been under way since late 2025.

On the headline number. The 17 GW figure is a long-term company master-plan target — not permitted, funded or contracted operating capacity. The defensible regulatory description is the ~6 GW preliminarily approved.

Current development stage — execution risk. In December 2025, an investment-grade-rated prospective tenant terminated a $150 million Advance in Aid of Construction Agreement; no funds had been drawn, and the company stated that lease negotiations with the same party were continuing under a non-binding LOI. In April 2026, the CEO departed (17 April) and the CFO resigned (19 April). The company has continued to emphasise the need to secure binding tenants.

Key dependencies

  • Binding tenant agreements (the company has continued to emphasise this need)
  • Project-level financing following the terminated $150 million construction agreement
  • NRC licensing timeline for the AP1000 tranche, which runs into the 2030s
  • Leadership continuity following the April 2026 CEO and CFO departures

W Land note

Matador runs on a different clock from the rest of this list: the gas tranche follows familiar timelines, while NRC licensing and AP1000 construction history place the nuclear component in the 2030s. Read it as ~6 GW of near-term gas capability with a nuclear option layered behind it, not 17 GW arriving together.

Caldwell Valley Technology Park

Tract, with Bluebonnet Electric Cooperative and LCRAAnnounced

Tract expanded the park to nearly 3,000 acres and more than 4 GW of potential capacity; an onsite substation scalable to 1.6 GW is planned with Bluebonnet Electric and LCRA.

Developer
Tract, with Bluebonnet Electric Cooperative and LCRA
Location
Caldwell County, near Uhland / Lockhart, TX
Region
I-35 Corridor
Announced capacity
Nearly 3,000 acres; more than 4 GW of potential capacity
Power model
Utility supply with an onsite substation scalable to 1.6 GW; onsite generation planned to be grid-connected
Site
Nearly 3,000 acres
Current status
First 250 MW contracted for Q1 2028 delivery
First power target
First 250 MW contracted for delivery in Q1 2028

Confirmed facts. A technology park of nearly 3,000 acres in Caldwell County near Uhland and Lockhart (1,515 acres acquired in May 2025, expanded through two further acquisitions in January 2026), planned for more than 4 GW of potential data-center capacity. Tract, Bluebonnet Electric Cooperative and LCRA are planning an onsite substation scalable to 1.6 GW, with the first 250 MW contracted for delivery in Q1 2028. Tract has not requested county tax incentives and has committed to fund improvements to FM 2720.

Current development stage. Land assembled; utility arrangements in place for the first tranche. Tract has initiated onsite generation planning, apparently involving natural gas — but the company says that generation would ultimately become grid-connected. This is therefore not presented as a permanently islanded private-grid project.

Note. No water source, cooling technology or water consumption figure has been publicly disclosed.

Key dependencies

  • Utility delivery schedule for the contracted first 250 MW
  • Substation build-out beyond the initial tranche
  • A publicly disclosed water plan for a park of this scale

W Land note

Tract is the counter-example in this tracker: utility-supplied in a corridor where most peers are going behind the meter. The trade is schedule — pace is set by utility planning rather than equipment delivery — and the announced onsite generation is a hedge that is expected to end up grid-connected rather than islanded.

Project Kilby

Chevron with Engine No. 1 / JoulentAnnounced

Chevron signed a 20-year power supply agreement with Microsoft in June 2026 for a co-located gas facility of approximately 2.67 GW; Chevron expects an investment decision by the end of 2026 and first power in 2028.

Developer
Chevron with Engine No. 1 / Joulent
Location
Reeves County, near Pecos, TX
Region
Permian / West Texas
Announced capacity
~2.67 GW generation under a 20-year agreement
Power model
Co-located natural-gas generation serving a Microsoft-operated data center campus
Site
More than 2,000 acres
Current status
Named hyperscale customer and 20-year power agreement announced; subject to FID and permitting
First power target
2028

Confirmed facts. A co-located natural-gas power facility of approximately 2.67 GW in Reeves County near Pecos, developed by Chevron with Engine No. 1 / Joulent, under a 20-year power agreement announced in June 2026 serving a Microsoft-operated data-center campus. Microsoft describes its associated data-center expansion as approximately 2 GW. The facility is designed to operate independently of the ERCOT grid, on a site of more than 2,000 acres, using GE Vernova and Solar Turbines equipment fuelled by Permian gas.

Current development stage. This is one of the most commercially advanced projects on this list, because a named hyperscale customer and a long-term power agreement have both been announced. Chevron expects an investment decision by the end of 2026 and first power in 2028. Construction nonetheless remains subject to FID and permitting.

Key dependencies

  • Chevron's final investment decision, expected by end-2026
  • Air and construction permitting
  • Turbine delivery against the 2028 first-power target

W Land note

The offtake is what makes a project of this size financeable, not the megawatts. A 2.67 GW site without a counterparty is a land-and-permit position; the same site with an investment-grade 20-year agreement is a bankable asset. The 2026-FID-to-2028-power window is a realistic benchmark for greenfield campuses at this scale.

Abilene (Stargate campus)

Crusoe, with OpenAI / Oracle and Microsoft as announced usersUnder construction

Crusoe announced a ~900 MW AI campus in Abilene for Microsoft in March 2026, adjacent to its existing ~1.2 GW facility serving Oracle and OpenAI. Separately, a 2025 Crusoe–Engine No. 1 arrangement covers access to 4.5 GW of GE Vernova turbine capacity — a distinct announcement, not the Goodnight plant.

Developer
Crusoe, with OpenAI / Oracle and Microsoft as announced users
Location
Abilene, TX
Region
Panhandle
Announced capacity
~1.2 GW (Oracle/OpenAI) plus an announced ~900 MW campus
Power model
Onsite gas generation and grid supply supporting hyperscale AI campuses
Current status
Operational and under construction across phases
First power target
Phased; earliest phases already energised

Confirmed facts. Abilene hosts a Crusoe-developed hyperscale AI campus: an existing facility of approximately 1.2 GW serving Oracle and OpenAI (the Stargate development), and an announced campus of approximately 900 MW built for Microsoft, giving a combined Abilene footprint of roughly 2.1 GW. Crusoe ordered GE Vernova LM2500XPRESS aeroderivative gas turbines for the site — 10 units initially, later expanded.

Current development stage. Earliest phases are energised, with further phases under construction.

Scope note — three separate matters. Public discussion frequently conflates three distinct items: (1) this Abilene / Stargate development; (2) the proposed 933 MW Goodnight plant in Armstrong County; and (3) a 2025 Crusoe–Engine No. 1 arrangement covering access to 4.5 GW of GE Vernova turbine capacity. Public sources do not establish that the Goodnight plant and the turbine arrangement describe the same equipment package.

Key dependencies

  • Turbine delivery schedules across phases, against a fleet already numbering dozens of units
  • Power supply arrangements for phases beyond those already energised
  • Continued capital commitment from the named users, since each campus phase is tied to a specific tenant rather than built speculatively

W Land note

Aeroderivative turbines were chosen here for the same reason others chose reciprocating engines: speed and modularity beat peak efficiency when the binding constraint is time-to-power. Across this tracker, that trade-off is the single most consistent theme.

San Marcos Data Center I

CloudBurst Data Centers (with Evolve)Under construction

Energy Transfer agreed to supply 450,000 MMBtu/day via its Oasis Pipeline for at least 10 years — its first commercial arrangement supplying gas directly to a data center. The agreement was expressly conditioned on CloudBurst reaching customer FID.

Developer
CloudBurst Data Centers (with Evolve)
Location
San Marcos / New Braunfels corridor, Hays and Guadalupe counties, TX
Region
Central Texas
Announced capacity
Master-planned up to 1.2 GW
Power model
Behind-the-meter natural-gas generation supplied through Energy Transfer's Oasis Pipeline
Current status
Groundbreaking announced; no binding hyperscale tenant identified
First power target
First 50 MW phase targeted for Q4 2026

Confirmed facts. A campus in the San Marcos / New Braunfels corridor, spanning Hays and Guadalupe counties, master-planned for up to 1.2 GW. Power is planned as behind-the-meter natural-gas generation supplied through Energy Transfer's Oasis Pipeline under an agreement for 450,000 MMBtu per day for at least 10 years — described by Energy Transfer as its first commercial arrangement supplying gas directly to a data center. The first 50 MW phase is targeted for Q4 2026.

Current development stage. The original Energy Transfer agreement was expressly conditioned on CloudBurst reaching customer FID. A later developer announcement states that groundbreaking occurred, but neither source identifies a binding hyperscale tenant.

Note on capacity. Use Energy Transfer's approximately 1.2 GW estimate for the contracted gas volume rather than the later developer claim that the same volume could produce more than 1.8 GW.

Key dependencies

  • Customer FID, on which the gas supply agreement was expressly conditioned
  • A binding hyperscale tenant (none publicly identified)
  • Generation equipment delivery against the Q4 2026 first-phase target

W Land note

The notable feature is the counterparty structure: a midstream operator contracting directly with a data center developer removes a layer from the value chain and changes who carries fuel deliverability risk. Building 50 MW first in a campus designed for 1.2 GW is disciplined phasing, not a lack of ambition.

West Texas AI Infrastructure Campus

Circe EnergyAnnounced

Circe ordered approximately 2 GW of Cummins natural-gas generator sets for 2026–2030 delivery; that order supports both this campus and possible future North American projects.

Developer
Circe Energy
Location
Permian Basin (I-20 corridor), TX
Region
Permian / West Texas
Announced capacity
~150 MW in 2027; up to 1.1 GW by 2030
Power model
Behind-the-meter Cummins natural-gas generators with microgrid controls
Site
~1,950 acres
Current status
1,950-acre site; ~2 GW of Cummins equipment ordered (not exclusive to this site)
First power target
2027 (~150 MW)

Confirmed facts. A 1,950-acre campus along the Permian Basin's I-20 corridor, built around behind-the-meter Cummins natural-gas generator sets (HSK78 and QSK60 reciprocating gas engines, not large-frame turbines) with microgrid controls. Circe's published site plan calls for approximately 150 MW in 2027, scaling to up to 1.1 GW by 2030.

Current development stage. Site control established; equipment ordered. Circe has ordered approximately 2 GW of Cummins generation for delivery between 2026 and 2030 — but that order supports both this campus and possible future North American projects, and should not be read as 2 GW committed exclusively to this site.

Note on capacity figures. The 2 GW equipment order and the 1.1 GW site plan are different numbers measuring different things; the site plan is the relevant figure for this campus.

Key dependencies

  • Tenant offtake to justify each generation tranche as it is delivered
  • Cummins delivery schedule across 2026–2030
  • Gas supply contracting at the I-20 corridor site

W Land note

Reciprocating gas engines trade peak efficiency for modularity and speed — capacity arrives in ~2 MW increments rather than 200 MW blocks. For a campus phasing 150 MW to 1.1 GW over three years, that lets capacity track tenant ramp instead of stranding capital ahead of demand.

Goodnight (Crusoe / Google)

Crusoe; development agreed to be sold to GooglePermitting

Crusoe filed a TCEQ permit application in January 2026 for a 933 MW off-grid gas plant at Goodnight. Google, which agreed to acquire the development, said at the time of the reporting that it did not have a contract in place for the Texas plant.

Developer
Crusoe; development agreed to be sold to Google
Location
Goodnight, Armstrong County, TX
Region
Panhandle
Announced capacity
Proposed 933 MW onsite gas generation
Power model
Proposed off-grid natural-gas plant serving the campus; not grid-connected
Current status
TCEQ permit application filed; Google says no contract in place for the plant
First power target
Not publicly stated

Confirmed facts. A proposed 933 MW off-grid natural-gas plant at Goodnight, Armstrong County, associated with a Crusoe-developed campus. Crusoe agreed to sell the development to Google, which is incorporating the site into its Texas data-center investment programme. A TCEQ permit application was filed in January 2026. Public reporting indicates the plant would serve buildings on the campus and would not connect to the grid.

Current development stage — important qualification. At the time of the Goodnight reporting, Google stated that it did not have a contract in place for the Texas plant, and the amount of power Google would draw from it was described as still to be determined. The site transaction and the power contract are therefore two separate matters, only one of which has been agreed.

Scope note. This entry covers Goodnight only. Crusoe's Abilene developments and its separate GE Vernova turbine-access arrangement are tracked as distinct items and should not be combined with the 933 MW figure.

Key dependencies

  • A power contract for the plant (Google stated none was in place at the time of reporting)
  • TCEQ air permitting
  • Determination of how much of the plant's output Google would take

W Land note

Goodnight illustrates development-for-sale: Crusoe assembled land, gas position and permit, and Google is buying the assembled outcome. For landowners with power potential, that is the exit worth studying — buyers pay for the regulatory and fuel risk already retired, not for a building.

Hubbard Campus

Nexus Data Centers (backed by Transition Equity Partners)Under construction

Texas construction records list two separate 491,378-square-foot data-center buildings, each carrying an estimated construction cost of $400 million; the filings show "Tenant Not Assigned."

Developer
Nexus Data Centers (backed by Transition Equity Partners)
Location
Hubbard, Hill County, TX
Region
Central Texas
Announced capacity
~612.93 MW baseload gas (+~152.75 MW emergency diesel)
Power model
Onsite natural-gas generation as primary power, behind the meter
Site
~2,000 acres
Current status
Two construction filings registered; filings list "Tenant Not Assigned"
First power target
First data halls targeted for H2 2026

Confirmed facts. An approximately 2,000-acre campus outside Hubbard in Hill County. TCEQ records describe approximately 612.93 MW of baseload natural-gas generation, plus approximately 152.75 MW of emergency diesel generation, with the gas generation intended as the primary onsite power source, operating behind the meter. The campus also incorporates a partnership with AirJoule Technologies, using metal-organic framework technology to convert waste heat into distilled water for cooling supply.

Current development stage. The project has stronger development evidence than "air permitting progressing." Texas construction records list two separate 491,378-square-foot data-center buildings, each with an estimated construction cost of $400 million. Construction commenced in late 2025, with the first phase of data halls targeted for the second half of 2026.

Note on tenancy. Those filings show "Tenant Not Assigned," so the campus should not be described as having a publicly confirmed end user.

Key dependencies

  • A publicly confirmed end user (construction filings list no assigned tenant)
  • Gas supply delivered to a site outside the production basin
  • Commercial-scale performance of the waste-heat-to-water cooling system

W Land note

The water strategy matters more here than the megawatts: Central Texas siting hits water constraints faster than West Texas hits gas constraints, and a campus that produces part of its own cooling water changes the most contested number in a local hearing.

Texas Critical Data Centers

New Era Helium × Sharon AI (joint venture)Announced

New Era announced $115 million in equity proceeds and an initial $20 million Macquarie loan tranche with potential availability of a further $270 million; the Stream arrangement remains a non-binding LOI.

Developer
New Era Helium × Sharon AI (joint venture)
Location
Ector County, outside Odessa, TX
Region
Permian / West Texas
Announced capacity
~250 MW initially; master-planned above 1 GW
Power model
Off-grid onsite natural gas, with solar and carbon-capture options under evaluation
Site
438 acres
Current status
Financing announced; no binding hyperscale tenant publicly identified
First power target
Not a firm public construction date (see note)

Confirmed facts. A 438-acre campus in Ector County outside Odessa (235 acres acquired plus 203 acres added), developed by a joint venture of New Era Helium and Sharon AI. Initially planned around 250 MW and master-planned to exceed 1 GW. The site sits near fiber, two natural-gas transmission lines and CO₂ pipeline infrastructure; carbon capture is under evaluation.

Current development stage. It is no longer accurate to describe this project as simply "seeking financing." New Era announced $115 million in equity proceeds, an initial $20 million Macquarie loan tranche, and potential availability of a further $270 million. However, the Stream arrangement remains a non-binding LOI, and no binding hyperscale tenant has been publicly identified in the cited announcements.

Note on timing. The widely quoted "first 100 MW within 12 months after funding" language came from a 2025 MOU with PowerForward and should not be presented as a firm current construction date.

Key dependencies

  • A binding tenant agreement (none publicly identified)
  • Conversion of the non-binding Stream LOI into a definitive arrangement
  • Draw-down of the announced debt facilities

W Land note

A useful example of upstream gas positions being converted into compute positions: fuel and land are already controlled, but the same balance sheet carries exploration risk, generation capex and data center development at once. The CO₂ pipeline adjacency is the genuinely differentiated piece.

Prometheus Hyperscale × ENGIE / Conduit Power

Prometheus Hyperscale with ENGIE North America and Conduit PowerAnnounced

ENGIE North America and Prometheus Hyperscale agreed to co-develop AI-ready data centers at ENGIE renewable and storage sites; Conduit Power plans up to 300 MW of hybrid gas-and-battery bridge/backup capacity at each of two initial Texas projects.

Developer
Prometheus Hyperscale with ENGIE North America and Conduit Power
Location
Multiple proposed sites, Texas I-35 corridor
Region
I-35 Corridor
Announced capacity
Up to 300 MW of bridge/backup power at each of two initial projects; campus capacity not disclosed
Power model
Co-located with ENGIE renewables and battery storage; hybrid gas + battery bridge/backup by Conduit
Current status
Sites and permanent capacity not publicly disclosed
First power target
Initial deployments targeted for 2026–2027

Confirmed facts. Multiple proposed sites along the Texas I-35 corridor, co-located with ENGIE renewable-generation and battery-storage facilities, using Prometheus's liquid-cooled data center design. Conduit Power plans hybrid natural-gas and battery bridge/backup systems of up to 300 MW at each of two initial Texas projects.

Current development stage. Permanent campus capacity and precise site locations have not been publicly disclosed. The 300 MW figure describes bridge and backup power per initial site, not final campus capacity.

Note on schedule. The public record is inconsistent: the original ENGIE and Conduit announcements referenced first facilities in 2026, while later Prometheus project materials referenced initial sites in 2027. This entry therefore uses "initial deployments targeted for 2026–2027" rather than a definitive date.

Key dependencies

  • Disclosure of permanent campus capacity and site locations
  • Firming strategy, since renewables plus storage do not by themselves provide firm capacity
  • Reconciliation of the inconsistent 2026 / 2027 public schedules

W Land note

The only entry here built on renewables plus storage rather than gas. Co-locating at existing renewable sites inherits interconnection that has already been studied — a real schedule advantage — but the deliverable per site is smaller and load profiles must be matched to generation, which shapes tenant fit toward inference rather than continuous training.

W Land market takeaways

Patterns we read across the projects above. These are observations about how the Texas market is developing — not assessments of individual companies.

  • Announced gigawatts are not near-term deliverable gigawatts. Air permits set a regulatory ceiling; contracted phases are the deliverable. Several campuses on this list market multi-gigawatt totals while phasing a first tranche of 50–1,000 MW.

  • Air permits have become the clearest public signal of project progress. In the absence of disclosed tenant agreements, a TCEQ authorisation is often the most concrete evidence that a project has cleared a real gate.

  • Generation equipment is being ordered earlier, and delivery slots are now part of a site's value. Reciprocating engines and aeroderivative turbines are winning on modularity and lead time rather than peak efficiency.

  • Large projects increasingly depend on a customer FID and a long-term power agreement. Where a named hyperscale counterparty and a multi-decade agreement exist, the project is financeable; where they do not, capacity remains a plan.

  • First power in 2027–2028 has become the competitive frontier. Projects that can credibly energise in that window are competing for the same tenants, turbine slots and EPC crews.

  • Projects that control land, gas, power permitting and a water plan together are better positioned than those solving for one of the four. Water, not power, is the binding constraint in several Central Texas counties.

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