The AI bottleneck stopped being GPUs. Now it’s power, land, wires, fiber and capital — and Helix is the bet that whoever owns the whole stack owns the cycle.

• KKR, the Kuwait Investment Authority, Nvidia and Vistra launched Helix Digital Infrastructure with $10B+ of committed capital, led by former AWS chief Adam Selipsky — a single coordination point for hyperscalers across data centers, power, connectivity and transmission, not just a landlord.

• Vistra is preferred power partner (5,000+ MW of hyperscaler PPAs, ~50,000 MW fleet by YE26); Nvidia is strategic compute partner; KKR brings a $100B+ infra platform. The next data-center cycle is vertically integrated — capital, chips, power and pipes in one room.

• Cypress Creek closed $3.5B for Steel River Phases 1–2 — 1.63 GW of solar and 1.9 GWh of storage, scaling to 2.45 GW / 2.9 GWh by 2029. Barclays, BNP Paribas, Santander and Wells Fargo fully underwrote it.

• It runs on 100% U.S. structural steel and First Solar panels, with ~$300M of lifetime tax revenue and ~700 construction jobs. Storage-backed solar is scaling from portfolio filler to multi-billion-dollar infra finance.

• Sempra said ERCOT endorsed new transmission across southern Dallas–Fort Worth and the I-35 corridor — $7B+ of investment supporting ~16 GW of demand, in service 2026–2034, built mostly by Oncor (80.25% Sempra-owned).

• The spend sits inside Sempra’s $10B incremental Oncor opportunity, above the $47.5B base plan; the PUCT weighs ERCOT’s Batch Zero process this month. Texas demand is moving from load queue to utility earnings math.

• Hart reported, citing sources, that Sixth Street is buying LOGOS — a North Hudson company in the San Juan Basin Mancos — for ~$1B. No primary release had surfaced before publication.

• LOGOS’ 2025 EnerCom deck showed 232,000 net acres, ~200 MMcfe/d, a 350 MMcfe/d 2026 exit target and ~$300M of 2026 EBITDA; North Hudson bought it from ArcLight in 2022 for ~$400M. Sixth Street is leaning into E&P as gas optionality reprices.

• Reuters reported Gunvor backed Western Natural Resources’ ~$300M buy of Haynesville assets in Texas and Louisiana from Nadel and Gussman and Quantent — both Post Oak–backed — one of four Post Oak exits in the past month.

• Post Oak separately sold Midway Energy’s Permian assets to multiple operators (terms undisclosed). Private upstream is finding exits where PDP cash flow meets gas-demand optionality — and traders are getting closer to physical supply.

• Presidio closed a $350M ABS refinancing at a 6.38% weighted-average coupon, 184 bps below its prior ABS — $175M of 5.902% Class A-1 and $175M of 6.717% Class A-2 notes, both due 2041.

• The refi lowers rate, slows amortization and adds liquidity. Investment-grade upstream ABS is a cheaper, deeper pocket of capital than it was a year ago.

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• Grenergy inaugurated Elena on June 8 in Antofagasta, the largest battery plant in the Americas: 3.5 GWh commissioned, scaling to 7 GWh by 2028. It anchors Oasis de Atacama, a 2.5 GW solar / 14.1 GWh storage platform; cumulative Chile investment is heading toward $4.8B.

• The twist is digital load: GR Data has a 1 GW IT pipeline and pitches $25B of digital investment over three years, led by Atacama Data — 400 MW IT scaling to 1 GW, no water.

• Applied Digital signed a 15-year, take-or-pay lease at Delta Forge 2 — 210 MW of critical IT load for a U.S. investment-grade hyperscaler — worth ~$5.2B in base-term rent, ~$12.7B over a 30-year term.

• It’s the customer’s third lease and Applied Digital’s fifth AI Factory campus. The book now spans 1.4 GW of IT load and ~$36B of base-term revenue (~$86B with renewals), ~70% backed by investment-grade hyperscalers.

• Eni and PETRONAS established Searah, a 50/50 JV combining 19 assets — 14 in Indonesia, five in Malaysia — starting above 300,000 boe/d and targeting more than 500,000 boe/d within three years.

• Searah secured a $6B revolving credit facility and expects more than $20B of investment over five years against 3B+ boe of discovered resources. First production from recent FIDs comes in 2028.

• Technip Energies, with JGC and Samsung Heavy, won the EPCIC contract from Mozambique Rovuma Venture for Coral Norte, developed by Eni with CNPC, ENH, XRG and KOGAS. Nameplate is ~3.6 mtpa, doubling the Coral hub to 7 mtpa and putting Mozambique among Africa’s top three LNG producers.

• For Technip the award is “major” — above €1B of revenue, booked in Q2 2026. Coral Norte is an enhanced replica of Coral Sul, reusing its feed-gas composition and deepwater setting to cut execution risk.

• Summit signed two firm transportation deals on Double E totaling 150 MMcf/d, lifting open-season commitments to 250 MMcf/d and contracted firm capacity to ~1.9 Bcf/d. The expansion would add ~50%, to ~2.4 Bcf/d.

• The open season runs to June 30 with interest above the available 800–900 MMcf/d; FID is expected by end-summer, turbines are on order for an end-2028 in-service date, and a FERC 7(c) filing is due later this year.

• WhiteHawk priced 7.7M Class A shares at $26 for ~$200M before fees, upsized by 775,000 shares; underwriters hold a 30-day option for another 1.155M shares. Trades on the NYSE as WHK.

• The gas mineral and royalty book spans ~3.4M gross DSU acres across Appalachia and Haynesville, giving public investors a new pure-play gas-royalty vehicle.

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Delfin Midstream took FID on Delfin FLNG 1 — the first floating liquefaction vessel in the U.S. and the largest FLNG project globally at 4.4 mtpa, moored ~40 miles off Louisiana. Total project cost runs roughly $5B, first LNG in 2030. Equity led by Global Infrastructure Partners (BlackRock) alongside Mitsui O.S.K. Lines, Vitol and Diameter; Samsung Heavy and Black & Veatch hold the construction contracts.

•Vitol is both investor and anchor buyer at 1.4 mtpa — the largest offtaker in an SPA stack that includes Expand Energy, Centrica and Gunvor.

• Delfin’s deepwater port license supports 13.2 mtpa across three vessels; FIDs for vessels two and three are targeted within the next year.

Delfin PR · Vitol · Reuters

• Drax agreed to take Bluefield Solar Income Fund private via scheme at 92.574p cash plus a 2.25p dividend shareholders keep — 94.824p total, a 31% premium to the pre-offer close. Equity value ~£548M; enterprise value £1.082B.

• The book: ~0.9 GW of operating and under-construction UK solar/wind, a >1 GW development pipeline, and ~2.9 GW gross capacity over the next decade. Listed-renewables discounts keep converting into corporate M&A — platforms with capital can buy pipelines below replacement cost.

•Mountain Peak (162 MW) + Canyon Peak (156 MW) near Denver — 318 MW of new LM2500XPRESS peakers tolled to United Power (A) and CORE Electric (AA-), 27-year weighted tenure, full cost pass-through.

• Structure: US$750M assumed project debt at 6.2% + US$250M equity via a C$350M bought deal (CIBC/RBC, $19.20). ~US$80M/yr EBITDA expected; cash flows earmarked for Centralia and Alberta data centres. Close early Q4.

• Google’s first major project since closing the $4.75B Intersect acquisition: a co-located data center + generation complex in Gray and Roberts Counties, Texas Panhandle — 1 GW+ of wind, solar and storage with on-site gas firming, most load served by dedicated power from day one.

• Includes the Caprock Workforce Hub: an 800-acre camp for up to 3,500 workers in Wheeler County. This is the blueprint Alphabet is raising $80B to replicate.

• Closed June 1: $500M cash + $225M assumed net debt + a $25M contingent payment — $750M aggregate per Frontera. Adds 37,000 boe/d of low-decline production, pushes acreage past 7.9M acres, supports H2 guidance of 82,000–91,000 boe/d.

• Seller math: Frontera returns ~$430M (C$8.34/share) to shareholders and pivots to infrastructure — ODL pipeline, Puerto Bahía, LNG/LPG imports. Consolidation where the majors aren’t chasing headlines.

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AI infrastructure is no longer just a hyperscaler capex line. It’s now a capital-markets event for power, equipment, land, cooling, substations and backup generation.

•$30B public offerings + a $40B Q3 ATM + a $10B Berkshire private placement — the check written by new CEO Greg Abel, not Buffett. Lands after Alphabet lifted 2026 capex to $180B–$190B.

• The read-through: AI demand is outrunning internal funding, grid timelines and equipment at once. This issue has both sides of the trade — Alphabet raising equity, IREN financing GPUs as credit, Google buying capacity via Voltus.

• NextEra agreed to acquire Caliber Resource Partners for $1.3B, then folded the assets — plus its existing Trinity Operating gas holdings — into NEQ Operating, a 50/50 JV with Quantum Capital Group. Quantum’s Alan Smith serves as interim executive chairman.

• The deal shores up NextEra’s own gas supply days after its ~$67B Dominion merger; Caliber’s stakes are non-operated interests across multiple onshore U.S. shale basins.

•$2.10B private placement (SOFR + 213 bps) + $1.55B delayed-draw term loan (SOFR + 225 bps); blended cost 6.00%. Funds 96% of $5.81B GPU capex at a 3.31% all-in cost.

• Rated A / A(low) by Fitch / DBRS — IREN calls it the highest-rated GPU financing and the first in the U.S. private-placement market. Supports 480 MW of AI Cloud capacity by year-end 2026.

•~460 MW of Siemens turbines from Energy World Corp for $350M (~$760/kW); ~$100M of refurb/transport puts delivered cost near $450M.

• Slated for the proposed Merom simple-cycle project in MISO Zone 6; never fired, acquired ahead of an FID after MISO ERAS (~Sept 2026). “Until you have equipment, you don’t have a project.”

• Expands the country’s only commercial enrichment facility (Eunice, NM) by nearly 50% — 2.1M SWU via up to 24 cascades. Construction 2029, first LEU 2032, full production 2036.

• Adds to existing 4.3M SWU (plus a 700,000 SWU expansion finishing 2027). The site has drawn $5B+ of private capital since 2006 and meets ~one-third of U.S. demand.

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Data-center capital is moving upstream — first to PPAs, then to generation, now to the managers who know power risk.

•$1.05B total ($650M base + $400M contingent), forming a $150B+ platform across digital infra, power, transmission, storage and midstream.

• ArcLight brings 70 GW+ of generation, 48,000 miles of transmission, an 85-person dev bench and a 15 GW+ pipeline. Closing is tied to SoftBank’s pending DigitalBridge buy.

• Cheniere signed an LSTK EPC with Bechtel for Phase 1 (Train 7, 6+ mtpa) of a ~20 mtpa expansion; $4.69B per Reuters. FERC/DOE pending; FID early 2027.

• WhiteWater’s Pelican Thrasher Lateral to Commonwealth LNG: ~65 miles of 42-inch pipe, up to 2.5 Bcf/d, in service 1H 2029.

•$1.6B with LGES Vertech for 1.5 GW / 6 GWh across eight Michigan projects; $2.3B economic impact, 1,800 + 350 jobs.

• The Oracle-funded batteries at Saline Township alone meet DTE’s share of Michigan’s 2030 storage standard.

• Newcleo goes public via NewHold at a ~$2.4B pre-money value, up to $429M gross proceeds; ~$780M raised since 2021, Nasdaq “NWCL” in 2H 2026.

• Focused Energy raised a $240M Series A — the largest secured Series A in fusion (RWE, SPRIND, EIC, Prime Movers); RWE added €60M for laser fusion at Biblis. BW · RWE

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Inventory scarcity just pushed the U.S. non-op model north of the border.

•25% non-op of Parallax-operated Light-Oil Duvernay (Alberta) — NOG’s first cross-border deal. CA$350M / ~US$259M, ~CA$113M in stock. ~4,000 Boe/d expected 2027 (80% light oil) across ~75,000 net acres. Close late Q2 2026.

•The math: <3.0x NTM unhedged CF for ~20 years of inventory, 500+ gross locations, sub-$50 WTI breakevens. 2026 guide raised to 143–148 MBoe/d (from 139–143), capex held at $850M–$900M.

•Muskie Data Campus in EastPark Industrial Park, KY (~285 acres). Sized for 1+ GW; first 500 MW ramps 2H 2028, second 500 MW 2H 2030. Kentucky Power (AEP) building a 345 kV substation tied to the 765 kV backbone. Zoned, permitting underway.

• Past “find me GPUs,” into “show me transmission.” Schneider and Motivair are separately phasing in $290M+ of power and cooling kit at TeraWulf’s Google-backed Lake Mariner in NY (up to 750 MW; Core42 and Fluidstack anchors) — same playbook, second site.

•10 fee-simple data centers from Cogent Fiber for $225M cash — ~53 MW, ~259,000 sq ft across nine markets (Chicago, Atlanta, Phoenix, LA, KC, Baltimore, Houston, Nashville, Stockton). Up to $1B committed. Liquid-cooling-ready. HSR + Q3 2026 close.

• Powered real estate is the platform; AI inference is the cash-flow story. What I Squared is really buying is power, permits and zip codes.

•Clēnera signed a 15-year fixed-price PPA with Google — 200 MWac of solar from the 250 MWdc Solstice project in LeFlore County, OK, into SPP. Construction 2028, COD 2029. 800 MWh of storage in later phase. System-impact study cleared.

•Second Google power deal this week (Friday: $15B Missouri + Capacity Commitment Framework). SPP peak load is forecast +5 GW by 2029 against >5.7 GW of fossil retirements — SPP PPAs are now data-center supply contracts.

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•BLM leased 74 parcels totaling 33,530 acres in NM and TX, generating ~$4.008B in receipts — the largest U.S. onshore oil-and-gas auction on record, past the prior $972M mark from 2018. Per Efficient Markets: 61 vetted bidders, 1,072 bids, top three took 98% of revenue.

•Devon paid ~$2.6B for 16,300 net Delaware Basin acres in Lea and Eddy counties — ~$160k per net acre, ~400 net two-mile locations, on 10-year leases with 87.5% NRI and all-depth rights. A cash bid for duration the same quarter Devon closed Coterra.

• The policy assist: BLM used the new 12.5% federal onshore royalty rate, down from the 16.67% rate established under the IRA. Tier-1 shale inventory is still scarce, strategic, and wildly expensive — and now slightly cheaper to lift.

•15-year take-or-pay at Polaris Forge 3 — 300 MW critical IT load (430 MW gross utility), same U.S.-based investment-grade hyperscaler as Delta Forge 1. Lease value ~$7.5B base / ~$18.2B with renewals. Initial ops August 2027.

• Total contracted lease revenue: $31B across four AI Factory campuses ($73B with renewals); 1,200 MW critical IT / ~1,670 MW gross utility. The scarce asset isn’t GPUs — it’s entitled land, utility power, and the balance sheet to bridge construction.

•$15B Missouri investment anchored by a new data center in New Florence; Google has contracted >1 GW of new generation in Missouri and is supporting another 500 MW via Ameren. $20M Energy Impact Fund for state energy bills + efficiency.

• Google, Ameren, and Evergy imported the Capacity Commitment Framework to Missouri — large-load customers pay for the power and infrastructure they trigger, without shifting costs to existing ratepayers. Hyperscalers are now selling grid politics, not data-center jobs.

•Actuate Energy launched as a European BESS investment + operating platform with a substantial NGP equity commitment. CEO Ben Skinner is a 15-year European storage operator; strategy is buy ready-to-build, then commercialize, construct, and operate — playing arbitrage, ancillary services, and capacity revenues.

•NGP’s two-trade week: Kimbell/Mesa Royalties Tuesday (US royalties for DPI), Actuate today (Europe BESS for the next vintage). NGP’s Phil Deutch on the gap: “the supply of institutional-quality operators is nowhere near meeting the demand.”

•300 MW / 600 MWh standalone BESS in Texas City, ~$450M package — $225M construction (First Citizens / Investec lead, Nord/LB JLA, East West MLA), $96M preferred equity (Nuveen/TIAA), ~$126M ITC transfer. Mortenson building, Sungrow PowerTitan.

• COD 2027; Spearmint’s operating portfolio crosses 1.5 GWh on completion. ERCOT volatility is bankable when sponsors can pair merchant upside with structured tax-credit monetization.

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•$66.8B all-stock — the largest U.S. electric utility deal ever. Dominion holders get 0.8138 NEE shares per D share plus a one-time $360M cash payment at close. Pro forma: 74.5% NEE / 25.5% Dominion.

• The combine creates the world’s largest regulated electric utility by market cap: ~10M customer accounts across FL/VA/NC/SC, ~110 GW of generation, $138B combined rate base growing ~11%/yr through 2032.

• The tell is load. 130+ GW large-load pipeline, anchored by data-center-heavy territories. AI exposure isn’t a slide in the IR deck anymore — it’s the deal thesis.

• Concessions to clear the regulatory bar: $2.25B in bill credits to Dominion customers in VA/NC/SC over two years post-close, plus $10M/yr of charitable giving and retention commitments for ~15,000 employees.

•John Ketchum stays as chairman/CEO; Dominion’s Robert Blue runs regulated utilities and joins the board. Approval stack: HSR, FERC, NRC, plus VA/NC/SC PUCs. Close 12–18 months out.

• FID on Commonwealth LNG, a 9.5 mtpa Gulf Coast export facility in Cameron Parish. $9.75B of project financing closed, total capital commitments to $21.25B. Phase One ops 2030; >$3B annual run-rate revenue.

• Five-name offtake stack — EQT, Glencore, Mercuria, PETRONAS, Aramco Trading. Sponsors: CPP $1.2B / 31%, Mubadala 24.1%. EPC by Technip with Baker Hughes LM9000s. Wellhead-to-water turned into steel.

• MISO awarded two LRTP Tranche 2.1 projects to an Ameren ATXI / NextEra GridLiance / Dairyland / IMEA consortium. STIW: 149 mi of 765-kV, $940M. WIIL: 88 mi plus a new 765/345-kV substation, $718M. Ownership across both: 43 / 43 / 11 / 3.

• In-service 2034. The Midwest grid is moving from incremental upgrades to extra-high-voltage backbone. AI load gets the headlines; transmission gets the bill.

• NRC issued a Finding of No Significant Impact for Dow / X-energy’s Long Mott Generating Station at Seadrift, TX — a four-module Xe-100 at 800 MWth / 320 MWe, supplying power and high-temperature steam to Dow’s UCC Seadrift Operations (4B lb/yr of materials production).

•First U.S. commercial advanced-reactor project to complete NEPA via the Environmental Assessment pathway vs. a full EIS — reviewed in under a year. Caveat: this is a regulatory milestone, not a construction permit or FID.

• Kinetik FID on Kings Landing II, a 300 MMcf/d gas processing plant in New Mexico — 50% larger than the originally contemplated 200 MMcf/d. Project cost ~$260M, in-service 2H 2028; 2026 capex lands at the top end of the $450–510M range.

• Post-completion, system-wide capacity exceeds 2.7 Bcf/d, with >700 MMcf/d of sour-gas processing in northern Eddy and Lea Counties. The northern Delaware sour-gas buildout just got bigger.

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The data-center power trade is moving from backlog to balance sheet.

• Solaris Energy Infrastructure closed nearly $2B of financing — $1.3B of senior unsecured notes at 6.375% (retiring higher-cost debt and adding ~$800M of net proceeds) plus a new $650M revolving credit facility — and amended its >500 MW data-center power contract (signed Feb 2026, first covered in Apr 28’s “UAE walks out of OPEC”), adding 130 MW and enhanced balance-of-plant scope. Tenor unchanged at 10 years + 5-year extension option.

• Total contracted project investment under the amended contract is up >60%; roughly two-thirds of Solaris’ 3.1 GW current and on-order capacity is now under long-term contracts, and management says proceeds plus operating cash flow fully fund current capex — turning the AI-power story from contract wins to funding visibility.

•Fervo priced 70M shares at $27 (raising $1.89B, with a 10.5M-share greenshoe) and opened at $36 (+33%) Wednesday for a ~$10.21B implied valuation — up from the $7.66B pricing covered in May 12’s “Fast-Power Bid” and the S-1 in Apr 21’s “The Firm Power IPO” — backed by ~$7.2B of contracted revenue backlog and commercial agreements with Southern California Edison, Shell, and Alphabet. EagleRock (NYSE/NYSE Texas: EROK) priced 17.3M shares at $18.50 for ~$320M gross / $286.6M net; the Houston land manager controls ~236,000 acres across the Permian’s Delaware and Midland sub-basins with a pivot toward power, data centers, renewables, and CCUS siting. Goldman, Barclays, and J.P. Morgan led EROK (EagleRock IR).

•Blackstone Digital Infrastructure Trust sold 87.5M shares at $20 to raise $1.75B (with a 30-day option that could lift the deal to $2B) for an externally managed REIT targeting newly built data centers leased to investment-grade hyperscale tenants on long-term contracts; Blackstone has reviewed ~$25B of near-term opportunities. Three energy/infra IPOs in one cycle — 24/7 clean power, Permian surface rights, and data-center real estate — means the public market is now willing to price the AI load buildout across the full stack (Blackstone IR).

• PM Mark Carney rolled out “Powering Canada Strong,” a C$1T national strategy to double electricity-grid capacity by 2050 — built on four pillars (infrastructure, east-west interties, skilled trades, domestic manufacturing) and projecting a workforce need of 130,000+ high-skilled workers by 2050. Ottawa will revise clean-electricity rules to give existing gas units more flexibility, citing rising AI, EV, and industrial demand against a generation base that has actually fallen on drought-hit hydro and coal retirements.

• Carney said gas will play a complementary role but future investment will be dominated by hydro, nuclear, and renewables — the same AI power crunch hitting PJM, ERCOT, and the Southeast is now reshaping federal grid policy north of the border.

• IEA’s May Oil Market Report sees 2026 supply falling 3.9 MMbbl/d, leaving demand 1.78 MMbbl/d above supply — a hard reversal from last month’s surplus call and a deeper version of the flip first flagged in Apr 14’s “Time to Power” — with more than 14 MMbbl/d shut in and cumulative Gulf-producer losses above 1B bbl. Q2 demand contracts 2.45 MMbbl/d y/y, refinery throughputs plunge 4.5 MMbbl/d, and inventories were drawn 246 MMbbl across March-April.

• About 164 MMbbl of the broader 400 MMbbl IEA-coordinated reserve release has moved into the market — meaning higher prices are now rationing demand while still failing to erase the supply gap.

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Oilfield services just moved one step deeper into data-center power.

Gas-to-AI power is moving from customer contract to platform capitalization.

• VoltaGrid signed a $1B equity investment from funds managed by Blackstone Tactical Opportunities and Halliburton — $775M of primary capital and $225M secondary at a reported >$10B valuation, with mid-2026 closing expected. The capital backs behind-the-meter generation for data centers, microgrids, and industrial applications, against a stated 7.5 GW order book through 2030.

• VoltaGrid is also acquiring Propell Energy Technology Ltd. and its affiliates, building two next-generation automated manufacturing plants at Propell’s Granbury, Texas facility — lifting combined capability to ~300 MW per month across reciprocating engines and turbines. Halliburton isn’t just selling into oilfield activity; it is helping finance the fast-power stack for AI load.

• Venture Global signed two binding agreements May 12: a new 0.85 MTPA TotalEnergies contract for ~5 years starting 2026, and an expansion of Vitol’s 5-year deal to 1.7 MTPA from 1.5 — both supplied from VG’s portfolio. The two agreements total 2.55 MTPA of signed/expanded volume, with 1.05 MTPA of net new incremental supply (TotalEnergies 0.85 + Vitol 0.2 step-up).

• Q1 revenue hit $4.6B (+59% y/y) on 130 cargos / 481 TBtu (both quarterly records, ~2x Q1 2025); VG raised 2026 EBITDA guidance to $8.2–$8.5B from $5.2–$5.8B, says it has sold 84% of available 2026 cargos at a weighted-average $4.51/MMBtu liquefaction fee, and tightened its 2026 cargo range to 494–523.

•Fervo priced its IPO (first covered in April 21’s “The Firm Power IPO”) at $27/share for 70M shares — raising $1.89B at an implied ~$7.66B valuation, roughly 3x the April S-1 — backed by ~500 MW under construction, 658 MW of contracted offtake, and a stated ~$7.2B revenue backlog.

•INNIO filed for Nasdaq under INIO (Jenbacher and Waukesha gas engines; Goldman, JPM, Morgan Stanley joint leads) on a cumulative installed base of ~44 GW and an active fleet delivering ~3.4 GW as of Dec. 31, 2025 (up from 42 GW / 2.5 GW a year earlier). WhiteHawk filed for an NYSE listing under WHK with 2025 revenue of $67.6M vs. $9.5M in 2024 and royalty interests across ~3.4M gross unit acres in the Marcellus and Haynesville — exposure to ~13% of U.S. natural-gas production.

INNIO · WhiteHawk

• Ford Energy’s flagship is a standardized 20-ft DC block built on 512 Ah LFP prismatic cells, listing 5.45 MWh rated energy, 1,040–1,500 VDC, liquid cooling, and 20 GWh/year of planned manufacturing capacity — with 2-hr (FE-250) and 4-hr (FE-450) configurations available beginning 2027.

• Ford plans to invest ~$2B over two years into a Glendale, Kentucky gigafactory designed for Section 48E eligibility and domestic-content pathways, with first customer deliveries in late 2027 — taking stranded EV manufacturing capacity and pointing it at the market with better near-term demand visibility: grid storage and data-center-adjacent resilience.

PV Magazine

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• Oncor’s active transmission LC&I queue ended Q1 with 697 requests, including roughly 271 GW from data centers and 18 GW industrial; ERCOT 2026 RTP filings added 122 GW of large-load forecasts through 2036, with Oncor holding $4.0B of customer collateral against active POI requests as of May 6.

• Matching the queue with steel: $9.0B 2026 capex (+25% YoY), 565 active generation POIs behind the meter (47% storage, 40% solar, 8% wind, 5% gas), and the 765 kV Permian import-path moving from CCN filings to a Q2 switching-station groundbreaking.

• Hut 8 commercialized the first phase of its 1 GW Beacon Point AI campus with a 15-year, 352 MW IT lease worth $9.8B of base-term value and up to $25.1B with renewals.

• The deal takes contracted AI capacity to 597 MW and aggregate base-term value to ~$16.8B — built on NVIDIA’s DSX reference architecture with AEP, Vertiv and Jacobs in the delivery stack.

• WES agreed to buy Brazos Delaware II for ~$1.6B ($800M cash + $800M units), adding ~470,000 dedicated acres, 900 miles of pipe and 460 MMcf/d of gas processing at the Comanche complex.

• Pro forma, WES grows Delaware acreage +49% to 1.4M acres and processing capacity +20% to ~2.75 Bcf/d, with long-term fixed-fee contracts (WAR > 9 years) priced at ~8.0x 2027E EBITDA, stepping to ~7.5x post-synergies.

• Diversified and Carlyle agreed to buy Camino’s Oklahoma Anadarko assets for $1.175B, adding ~300 MMcfepd, 101,000 net acres, 100+ drill-ready locations and 1,478 Bcfe of proved reserves.

• The producing PDPs sit in an ABS-backed SPV owned ~60% Carlyle / 40% Diversified — the latest read on PE re-entering mature gas via securitized cash-flow structures rather than balance-sheet equity.

• Cheniere exported a quarterly record 187 LNG cargoes in Q1, generating $5.87B revenue, $2.33B adjusted EBITDA and $1.67B DCF (GAAP net loss of $3.50B was non-cash IPM derivative mark).

• The company lifted 2026 adjusted EBITDA guidance to $7.25B–$7.75B and DCF to $4.75B–$5.25B, deployed ~$1.2B in Q1 (including $537M of buybacks), and flagged Train 6 first LNG as “imminent.”

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•AEP raised its 2026–2030 capex plan to $78B (from $72B) after signing 7 GW of new load agreements in Q1, with incremental load expected to grow to 63 GW by 2030 — Texas alone accounts for 41 GW of commitments.

•Wires lead the build:$33B of transmission, 42% of the plan, including new 765-kV lines across SPP, PJM and MISO; gas-fired generation in Indiana lands later in the five-year window.

•Equity story: ~11% annual rate-base growth and operating EPS CAGR above 9% through 2030, with $16B of cost offsets shielding existing customers over the life of the large-load contracts.

Q1 earnings release · AEP newsroom

•Meta is working with Morgan Stanley and JPMorgan on a roughly $13B mostly-debt package for its 1 GW El Paso, Texas campus — Meta boosted the El Paso commitment past $10B in March and is targeting a 2028 opening.

• The hyperscaler four — Meta, Amazon, Alphabet, Microsoft — are projected to spend $630B+ on AI infrastructure this year; the banks can fund the campus, but the binding constraints are still electrons, gas, interconnects and time.

•Ameresco and HASI formed Neogenyx Fuels at a $1.8B post-money EV — Ameresco owns 70%, HASI 30%, with HASI committing $400M ($300M into Neogenyx for growth, $100M to Ameresco for the existing book).

• ICF projects RNG demand growing from 139–153M MMBtu/y today to 612M MMBtu/y by 2030; Ameresco will consolidate the JV, so revenue is unchanged and 30% of net income lands as non-controlling interest.

•Jonah Energy, Eiger Operating and Burk Royalty closed Scout Energy Partners’ Hugoton/Panhandle package — disclosed at $1B+: ~10,500 wells, 250+ MMcfe/d of gas/NGLs/helium, ~3M net acres, 7,200+ miles of gathering and ~400,000 hp of compression.

• Funded with cash and ABS — including two issuances tied to this deal, Jonah has now done seven ABS issuances totaling $3B+ of proceeds; the merged EJ Hugoton makes Jonah the largest oil and gas producer in Kansas.

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• MARA agreed April 30 to acquire Long Ridge Energy & Power from FTAI Infrastructure for ~$1.5B including assumed debt — a 505 MW CCGT in Hannibal, Ohio plus 1,600+ contiguous acres, fuel supply, water, fiber and a PJM interconnection.

• The campus has >1 GW of total potential capacity, including 200 MW of existing MARA load and line of sight to up to 600 gross MW of AI / Critical IT, with construction targeted for 1H 2027 and service in mid-2028.

• Economics: ~$144M of annualized adjusted EBITDA on Long Ridge’s 2H 2025 run-rate, $785M of assumed debt backstopped by a Barclays bridge, and power costs expected below $15/MWh thanks to vertically integrated ~100 MMcf/d of gas supply.

• Updated four-year capital plan is $57B per Reuters (up ~33%), driven by a 20-year electric-service agreement with Evest LLC — a Meta subsidiary — under the LPSC’s Lightning Initiative, with >5.2 GW of new gas-fired CCGTs queued behind the Meta buildout.

• Another 7–12 GW of potential data-center customers in the pipeline; management cites ~$2B of retail-customer savings under its Fair Share Plus pledge, and affirmed 2026 adjusted EPS guidance of $4.25–$4.45.

• OG&E said April 30 it will power three new Google data centers in Muskogee and Stillwater; Google commits to pay 100% of grid-connection costs and all contracted costs regardless of actual energy usage, plus its share of the generation required to serve the sites.

• The deal becomes the basis for a new large-load tariff OG&E plans to file with the Oklahoma Corporation Commission “in the coming weeks”; Google will also make capacity available from two solar facilities currently under construction.

• Hut 8 DC LLC priced $3.25B of 6.192% senior secured notes due 2042 — fully amortizing, non-recourse to Hut 8 — funding a turnkey 245 MW critical-IT data center and substation at the River Bend campus, with closing expected April 30.

• Read-through: private credit and IG project-debt are now wrapping powered land, substations and contracted AI load the way infrastructure lenders underwrite power plants — Hut 8 is the cleanest precedent yet for the structure.

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The Gulf’s most aggressive capacity builder is done taking quota instructions — spare capacity is now a sovereign strategy, not a cartel asset.

OPEC just lost a capacity-growth member with real barrels, real export optionality, and a long-running quota grievance. The market read is straightforward; the governance read is messier — cohesion is fraying at the same time U.S. shale discipline holds and Gulf volatility climbs.

• The UAE will exit OPEC and OPEC+ on May 1, 2026, ending a membership that began when Abu Dhabi joined in 1967 and continued after the UAE’s formation in 1971; the UAE has produced about 3.4 MMbbl/d (~13% of OPEC output) and held ~5 MMbbl/d of capacity before the U.S.-Iran war disrupted the Strait of Hormuz.

• Abu Dhabi has been pouring capital into capacity precisely while OPEC+ held output back — leaving the country with under-monetized barrels and an obvious incentive to set its own pace outside Saudi-led quota management.

Shell is buying Montney molecules, liquids uplift, and LNG Canada optionality without lifting its capex ceiling.

• Shell agreed to acquire ARC at US$13.6B equity / US$16.4B EV (incl. US$2.8B debt + leases) — C$8.20 cash + 0.40247 Shell shares per ARC share, a 25% cash / 75% stock mix — adding 370 kboe/d, ~2B boe of 2P reserves, and 1.5M net Montney acres on top of Shell’s existing 440,000 acres.

• The strategic frame is LNG: Shell owns 40% of LNG Canada, production CAGR steps from ~1% to ~4% through 2030, the $20–22B capex ceiling holds, and Shell guides to ~$250M of annualized synergies within a year of close.

Six days before Devon and Coterra stockholders vote on May 4, Kimmeridge wants the new board to act on day one.

• Mark Viviano dropped Kimmeridge’s open letter on April 28, six days before the May 4 stockholder vote that finalizes the $58B EV Devon–Coterra merger (close expected within days), with three explicit asks: an accelerated non-core divestiture program, a refocus of capital on the Delaware Basin core, and a “blank sheet” reset of executive compensation grounded in Kimmeridge’s 2020 white paper.

• The framing is a “conglomerate discount” the new board has the power to close on day one; the letter follows Kimmeridge’s earlier governance-focused letter to the legacy Coterra board pushing the same reset.

The Permian is still throwing off enough wet gas to underwrite midstream capex — even with producers talking discipline.

• Enterprise will build two 300 MMcf/d Permian processing plants — one Midland, one Delaware — both online in 2027, lifting Permian processing capacity another 12%; management guides Permian gas + NGL growth to run 1.6x crude growth.

• Q1 confirms the demand: record 8.3 Bcf/d processing inlet (+7% YoY), $2.7B adjusted EBITDA, $988M Q1 capex, and $2.3–2.6B of 2026 growth capex guidance net of $596M asset-sale proceeds.

The new utility pitch: data centers and industrial load can fund rate base and soften the bill hit — if regulators buy the math.

• Per Reuters, CMS raised its capex plan to ~$24B through 2030 from a prior $20B, citing rising power demand; Q1 adjusted EPS came in at $1.13 (vs. $1.02), 2026 guidance reaffirmed at $3.83–$3.90, and long-term growth held at 6–8% with “continued confidence toward the high end.”

• The fight is cost allocation: more load can help every ratepayer, but poorly structured load shifts costs to every ratepayer — and DTE’s parallel argument out of Michigan suggests this is now a regional template, not a CMS-only experiment.

An oilfield logistics company is being repriced as a behind-the-meter data-center power platform.

• The deal: 600+ MW of power capacity + balance-of-plant for an investment-grade global tech affiliate, 10-year term with a 5-year extension option, deployments starting late 2026 through 2028 — Solaris’ third long-term IG tech contract, taking total contracted capacity past 2 GW.

• Q1 backs the pivot: pro forma generation fleet steps to 3.1 GW after 900 MW of previously announced additions; $196M revenue, $32M net income, ~$84M adjusted EBITDA (+22% sequentially).

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Co-founder Neugebauer — who with family and former executives/management claims a ~40% block — wants a sale. The board says no. The market, for now, agrees with the board.

Fermi Inc. went public last October pitching 11 GW of behind-the-meter generation at a single West Texas campus, anchored by four AP1000 reactors and codenamed Project Matador. It briefly touched a ~$20B market cap. It closed Monday around $3.4B. What happened in between is the cleanest case study in public-company governance drama we’ve seen this year — compressed into a single business week. See the timeline visual below.

•The sequence: Co-founder Toby Neugebauer removed as CEO Friday Apr 17 — stays on the board, still the largest shareholder. Monday’s “Fermi 2.0” 8-K: CFO Miles Everson out as officer (also stays on board), COO Jacobo Ortiz and board observer Anna Bofa named Co-Presidents, Marius Haas elevated to Chairman, Heidrick & Struggles on the CEO search. FRMI closes -17.6%. Monday 11:51 PM ET, Neugebauer demands a sale (“removed without cause,” value being “destroyed”). Tuesday 11:54 PM ET, three minutes past his deadline, the board says no.

•The verdict (for now): FRMI rallies +15.8% Wednesday, clawing back most of Monday’s drop; by Thursday the tape had reclaimed most — but not all — of the pre-news level. Watch next: a proxy fight — the ~40% block held by Neugebauer with family and former executives/management is short of control, long enough to be uncomfortable — and whether “not for sale” holds if an unsolicited hyperscaler bid actually lands.

Fermi “Fermi 2.0” PR · Fermi business update · TechCrunch · Fortune

•The deal:300 MW of IT load at the new 430 MW Delta Forge 1 campus in a southern U.S. market — 15 years, ~$7.5B contracted, with an unnamed U.S. investment-grade hyperscaler. Initial ops mid-2027.

•Scale: Lifts total contracted lease revenue across three AI Factory campuses (Polaris Forge + Delta Forge 1) to over $23B. Stock closed +13.9% on the day.

•The milestone: 174,000-cbm Al Qaiyyah loaded the first commissioning cargo at Sabine Pass, TX this week — expected destination Italy. Train 1 of the ~18 mtpa QatarEnergy (70%) / ExxonMobil (30%) JV reached first LNG on Mar 30. FID 2019; original operating target was 2024, later pushed to 1H25. Zachry Industrial’s 2024 bankruptcy is the short version of why it wasn’t.

•Timing: Ships into ~18 months of tight-ish TTF before the U.S. supply wall lands in 2027–28 — Plaquemines ramp, Corpus Christi Stage 3, Rio Grande LNG all stacking. QatarEnergy’s equity offtake goes to the merchant market, so the trading desks benefit before the SPA counterparties do.

•The close: Houston-based EIV final-closed Fund V (value-add energy-infrastructure, led by Managing Partners David Finan and Patti Melcher) and Resources II (non-op upstream, led by Partner Claire Harvey) Wednesday. Combined commitments: ~$1.1B. Total AUM to ~$3B.

•Why it matters: Fund V hunts value-add midstream with an explicit “last-mile” gas-and-power pitch for reindustrialization and data-center load; Resources II keeps accumulating non-op WI in Lower-48 O&G wells. LP appetite for lower-middle-market energy is intact and deepening — pensions, insurers, endowments, family offices all in. Read against Lime Rock below: two different books, same message from LPs.

•The close: LRNE Fund II final closed at $640M Tuesday — above the $500M target, under the $650M hard cap. Roughly 2x Fund I. Nearly 90% of Fund I’s institutional LPs re-upped.

•Why it matters: Energy-transition PE was supposed to have a hard year. A 2x step-up with 90% LP re-up — ~1/3 of it European and Asian — is the counter-signal. Read with EIV above: traditional energy and transition books, same message from LPs: keep going.

Q1 revenue $3.38B (+94% YoY), net income $1.49B, GAAP EPS $2.36 (adj. $2.33). Sales volume 618 Bcfe — above the high end of guidance, helped by Winter Storm Fern execution. Record $1.83B free cash flow on $608M of capex (4% below low-end guide). Retired ~$1.73B of senior notes in the quarter; total debt $6.0B, net debt $5.7B against a long-term $5B target. Fitch bumped the credit to BBB.

Q1 revenue $5.40B, net income $461M, EPS $0.55. Operating margin 13%. Returned ~$100M via buyback and paid the regular $0.17 quarterly dividend. CEO Jeff Miller: “In North America, I see clear signs that we are in the early innings of a recovery.”

Bechtel transitioned into field execution Thursday at the 345 MWe Natrium SFR in Kemmerer, WY — the first commercial non-LWR construction start in the U.S. in 40+ years (NRC construction permit issued Mar 4). Fuel load targeted 2030; COD 2030–31. Integrated molten-salt storage lets the plant dispatch up to 500 MWe while the reactor runs steady — the load-following pitch to hyperscalers.

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The first pure-play SMR and the first pure-play enhanced-geothermal prospectuses land in the same week — both on Nasdaq, both JPM-lead left.

•X-Energy (XE) launched its roadshow April 15 — ~43M shares at $16–$19, a ~$685–$814M raise on Nasdaq. JPM/MS/Jefferies/Moelis book-running. Amazon anchors. The Xe-100 is a 320 MWe four-pack HTGR, still in NRC licensing. Pricing expected this week.

•Fervo Energy filed its S-1 April 17 — applied to list on Nasdaq as FRVO; shares and price range not yet determined. JPM left; BofA, RBC, Barclays on the cover. Cape Station (UT) under construction; Project Red (NV) has been delivering to Google since 2023.

• Superior Plus’s mobile-CNG subsidiary signed a 2.5-year agreement with a major hyperscale operator, in partnership with “a global leader in power generation solutions.” Deal covers ~135 MW of prime power, requires ~200 CNG transport trailers in rotation, and is worth ~$300M in revenue. Startup mid-2027, bridging to permanent pipeline.

• Rolls-Royce SMR and Great British Energy – Nuclear signed April 13 for three Rolls-Royce SMR units at Wylfa, Anglesey, North Wales. Combined output: 1.4 GWe. Separately, the National Wealth Fund committed £599M (~$805M) to Rolls-Royce SMR for reactor development. First-of-a-kind Western SMR reference plant at scale.

• Tenaska and the Tennessee Valley Authority signed a 20-year contract for the Bobwhite battery storage project in Hawkins County, TN — 225 MW / 900 MWh. $300M investment, construction starts 2027, COD late 2029.

• Enagás agreed to buy a 31.5% stake in Teréga, the French TSO, from Singapore’s GIC for €573M (announced with Q1 results). Teréga operates 5,100 km of transmission (16% of France’s gas grid) and 27% of national storage. Enagás guided ~€40M annual cash flow and ~€14M net income accretion across 2027–32. Q1 net profit: €56.9M, -12.7% YoY. Enagás also closed the sale of 40% of Enagás Renovable (separate transaction).

• Zanskar closed a $40M Development Capital Facility April 16, scalable to $100M, co-led by Just Climate and Spring Lane Capital, with Tierra Adentro Growth Capital. Non-recourse structure covers pre-construction activity. Four days earlier (April 13), Zanskar signed a GEODE Agreement with California Community Power for CA ISO-area exploration and offtake to CC Power’s CCA members. (Series C was $115M in January.)

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•GFL agreed to acquire all of SECURE’s shares for C$24.75 per share — roughly C$6.4 billion enterprise value, paid 80% stock and 20% cash, with closing expected in 2H 2026.

•SECURE brings more than 80 locations across Western Canada and North Dakota, including 12 landfills, 55 waste treatment facilities, 98 injection wells and 12 recycling facilities, backed by 2,000+ employees.

•GFL says the deal lifts adjusted free cash flow per share by 12%–15%, pushes pro forma adjusted EBITDA margin to 31.6%, and raises adjusted FCF conversion to 40.5%–42.5%.

•Spire agreed to sell its Wyoming and Oklahoma gas-storage assets to I Squared for $650 million ($600M cash + $50M deferred). Combined working gas capacity: 72 Bcf. Proceeds help fund the Piedmont Tennessee acquisition; Spire reaffirmed FY27 EPS of $5.40–$5.60.

•Microsoft intends to buy about 3,200 acres in Cheyenne — a 200-acre parcel in Bison Business Park and an adjacent 3,000-acre site — with more than $68 million already committed to off-site infrastructure improvements.

•Black Hills Energy’s Large Power Contract Service tariff requires Microsoft to directly pay for infrastructure upgrades and incremental power procurement — Microsoft is explicitly arguing the expansion should not raise electricity prices for other customers.

•Energean, ExxonMobil and HELLENiQ signed with Stena Drilling to drill the first well in Block 2 offshore western Greece. The “Asopos” structure could hold 6–7 Tcf with a 16% chance of success; drilling is targeted for February 2027 — Greece’s first deep-sea offshore exploration in roughly 40 years.

•Switch closed a $768 million Series 2026-1 ABS, adding a 1.4M sq ft / 52 MW Reno datacenter to the pool. Since 2024, Switch has raised about $4.2 billion through five ABS deals across 11 data centers in five U.S. markets.

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• Bloom said Oracle intends to procure up to 2.8 GW of Bloom fuel-cell systems under an expanded master services agreement — one of the largest onsite-power procurements ever disclosed for a hyperscaler build.

• An initial 1.2 GW has already been contracted, deploying now across Oracle’s U.S. projects — distributed gen is a procurement lane, not a backup plan.

• Context: utility capex is projected at $1.4T over five years (WSJ, below) and PJM is scrambling for 15 GW of emergency supply (Bloomberg, below). Behind-the-meter fills the gap.

• On April 14 the IEA called the Iran war the largest oil supply disruption in history: 10.1 MMbpd lost in March, Hormuz flows down to 3.8 MMbpd from 20+ MMbpd in February.

• The agency flipped its 2026 demand call from +640 kbpd growth to an 80 kbpd decline, with 2Q26 contracting 1.5 MMbpd — the deepest since the pandemic.

• April 13 deals lift Chevron’s stake in Petroindependencia to 49% from 35.8%; Chevron gives up offshore Loran gas and receives Ayacucho 8 in its existing Petropiar position. JVs with PDVSA currently produce ~260 kbpd.

• Executives see a path to grow Venezuela output ~50% over two years within Chevron’s existing footprint.

• YPF awarded Halliburton a multibillion-dollar, dedicated, exclusive, multi-year contract for bundled unconventional completions in Vaca Muerta via a competitive process.

• The award includes the first international deployment of ZEUS electric fracturing plus OCTIV Auto Frac automation — electrification and digital execution in one of the largest shale plays outside North America.

• On April 10, EPA Region 7 approved PureField (Kansas) for 1.8 Mt over 12 years — first Class VI permit in Kansas — and Region 5 approved Marquis (Illinois) for 9 Mt over 6 years.

• Stacked with the March 3 Cardinal Ethanol approval (13.5 Mt / 30 years), PureField + Marquis + Cardinal = 24.3 Mt of permitted injection across three Midwest ethanol-linked CCS projects.