Fermi Inc., which operates as Fermi America, disclosed preliminary agreements for about 600 MW of powered land in Texas for an unnamed hyperscaler, with a definitive lease still pending.
The parties entered a nonbinding letter of intent (LOI) and related agreements Nov. 10, Fermi said. Fermi announced the arrangements Thursday, Nov. 12. It described the prospective customer as investment-grade but did not identify it. The parties continue to work toward a definitive lease.
Fermi disclosed a $200 million prepayment agreement and a separate $15 million agreement for early construction and site development. The company is still finalizing a separate $90 million purchase agreement for structural steel and building materials.
Fermi's planned Project Matador campus would occupy a site leased from the Texas Tech University System. Fermi says the campus could ramp up to about 17 gigawatts, contingent on customer agreements, permits and other conditions, with a planned supply mix of natural-gas generation, nuclear power, utility-grid electricity, solar and battery storage.
