A $300 Million-Plus California Data Center Was Finished Before Its Power Path Was

Publication date: 2026-09-10

Contributors: Ogdn Ames

Abstract

This analysis examines a Santa Clara data-center project where more than $300 million was tied up in a completed building, land, and interest expense while utility power remained uncertain. It explains how a revised capacity path to 77 MVA through July 2031, added load-development fees, curtailment rights, and changed legal protections can affect lease-up timing, carrying costs, and investment risk. The reported project costs and leasing-delay figures are identified as company claims or illustrative scenarios, not adjudicated losses.

Keywords: California, Santa Clara, data centers, AI infrastructure, power risk, utility capacity, lease-up risk, project finance

Published by Ames Investment Systems

License: All rights reserved
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