You have a site or a platform under review. Three things kill these deals in diligence, all three are knowable before you sign the LOI, and on June 18, 2026 one of them changed in every market in the country.
Who this is for
PE and infrastructure funds. Family offices taking a first position in the asset class. Strategics buying a platform rather than a building, and lenders underwriting a facility they would rather not end up owning.
The three that kill deals
The energization date rests on a will-serve letter. A letter saying the utility believes it can serve the load, subject to study and subject to cost allocation, is not a schedule (the full evidence ladder is here). It’s a starting position, and models built on one run optimistic by roughly the time it takes to order a transformer.
The signatory and the credit are different companies. Nvidia disclosed in an August 17 SEC filing that it would backstop up to $105 billion in conditional lease obligations for OpenAI at the PORTS-Pike campus in Ohio. That structure is no longer unusual, so the guarantor’s reason for being in the deal has to be underwritten alongside the rating, because the reason is the part that has to survive year twelve.
Cost allocation is unsettled. On June 18, 2026, FERC issued show cause orders to all six RTOs and ISOs on large load interconnection, dockets EL26-67 through EL26-72, with cost transparency and cost-shifting protection named explicitly. A model built on today’s allocation practice may not survive the outcome in the market where your site sits.
How we work
Power and interconnect first. Position, documentation, cost allocation exposure, and what the tariff actually permits.
Lease by lease on credit. Signatory and guarantor identified separately, term, escalators, and what happens at renewal in this market.
Technical condition. Remaining useful life on the electrical and mechanical plant, and the capex the seller’s model left out.
Then the three items most likely to move price, with a range on each, so you can decide what to negotiate and what to walk from.
Start here: the Power and Credit Screen
Delivered before you sign the LOI, in writing:
- interconnect and tariff position with the documents behind it
- energization risk on any capacity not yet energized
- the credit behind each lease, guarantor separated from signatory
- long-lead equipment exposure and what it does to the ramp
- the three items most likely to move price in diligence, with ranges
Questions
We already have a diligence firm. Good. This runs ahead of them and lands in ten days, so you find out whether to spend the diligence budget at all.
Can you work under an NDA with the seller? Yes.
What deal sizes? Single buildings through portfolio platforms. If a deal is too small for the screen to pay for itself, we’ll tell you that on the call rather than after the invoice.
Start with a Power and Credit Screen
Tell us what’s under review and when you need to decide. We’ll tell you on the call whether ten days is enough.