Fermi Inc. today released a shareholder letter from CEO Lee McIntire outlining the financing strategy for Project Matador, a large-scale power and infrastructure development aimed at serving the data center industry. The company plans to bring in customer and institutional capital to limit reliance on its own balance sheet.
McIntire outlined three priorities: pursuing powered-land deals, securing customer capital contributions earlier, and arranging project-level debt with investment partners. The strategy is intended to reduce equity requirements and preserve the long-term value of the infrastructure for shareholders.
Fermi said it has seen strong interest from top-tier, investment-grade customers, citing its permitted land and power-generation assets.