Fermi America secured a $500 million non-recourse equipment financing facility to accelerate development of its planned 11 gigawatt private energy campus in Amarillo, Texas. The loan, provided by MUFG Bank Ltd., funds the acquisition of three Siemens Energy SGT6-5000F gas turbines and supports delivery of the first 2.3 GW of generation capacity. Fermi America operates the project in partnership with the Texas Tech University System.
Fermi structured the financing as a repeatable turbine “warehouse” facility designed to secure long-lead equipment ahead of full project-level capital formation. The company said the approach allows it to lock in gigawatt-scale generation assets in a constrained global turbine market and stage future equipment purchases as the platform scales. Turbine deliveries are expected to begin as early as the first half of 2026. Fermi will also use a portion of the proceeds to refinance an existing loan and fund construction, delivery, and deployment of additional turbines in its fleet.
The financing follows the recent arrival of six Siemens Energy SGT-800 natural gas turbines at the Port of Houston for Project Matador, the first phase of the Amarillo campus. Fermi said the SGT-800 units will account for approximately one-third of the first gigawatt of power delivered at the site. The equipment arrived aboard seven vessels from four countries and required more than 36 oversized heavy lifts. Transport to the Texas Panhandle location will involve more than 400 specialized semi-truck container chassis loads. The broader campus integrates natural gas generation with planned nuclear, battery storage, and solar resources to support large-scale AI data center demand.
• $500 million non-recourse turbine “warehouse” facility
• Acquisition of three Siemens Energy SGT6-5000F gas turbines
• Targets first 2.3 GW of planned 11 GW campus
• Turbine deliveries beginning as early as 1H 2026
• Six SGT-800 turbines already delivered for Project Matador
• Over 2 GW of controlled generation capacity solidified
“This financing puts real muscle behind our strategy – securing long-lead equipment early, staying ahead of the market, and executing with certainty,” said Toby Neugebauer, Chief Executive Officer and Co-Founder of Fermi America.
🌐 Analysis: Fermi America’s equipment-level financing reflects a broader shift among AI-driven energy developers toward securing turbine supply well in advance of full project financing. As hyperscale AI data centers expand across Texas and other U.S. regions, developers are competing for limited F-class and mid-frame gas turbine inventory, prompting structured procurement strategies that reduce schedule risk and strengthen future capital raises.
