Power
Power and the grid
Contracted, size not disclosed · 218 MW permitted
Temporary on-site gas plant (Aggreko, 136 engines)Conditionally approved, not buildable yet
compressed natural gas by truck; the order sets no shutdown date; the applicant says two to three years News report · Sept. 2026
Permitted
Other sources, size not disclosed
- NV Energy grid service (25-year contract) Signed, approval pendingmegawatts redacted in the public filing; signed May 6, 2026; the commission has not approved it and the case is paused News report · Oct. 2026
Backup generators (emergency use, not a power supply)
- Emergency diesel backup In air application246 MW; about 246 MW of backup plus 8.2 MW of black-start diesel, per the air application News report · Oct. 2026
Getting on the grid
Who supplies what, what it costs, and what is still not public.
- Aug. 26, 2025Delivery-facilities agreement signedNV Energy and the project company sign for transmission and distribution facilities to the site, not for energy. News report · Oct. 2026
- May 6, 202625-year service contract signedThe large-load contract is signed; NV Energy may still amend it before approval. News report · Oct. 2026
- Sept. 17, 2026Gas plant conditionally approvedThe Nevada utility commission votes 3-0, but construction waits on four other permits. see Permits
- Oct. 2, 2026Rehearing soughtConsumer advocates and Nevadans for Clean Affordable Reliable Energy ask the commission to reconsider; no stay is in place. News report · Oct. 2026
- Jan. 26, 2027Grid contract hearing resumesA prehearing conference on the contract is set, with testimony and hearing dates still unset. News report · Oct. 2026
- First load is expected in Q3 2027 at 57 MW (press), well below the 200 MW design. News report · June 2026
- The tenant's lease is for 230 MW of utility capacity; Tract's 810 MW is a separate park-level figure and should not be added to it. Company · Oct. 2026
What is next door
- 13.69 km · 345 kV+ substation
- 23.75 km · 345 kV+ line
- 34.64 km · gas pipeline
Distances from mapped lines and plants. OpenStreetMap · Oct. 2026
Is it running?
Evidence from space
NO2 over the site, net of the rural background, was about the same in July–September 2026 (9 µmol/m²) as a year earlier (8), and the rural background rose 14% (15 to 17). The satellite sees no new combustion large enough to stand out here. On record here: Temporary on-site gas plant (Aggreko, 136 engines), 218 MW, permitted. No rise fits a plant that is not running yet, or runs little; it does not prove either.
NO2 over the campus and over open country (µmol/m²)
What else could explain it
- Cities, highways, oil and gas fields and power plants in or near the box also emit NO2. Comparing the same months a year apart removes steady sources; a new source nearby would not cancel.
- Weather moves NO2 from day to day (wind, sunlight, cloud), and it builds up in winter. Subtracting the background box and comparing the same season a year apart removes most of that.
How this works: the Sentinel-5P satellite measures NO2 in the air over every point on Earth once a day, around 1:30 p.m. local time, in pixels about 5.5 by 3.5 km. NO2 comes from burning fuel (turbines, engines, traffic, power plants), so a rise over a site that open country does not share points to new combustion there. It shows combustion activity, not megawatts. The site box is about 15 km across; the background box is open country about 62 km away. We use only high-quality readings and drop days or weeks when cloud hides more than half of either box. Data: Copernicus Sentinel-5P (ESA), processed with the Copernicus Data Space Ecosystem Sentinel Hub statistics service.
Permits
Permits checklist
1 contested · 2 pending · 3 granted · 3 checked, nothing on file
Approvals a campus like this normally needs (including an air permit for backup or on-site generators), and what we found.
- !Rehearing petitions on the gas approval ContestedPublic Utilities Commission of Nevada · Oct. 2, 2026: no stay; decisions due Nov. 10 and 12, 2026 (press) News report · Oct. 2026
- ◷Air permit for gas plant PendingNevada Division of Environmental Protection · April 20, 2026: application complete; public notice planned News report · Oct. 2026
- ◷Grid service contract approval PendingPublic Utilities Commission of Nevada · May 29, 2026: paused behind a separate resource-planning case State agency · May 2026
- ✓Zoning GrantedStorey County: data centers are a pre-approved use in the industrial park; no rezoning needed Local government · April 2024
- ✓Land disturbance permit (22 acres, power line work) GrantedNevada Division of Environmental Protection · April 16, 2026: covers land disturbance only, not the gas plant News report · Oct. 2026
- ✓Temporary gas plant, conditional approval GrantedPublic Utilities Commission of Nevada · Sept. 17, 2026: 3-0 vote; not a construction permit; no shutdown date set News report · Sept. 2026
- –Checked, nothing on file: Stormwater permit, Building permit for data center and gas plant, Data center tax abatement
Risks
What could slow it down
- HighGrid contract not approvedThe commission has paused the case behind a resource-planning proceeding, and NV Energy may amend the signed terms. News report · Oct. 2026
- HighGas plant cannot start yetFour outside approvals must be filed and verified first, and two are not on record: stormwater and a county building permit. The air permit is still pending. News report · Sept. 2026
- MediumRehearing challengeTwo groups seek to overturn or revisit the Sept. 2026 approval; the order sets no shutdown date for the so-called temporary plant. News report · Oct. 2026
- MediumTenant unconfirmedThe lessee is described only as investment grade with a market value above $3 trillion; no party has confirmed the Nvidia report. Company · April 2026
- WatchPark beyond the Fleet campus is unsoldOnly 230 MW of Tract's 810 MW ceiling has an announced campus. Company · Oct. 2026
Money
Money on record
$4.6B
6.5% senior secured notes, closed May 1, 2026
upsized; funds construction and reimburses the sponsor for land Company · May 2026
2.5% a year
scheduled amortization
notes mature May 1, 2031; interest paid semi-annually Company · April 2026
197 months
triple-net lease, 100% of the campus
tenant unnamed; no early-exit clause appears in public documents Company · May 2026
Not on record: state tax abatement: no approval on record News report · Oct. 2026
Timeline
What happened, and what is due
SitePaper trailConstructionPowerPermitsMoneyLegalUpcoming
- Oct. 2023Site Tract completes a 2,200-acre purchase in Storey County, including the Peru Shelf area Company · April 2024
- April 30, 2024Construction Tract breaks ground on park roads, utilities and switch-station grading, citing up to 810 MW at full buildout Company · April 2024
- Oct. 28, 2024Paper trail Fleet Data Centers I, LP registered in Delaware
- Aug. 26, 2025Power NV Energy and the project company sign the delivery-facilities agreement News report · Oct. 2026
- Feb. 2026Money Bloomberg reports the tenant is Nvidia (press; unconfirmed by any party) News report · Feb. 2026
- April 16, 2026Permits State regulator issues a 22-acre land disturbance permit for the power line work News report · Oct. 2026
- April 20, 2026Permits Fleet files for the 218 MW temporary gas plant and its air permit State agency · April 2026
- May 1, 2026Money $4.6B of bonds close after pricing on Apr. 29 Company · May 2026
- May 6, 2026Power The 25-year NV Energy service contract is signed News report · Oct. 2026
- June 2, 2026Construction Fleet's building groundbreaking is reported for this and its South Valley campus (press) News report · June 2026
- Sept. 17, 2026Permits Nevada utility commission conditionally approves the 218 MW gas plant, 3-0 News report · Sept. 2026
- Oct. 1, 2026Legal Consumer advocates and Nevadans for Clean Affordable Reliable Energy file for rehearing; no stay News report · Oct. 2026
- Nov. 10, 2026Legal Commission decisions due on the rehearing petitions (press) News report · Oct. 2026
- Jan. 26, 2027Power Prehearing conference on the grid contract News report · Oct. 2026
Construction activity
Building activity by quarter
Since March 2022: 10 FAA filings (Aug. 2026 to Sept. 2026): tallest permanent commercial use building 75 ft (filed Sept. 2026) and tallest crane 258 ft (Sept. 2026); 73 satellite captures.
FAA filings
Satellite
’22
’23
’24
’25
’26
Dot size: records in the quarter, largest = 10. Two-digit years mark each first quarter.
The buildings
Specs
Other data centers within 40 km (2)
This campus (footprint)53 ac
Switch Data Centers CITADEL Campus30 ac
Switch Ltd. Data Center15 ac
- Two two-story buildings: Fleet's description, covering both of its Nevada campuses News report · June 2026
Who is involved
Owners, partners and builders
Owners and developers
- Tract: park developer, led by Grant van Rooyen
- Fleet Data Centers: builder and operator, launched Jan. 2026 by Tract Capital; president Chris Vonderhaar
- PR RNO Property Owner 1, LLC: project company that holds the lease and the bonds
Tenant
- Unnamed hyperscaler on a 197-month lease (Nvidia per Bloomberg, unconfirmed)
Power
- NV Energy (Sierra Pacific Power): utility
- Aggreko: would run the temporary gas plant
- Certarus: gas delivery and storage
Regulators and opponents
- Public Utilities Commission of Nevada
- Nevada Bureau of Consumer Protection and Nevadans for Clean Affordable Reliable Energy: seeking rehearing
Builders on site
- Westex Geotechnical: Engineering services for the park's horizontal works (Tract)
- F&P Construction: Initial road and substation grading at Peru Shelf (Tract)
Still unknown
Open questions
- The tenant's name.
- How many megawatts the grid contract covers (redacted).
- When the gas plant's other permits will be filed.
- Whether the tax abatement was ever approved.
Where this comes from
340 records from 23 documents
Drawn from news reports, public and commercial datasets, state agency records, business registries, securities filings, company statements, our own analysis, local government records and satellite captures, each kept with its date and source. The bar shows documents by type.
News report 8Dataset 6State agency 5SEC filing 4Company 3Analysis 2Local government 1Satellite 0
Evidence
Every quote behind this page
Grade key: A = the primary record itself (permit, filing, exhibit) · B = a dated official statement · C = news reporting. Map distances are our own measurements on OpenStreetMap and carry no grade. Allegations in lawsuits are marked as such in the quotes.
Power (53)
- Utility: NV Energy (Sierra Pacific Power Company)“Application of Sierra Pacific Power Company d/b/a NV Energy for approval of Large Load Electric Service Agreements with PR RNO Property Owner 1, LLC and SV RNO Property Owner 1, LLC”State agency · May 2026 · grade A
- Large-load electric service agreement approval: application filed (public application May 27, confidential material May 29, 2026; docket index date May 29); approval PENDING, paused behind IRP Docket 26-05007; continued“Application of Sierra Pacific Power Company d/b/a NV Energy for approval of Large Load Electric Service Agreements with PR RNO Property Owner 1, LLC and SV RNO Property Owner 1, LLC”State agency · May 2026 · grade A
- On-site generation: 218 MW“permit to construct the Peru Ridge Self-Generation Project consisting of a temporary 218 MW natural gas-fueled electric generating facility”State agency · April 2026 · grade A
- UEPA application 26-04027 filed (218 MW temporary self-generation); NDEP Class I air application AP7374-5097 administratively complete the same day“Application of PR RNO Property Owner 1, LLC, under the provisions of the Utility Environmental Protection Act”State agency · April 2026 · grade A
- IT capacity: 200 MW“Fleet Data Centers Peru Ridge campus (inside this park envelope, NOT additive): 200 MW critical IT / 230 MW utility capacity”grade B
- Utility service: 230 MW“Fleet Data Centers Peru Ridge campus (inside this park envelope, NOT additive): 200 MW critical IT / 230 MW utility capacity”grade B
- Project status: building - park horizontal infrastructure under construction since May 2024; Fleet Peru Ridge buildings broke ground in 2026; initial power delivery expected late 2026 / early 2027“clearing / horizontal infrastructure (Tract broke ground on park infrastructure - NV Energy switch stations, roads, wet utilities - May 2024); Fleet Peru Ridge buildings broke ground in 2026”grade B
- Nearest power line of 345 kV or more: 3.75 kmMeasured on OpenStreetMap map data.
- Nearest substation of 345 kV or more: 3.69 kmMeasured on OpenStreetMap map data.
- Nearest gas pipeline: 4.64 kmMeasured on OpenStreetMap map data.
- EPA ECHO cwa nearby: ECHO lists construction stormwater coverages 'PERU 24' (NVCS43425, Peru and Denmark) and 'TRI PERU FILL SITE' (NVCS44722, Peru Dr) under general permit NVR100000 in the Peru Shelf area; the operator“PERU 24; PERU AND DENMARK; MCCARRAN; NVCS43425”State agency · Oct. 2026 · grade B
- IT capacity: 200 MW“Fleet Data Centers Peru Ridge campus (inside this park envelope, NOT additive): 200 MW critical IT / 230 MW utility capacity”grade B
- Utility service: 230 MW“Fleet Data Centers Peru Ridge campus (inside this park envelope, NOT additive): 200 MW critical IT / 230 MW utility capacity”grade B
- Grid operator: none - NV Energy balancing area (WECC); Nevada has no ISO market“Assessment from rows in this folder: utility is NV Energy (Sierra Pacific Power Company); Nevada has no ISO or RTO market, so the campus sits in the NV Energy balancing area within WECC”grade B
- DO NOT SUM the layers: 810 MW is the Peru Shelf PARK envelope (Tract-stated utility capacity at full buildout); the only contracted campus inside it is Fleet Peru Ridge at 230 MW utility / 200 MW IT. Booking 810 + 230 do“will support up to 810 MWs of utility capacity at full buildout”Company · Oct. 2026 · grade B
- Power plan: hybrid - NV Energy grid service (HVD agreement in place; 25-yr ESA signed, approval pending) plus a temporary 218 MW on-site gas bridge plant“Application of PR RNO Property Owner 1, LLC, under the provisions of the Utility Environmental Protection Act, for a permit to construct the Peru Ridge Self-Generation Project”State agency · Sept. 2026 · grade B
- Stage: building - park horizontal works under way since 2024; the in-park Fleet campus is financed ($4.6B notes closed), pre-leased and in vertical construction; permanent-power ESA approval and the Class I air permit re“The Project has been 100% leased to a AA- investment grade rated tenant with a market cap in excess of $3 trillion”Company · May 2026 · grade B
- Paper or real: Real at the campus layer: closed $4.6B bond financing, an executed 197-month lease, an executed HVD agreement, issued disturbance permits and construction under way. At the park layer, only Fleet's 230 MW“PR RNO Property Owner I, LLC has closed its previously announced offering of $4.6 billion aggregate principal amount of 6.500% senior secured notes due 2031”Company · May 2026 · grade B
- Utility service: 230 MW“a 230 megawatt (MW) utility capacity (200 MW critical IT capacity), turnkey data center and electrical substation”Company · April 2026 · grade B
- IT capacity: 200 MW“a 230 megawatt (MW) utility capacity (200 MW critical IT capacity), turnkey data center and electrical substation”Company · April 2026 · grade B
- Substation: On-site electrical substation included in Fleet's notes-financed Project scope; at park level Tract is building NV Energy switch stations“turnkey data center and electrical substation (the Project), to be built on a 517 acre property in Storey County, Nevada”Company · April 2026 · grade B
- Stated campus size: 810 MW“will support up to 810 MWs of utility capacity at full buildout”Company · April 2024 · grade B
- Stated campus size: 810 MW“will support up to 810 MWs of utility capacity at full buildout”Company · April 2024 · grade B
- Stated campus size: 810 MW“will support up to 810 MWs of utility capacity at full buildout”Company · April 2024 · grade B
- Original target date: Park initial power delivery late 2026 or early 2027 (Tract, at groundbreaking)“The Peru Shelf development is expected to receive initial power delivery in late 2026 or early 2027”Company · April 2024 · grade B
- Jurisdiction: TRIC land is zoned I-2 Heavy Industrial under the 1999 Storey County Zoning Code as applied through the Storey County - Tahoe Reno Industrial Center Development Agreement; data centers are a pre-approved us“The 1999 Storey County Zoning Code is applicable to the property per the Storey County and Tahoe Reno Industrial Center Development Agreement. The maximum height allowed for the I-2 zoning district is 75-feet”Local government · April 2024 · grade B
- On-site plant status: not built yet“no construction may begin until each applicant files four outside permits and Commission staff verifies them”News report · Oct. 2026 · grade C
- Ndep facility pairing: Peru Ridge = NDEP Facility ID A2622, Class I application AP7374-5097, Air Case 12886“Peru Ridge is Facility ID A2622, application AP7374-5097 and Air Case 12886. South Valley is Facility ID A2745, application AP7374-5094 and Air Case 12882.”News report · Oct. 2026 · grade C
- Air application status: Class I operating-permit-to-construct application pending at NDEP; administratively complete April 20, 2026; 30-day public notice planned but not yet issued at capture“Both are listed as new applications with 30-day public notice planned”News report · Oct. 2026 · grade C
- Source record“Fleet Data Centers Peru Ridge (TRIC), Peru Ridge Self-Generation Project, 218, reciprocating engine, behind-the-meter, pending”grade C
- Opposition: NCARE (Nevadans for Clean Affordable Reliable Energy) opposed the UEPA temporary-generation applications; BCP and NCARE petitioned for reconsideration/rehearing of the Sep 17, 2026 order (filed Oct 1-2, 2026,“Nevadans for Clean Affordable Reliable Energy, or NCARE, and the bureau filed a joint petition for rehearing”News report · Oct. 2026 · grade C
- Interconnection status: esa signed, NOT approved - NV Energy 25-year Large Load Electric Service Agreement with PR RNO Property Owner 1, LLC signed May 6, 2026, filed May 27, 2026 in PUCN Docket 26-05027; PUCN has not appro“The Public Utilities Commission of Nevada has not approved either agreement. Docket 26-05027 is paused behind NV Energy's broader integrated-resource-plan case.”News report · Oct. 2026 · grade C
- Aliases: Peru Shelf; Fleet Data Centers Peru Ridge (in-park campus); Peru Ridge Technology Center / Peru Ridge Technology Park (NDEP record names); Peru Ridge Self-Generation Project (UEPA)“NDEP's air application uses Peru Ridge Technology Center, while other environmental records use Peru Ridge Technology Park”News report · Oct. 2026 · grade C
- Acres: ~1204 acres“The air application describes its project area as part of an approximately 1,204-acre parcel”News report · Oct. 2026 · grade C
- Interconnection status: HVD Agreement 25-00042 with NV Energy dated Aug 26, 2025 covers transmission/distribution facilities to the 2220 Peru Drive delivery point (not energy); permanent large-load ESA signed May 6, 2026“Peru Ridge's agreement references a High Voltage Distribution Agreement dated August 26, 2025, agreement 25-00042”News report · Oct. 2026 · grade C
- Electric service agreement signed: May 6, 2026 - signed (public application filed May 27, 2026); NOT yet approved by the PUCN“Both agreements were signed May 6, 2026”News report · Oct. 2026 · grade C
- On-site power technology: Reciprocating gas engines (temporary bridge) + Tier 4 diesel black-start sets + diesel emergency backup“The Peru Ridge application describes 218 MW of natural-gas prime engines, 12 compressed-natural-gas pressure-reduction systems with six operating at once, 8.2 MW of black-start diesel generation, and about 246 MW of emergency diesel backup”News report · Oct. 2026 · grade C
- On-site generation: ~246 MW“about 246 MW of emergency diesel backup for the data center”News report · Oct. 2026 · grade C
- Construction stage: Park: horizontal infrastructure under construction since Apr/May 2024 (access roads, wet utilities, switch-station grading). Fleet campus: vertical construction begun 2026; HVD surface-disturbance per“NDEP issued surface-area-disturbance permit AP1629-5108 on April 16 for about 22 acres of the Gosling-to-Peru Ridge high-voltage distribution work at 2220 Peru Drive”News report · Oct. 2026 · grade C
- large load interconnection request: Application filed - agreement signed, not approved; docket paused behind Docket 26-05007, continued prehearing conference January 26, 2027“Sierra Pacific Power Company, doing business as NV Energy, asks the PUCN to approve large-load electric service agreements with PR RNO Property Owner 1, LLC and SV RNO Property Owner 1, LLC.”News report · Oct. 2026 · grade C
- Separate from the pending 25-year ESA: the PUCN issued September 2026 conditional orders for temporary behind-the-meter gas generation at Peru Ridge (218 MW prime engines per the NDEP Class I application reviewed by w4ne“W4NEWS separately reported the PUCN's September conditional orders for temporary gas-generation facilities at the two sites.”News report · Oct. 2026 · grade C
- Verdict: not built yet. The 218 MW Peru Ridge bridge plant (136 gas engines, CNG) won conditional PUCN UEPA approval on Sep 17, 2026, but construction cannot begin until the pending NDEP Class I air permit (AP7374-5097)“pending Class I air-permit applications for 218 MW of natural-gas prime generation at Peru Ridge”News report · Oct. 2026 · grade C
- The same site appears in records as Peru Ridge, Peru Ridge Technology Center (NDEP air), Peru Ridge Technology Park (other NDEP records), at 2200 and 2220 Peru Drive, with older Tract Capital and Nanotech Energy referenc“Reporters and residents should match facility IDs, parcel numbers, addresses, and permit numbers instead of assuming every Peru Ridge record covers the same activity”News report · Oct. 2026 · grade C
- Generator maker and model: INNIO Jenbacher J420 (136 engines, ~1.6 MW each)“The Peru Ridge application describes a 218 MW-capable system using 136 Jenbacher J420 engines”News report · Sept. 2026 · grade C
- Generating units on the permit: 136 engines“Peru Ridge's application describes 136 gas engines and compressed-natural-gas deliveries for 218 megawatts”News report · Sept. 2026 · grade C
- Gas supplier: Certarus - CNG delivery and mobile storage for the temporary plant (176 mobile CNG tanks; ~20 deliveries/day in operations per the application); Aggreko operates and maintains the temporary system“Aggreko would operate and maintain the temporary system, and Certarus would handle CNG delivery and mobile storage”News report · Sept. 2026 · grade C
- Utility Environmental Protection Act approval (temporary on-site generation): approved Sep 17, 2026, conditional - construction barred until NDEP Class I air permit, surface-disturbance permit, stormwater permit and Stor“no construction may begin until each applicant files four outside permits and Commission staff verifies them”News report · Sept. 2026 · grade C
- PUCN grants conditional UEPA approval for the 218 MW temporary plant (3-0, consolidated with South Valley)“The Public Utilities Commission of Nevada voted 3-0 on September 17 to grant applications for 362 megawatts of temporary natural-gas generation”News report · Sept. 2026 · grade C
- Buildings: Dual two-story buildings (Fleet description covering both of its TRIC campuses)“Combined: 400 MW of critical compute power, plus 30 MW per campus of utility computing power; dual two-story buildings; combined footprint 769 acres”News report · June 2026 · grade C
- Current target date: Q3 2027“Initial power loads expected Q3 at Peru Ridge and Q4 at South Valley; initial load delivery at South Valley is 86 megawatts (57 MW at Peru Ridge)”News report · June 2026 · grade C
- Generating units on the permit: 136 units“The Peru Ridge application describes a 218 MW-capable system using 136 Jenbacher J420 engines.”News report · April 2026 · grade C
- Water use stated: Tract controls over 1,100 acre-feet of water rights across its two Storey County parks combined (Peru Shelf + South Valley, Oct 2023); the Peru Ridge temporary plant draws on the TRI Center water main w“Tract also controls over 1,100 acre feet of water rights and has commitments from NV Energy to deliver over two gigawatts of power, beginning in 2026”News report · Oct. 2023 · grade C
- Tract's Oct 2023 announcement pairs the parks: NV Energy commitments of over 2 GW beginning 2026 and 1,100+ acre-feet of water rights cover Peru Shelf + South Valley COMBINED (810 + 1,215 MW stated potentials = 2,025 MW)“has commitments from NV Energy to deliver over two gigawatts of power, beginning in 2026”News report · Oct. 2023 · grade C
Money and contracts (40)
- Incentives: PR RNO Property Owner 1, LLC was listed in GOED's 30-day notice for data-center sales & use and personal property tax abatement action at the Feb 5, 2026 board meeting (item 5)“PR RNO Property Owner 1, LLC - New - Storey County - Data Center Sales and Use Tax Abatement - Data Center Personal Property Tax Abatement”State agency · Feb. 2026 · grade A
- tax abatement application: scope Noticed for action Feb 5, 2026: Data Center Sales and Use Tax Abatement and Data Center Personal Property Tax Abatement (NRS 274.310/274.320/274.330 or 360.750). Absent from the final age“PR RNO Property Owner 1, LLC - New - Storey County”State agency · Feb. 2026 · grade A
- SEC fund raised: 1108850000 USD“totalAmountSold 1108850000”SEC filing · Dec. 2025 · grade A
- Tenant status: signed lease - 100% pre-leased, 197-month triple-net lease (per Fleet releases). Bloomberg reported the tenant as Nvidia (Feb 2026); never confirmed by Fleet, Tract or Nvidia - see conflicts“The Project has been 100% leased to a AA- investment grade rated tenant with a market cap in excess of $3 trillion pursuant to a 197-month 'triple net' lease”Company · May 2026 · grade B
- Financing: $4.6B 6.500% senior secured notes due 2031 issued by PR RNO Property Owner I, LLC (Rule 144A / Reg S) - priced Apr 29, 2026, closed May 1, 2026 (upsized). Proceeds fund a portion of Project construction, reimb“has closed its previously announced offering of $4.6 billion aggregate principal amount of 6.500% senior secured notes due 2031”Company · May 2026 · grade B
- lease: termination FINDING: no termination, cancellation or early-exit clause for the Peru Ridge lease appears in any public document opened. The notes releases disclose only the 197-month term and triple-net type; the l“The Project has been 100% leased to a AA- investment grade rated tenant with a market cap in excess of $3 trillion pursuant to a 197-month 'triple net' lease”Company · May 2026 · grade B
- notes financing: conditions precedent Closing subject to customary conditions precedent; expected DTC delivery on or about May 1, 2026 - CLOSED May 1, 2026 (upsized)“has closed its previously announced offering of $4.6 billion aggregate principal amount of 6.500% senior secured notes due 2031”Company · May 2026 · grade B
- notes financing: use of proceeds Finance a portion of Project development and construction; reimburse the sponsor for prior equity contributions used to fund acquisition of the Project property; pay fees and expenses; fu“to finance a portion of the development and construction of a 230 megawatt (MW) utility capacity (200 MW critical IT capacity), turnkey data center and electrical substation”Company · May 2026 · grade B
- PR RNO notes close (upsized) - construction financing in place before the ESA is approved“has closed its previously announced offering of $4.6 billion aggregate principal amount of 6.500% senior secured notes due 2031”Company · May 2026 · grade B
- Tenants: Unnamed single end tenant - described by Fleet only as AA- investment grade rated with a market cap in excess of $3 trillion; identity not disclosed in any filing“The Project has been 100% leased to a AA- investment grade rated tenant with a market cap in excess of $3 trillion pursuant to a 197-month 'triple net' lease”Company · April 2026 · grade B
- lease: scope 100% of the Project: 230 MW utility capacity (200 MW critical IT) turnkey data center and electrical substation on 517 acres“finance a portion of the development and construction of a 230 megawatt (MW) utility capacity (200 MW critical IT capacity), turnkey data center and electrical substation (the Project)”Company · April 2026 · grade B
- lease: term 197 months“The Project has been 100% leased to a AA- investment grade rated tenant with a market cap in excess of $3 trillion pursuant to a 197-month 'triple net' lease”Company · April 2026 · grade B
- lease: type Triple net (NNN), single-tenant, 100% pre-leased before construction“pursuant to a 197-month 'triple net' lease”Company · April 2026 · grade B
- notes financing: scope 4.6 USD billion“has priced $4.6 billion aggregate principal amount of 6.500% senior secured notes due 2031 (the Notes)”Company · April 2026 · grade B
- notes financing: interest 6.500% per annum, payable semi-annually in cash on May 1 and November 1, beginning November 1, 2026; matures May 1, 2031“The Notes will bear interest at a rate of 6.500% per annum payable semi-annually in cash in arrears on May 1 and November 1 of each year, beginning on November 1, 2026”Company · April 2026 · grade B
- notes financing: amortization 2.500% of the original aggregate principal amount annually, payable semi-annually“The Notes will also be subject to annual amortization payments of 2.500% of the original aggregate principal amount of the Notes, payable semi-annually”Company · April 2026 · grade B
- notes financing: collateral First-priority liens on (i) substantially all assets of the Issuer other than excluded property and (ii) all equity interests of the Issuer held by PR RNO HoldCo, LLC (Delaware LLC, direct par“all equity interests of the Issuer held by PR RNO HoldCo, LLC, a Delaware limited liability company and the direct parent of the Issuer following the issuance of the Notes”Company · April 2026 · grade B
- PR RNO notes priced: $4.6B of 6.500% senior secured notes due 2031“has priced $4.6 billion aggregate principal amount of 6.500% senior secured notes due 2031”Company · April 2026 · grade B
- land acquisition: scope Acquisition of 2,200 acres in Storey County including the Peru Shelf (686 ac) and South Valley areas inside TRIC“In October, Tract completed the acquisition of 2,200 acres in Storey County”Company · April 2024 · grade B
- tenant lease: capacity not named MW critical IT (200 MW; 230 MW utility capacity)“The facility, which Fleet describes as hyperscale, has been 100 percent leased to an “unnamed AA-rated investment-grade tenant with a market cap in excess of $3 trillion” on a 197-month (16.4-year) ‘triple net’ (NNN) lease.”News report · Oct. 2026 · grade C
- Incentives: No GOED abatement approval for Peru Ridge in records checked - the item is absent from the final Feb 5, 2026 agenda and approved minutes (South Valley's abatement was approved the same day); whether it was wi“The final February 5 agenda and approved minutes include South Valley but not Peru Ridge”News report · Oct. 2026 · grade C
- electric service agreement: scope Bundled retail electric service for the Peru Ridge data center; delivery point 2220 Peru Drive, McCarran, NV“The Peru Ridge delivery point is 2220 Peru Drive”News report · Oct. 2026 · grade C
- electric service agreement: term 300 months“Each agreement would govern bundled retail service for a Storey County data center for 300 calendar months: a 48-month ramp followed by 252 months at the fully ramped commitment”News report · Oct. 2026 · grade C
- electric service agreement: scope REDACTED in the public copy: starting demand, maximum demand, month-by-month ramp, customer-specific generation charge and final financial exposure - the contracted MW cannot be verified“Public copies redact the starting demand, maximum demand, month-by-month ramp, customer-specific generation charge, final financial exposure, and other figures”News report · Oct. 2026 · grade C
- electric service agreement: minimum billing (as filed) Utility form: monthly billing on at least 90% of maximum demand; minimum energy = 80% load factor x 90% (= 72% of maximum demand across the month's hours)“The utility form requires monthly billing on at least 90 percent of maximum demand”News report · Oct. 2026 · grade C
- electric service agreement: minimum billing (customer redline) Fleet proposes: minimum demand 90% -> 70%; minimum energy multiplier 90% -> 70% (56%); remove the $2/MWh administrative fee; energy price $37.16/MWh for prod“Customer Exhibit G records Fleet's requested rewrites; it does not establish that NV Energy or the Commission accepted them”News report · Oct. 2026 · grade C
- electric service agreement: termination / security (customer redline) Fleet proposes: security equal to 50% of the NPV of the termination payment, 30 business days to post, tenant or tenant-parent guarantee or surety bon“Fleet proposes security equal to 50 percent of the net present value of the termination payment, 30 business days to post it instead of 15”News report · Oct. 2026 · grade C
- electric service agreement: condition PUCN approval pending; the case is paused behind IRP Docket 26-05007 and NV Energy may amend the agreement after the form-agreement decision and after the customers decide whether to“Procedural Order No. 1, filed July 22, left testimony and hearing dates unset and scheduled a continued prehearing conference for Tuesday, January 26, 2027”News report · Oct. 2026 · grade C
- high voltage distribution agreement: scope Agreement No. 25-00042 - transmission and distribution facilities to the 2220 Peru Drive delivery point; covers facilities only, NOT generation or energy supply“Peru Ridge's agreement references a High Voltage Distribution Agreement dated August 26, 2025, agreement 25-00042”News report · Oct. 2026 · grade C
- short-term electric service: scope Separate short-term electric service arrangements acknowledged for portions of 2027 and 2028; prices and quantities not public“The contracts also acknowledge separate short-term electric service arrangements for portions of 2027 and 2028”News report · Oct. 2026 · grade C
- HVD Agreement 25-00042 executed (Peru Ridge delivery facilities)“a High Voltage Distribution Agreement dated August 26, 2025, agreement 25-00042”News report · Oct. 2026 · grade C
- PR RNO large-load ESA signed with NV Energy (approval still pending in Docket 26-05027)“Both agreements were signed May 6, 2026”News report · Oct. 2026 · grade C
- UEPA order conditions: condition No construction of the temporary plant until four outside approvals are filed and PUCN staff verifies them: NDEP surface-area-disturbance permit, NDEP construction stormwater permit, NDEP“no construction may begin until each applicant files four outside permits and Commission staff verifies them”News report · Sept. 2026 · grade C
- UEPA order conditions: deadline Approval is deemed vacated automatically if all compliance records are not filed within five years of the Sep 17, 2026 effective date (by Sep 17, 2031). The five-year window is a complianc“Each applicant has five years from that effective date to file the required compliance records or its approval is vacated automatically”News report · Sept. 2026 · grade C
- UEPA order conditions: termination FINDING: the order sets NO fixed shutdown date, NO maximum operating hours and NO equipment-removal deadline for the 'temporary' plant. The two-to-three-year operating period is an appl“The operative conditions do not state a calendar shutdown date, a maximum number of operating hours for the gas engines or a hard two-year or three-year limit”News report · Sept. 2026 · grade C
- Groundbreaking date: June 2026 - Fleet vertical construction on the Peru Ridge buildings (groundbreaking reported Jun 2, 2026, covering both Fleet TRIC campuses)“will invest a total of $10 billion in construction costs for its South Valley project on the southern end of USA Parkway and its Peru Ridge project of Peru Drive”News report · June 2026 · grade C
- Stated capital cost: No Peru-Ridge-only capex disclosed“will invest a total of $10 billion in construction costs for its South Valley project on the southern end of USA Parkway and its Peru Ridge project of Peru Drive in the heart of the industrial park”News report · June 2026 · grade C
- land acquisition: scope Additional 517 acres inside TRIC - the parcel the Fleet Peru Ridge campus is built on; the PR notes reimburse the sponsor for prior equity contributions used to acquire the Project property“The company initially acquired 686 acres along Peru Drive in the TRIC, before buying an additional 517 acres inside the industrial park”News report · April 2026 · grade C
- lease: extension Two 10-year extension options after an initial ~16-year term - reported by Bloomberg via DCD only; NOT in any Fleet release and NOT confirmed“Nvidia will lease for an initial 16 years with options to extend for a further two 10-year periods”News report · Feb. 2026 · grade C
- Bloomberg reported the Fleet Storey County tenant is Nvidia (initial 16 years + two 10-year options). The report ran with the February SV RNO financing; Fleet's April PR RNO releases repeat identical unnamed-tenant boile“Tract declined to comment to the publication, while Nvidia has yet to respond”News report · Feb. 2026 · grade C
Permits and government (31)
- UEPA permit to construct (temporary self-generation): application filed“Application of PR RNO Property Owner 1, LLC, under the provisions of the Utility Environmental Protection Act, for a permit to construct the Peru Ridge Self-Generation Project”State agency · April 2026 · grade A
- Tax abatement: noticed for action Feb 5, 2026 (30-day notice item 5); NOT in the final agenda or approved minutes - no action recorded“PR RNO Property Owner 1, LLC - New - Storey County - Data Center Sales and Use Tax Abatement - Data Center Personal Property Tax Abatement”State agency · Feb. 2026 · grade A
- GOED board: PR RNO abatement item noticed but not in the final agenda/minutes; SV RNO abatement approved the same day“PR RNO Property Owner 1, LLC - New - Storey County”State agency · Feb. 2026 · grade A
- Governor's Office of Economic Development board: PR RNO Property Owner 1, LLC listed in the 30-day notice (item 5) for data-center sales & use and personal property tax abatement action“PR RNO Property Owner 1, LLC - New - Storey County”State agency · Feb. 2026 · grade A
- FAA construction evidence: FAA crane cases named for the campus: 2026-AWP-8248-OE 'Job#4055 Fleet Peru Ridge' (258-ft mobile crane at 39.53112,-119.49916, submitted Sept. 30, 2026) and 2026-AWP-13054-OE 'Maxim Crane - 1576 -“2026-AWP-8248-OE Job#4055 Fleet Peru Ridge Mobile Crane 258 ft 39.53112222,-119.49916389 submitted 09/30/2026”FAA · Oct. 2026 · grade B
- FAA obstruction evaluation (7460-1): Determined - No Hazard“ASN 2026-AWP-13054-OE: Maxim Crane - 1576 – Peru Ridge, Mobile Crane, 240 ft AGL, 4961 ft AMSL, 39.53247,-119.49867, Determined - No Hazard, submitted 2026-09-30”FAA · Sept. 2026 · grade B
- FAA obstruction evaluation (7460-1): Determined - No Hazard“ASN 2026-AWP-8248-OE: Job#4055 Fleet Peru Ridge, Mobile Crane, 258 ft AGL, 5015 ft AMSL, 39.53112,-119.49916, Determined - No Hazard, submitted 2026-09-30”FAA · Sept. 2026 · grade B
- Tallest structure filed with the FAA (ft): 75 ft“ASN 2026-AWP-13024-OE: Peru Ridge - Data Center Building 1, Commercial Use Building, 75 ft AGL, 4727 ft AMSL, 39.53317,-119.49792, Determined - No Hazard, submitted 2026-09-29”FAA · Sept. 2026 · grade B
- FAA obstruction evaluation (7460-1): Determined - No Hazard“ASN 2026-AWP-13015-OE: Peru Ridge Water Treatment, Commercial Use Building, 30 ft AGL, 4677 ft AMSL, 39.53344,-119.49472, Determined - No Hazard, submitted 2026-09-29”FAA · Sept. 2026 · grade B
- FAA obstruction evaluation (7460-1): Determined - No Hazard“ASN 2026-AWP-13017-OE: Peru Ridge Security Bldg, Commercial Use Building, 14 ft AGL, 4665 ft AMSL, 39.53321,-119.49656, Determined - No Hazard, submitted 2026-09-29”FAA · Sept. 2026 · grade B
- FAA obstruction evaluation (7460-1): Determined - No Hazard“ASN 2026-AWP-13013-OE: Peru Ridge Generator 2, Commercial Use Building, 66 ft AGL, 4718 ft AMSL, 39.53313,-119.49724, Determined - No Hazard, submitted 2026-09-29”FAA · Sept. 2026 · grade B
- FAA obstruction evaluation (7460-1): Determined - No Hazard“ASN 2026-AWP-13014-OE: Peru Ridge Generator 4, Commercial Use Building, 66 ft AGL, 4718 ft AMSL, 39.53543,-119.49756, Determined - No Hazard, submitted 2026-09-29”FAA · Sept. 2026 · grade B
- FAA obstruction evaluation (7460-1): Determined - No Hazard“ASN 2026-AWP-13024-OE: Peru Ridge - Data Center Building 1, Commercial Use Building, 75 ft AGL, 4727 ft AMSL, 39.53317,-119.49792, Determined - No Hazard, submitted 2026-09-29”FAA · Sept. 2026 · grade B
- FAA obstruction evaluation (7460-1): Determined - No Hazard“ASN 2026-AWP-12994-OE: Peru Ridge Generator Building, Commercial Use Building, 66 ft AGL, 4718 ft AMSL, 39.53309,-119.49871, Determined - No Hazard, submitted 2026-09-29”FAA · Sept. 2026 · grade B
- FAA obstruction evaluation (7460-1): Determined - No Hazard“ASN 2026-AWP-12995-OE: Peru Ridge Generator 3, Commercial Use Building, 66 ft AGL, 4718 ft AMSL, 39.53539,-119.49882, Determined - No Hazard, submitted 2026-09-29”FAA · Sept. 2026 · grade B
- FAA OE/AAA filings under the campus's own in-park development name evidence vertical construction at the Fleet Peru Ridge campus inside Tract's Peru Shelf Technology Park (TRIC, Storey County NV): seven 'Peru Ridge' buil“ASN 2026-AWP-13024-OE: Peru Ridge - Data Center Building 1, Commercial Use Building, 75 ft AGL, 4727 ft AMSL, 39.53317,-119.49792, Determined - No Hazard, submitted 2026-09-29”FAA · Sept. 2026 · grade B
- FAA OE/AAA obstruction case naming the campus sponsor: a crane for 'Fleet McCarr: Determined - No Hazard“ASN 2026-AWP-13694-OE: Fleet McCarran BESS, Crane, 100 ft AGL, 4793 ft AMSL, 39.53908,-119.49933, Determined - No Hazard, submitted 2026-08-05”FAA · Aug. 2026 · grade B
- Class I operating permit to construct (air): Pending - administratively complete April 20, 2026; public notice planned“Peru Ridge is Facility ID A2622, application AP7374-5097 and Air Case 12886. South Valley is Facility ID A2745, application AP7374-5094 and Air Case 12882.”News report · Oct. 2026 · grade C
- Surface area disturbance permit: Issued“NDEP issued surface-area-disturbance permit AP1629-5108 on April 16 for about 22 acres of the Gosling-to-Peru Ridge high-voltage distribution work at 2220 Peru Drive”News report · Oct. 2026 · grade C
- UEPA permit to construct (temporary self-generation): reconsideration/rehearing petitions pending - BCP petition for reconsideration filed Oct 1, 2026; BCP + NCARE corrected joint petition for rehearing filed Oct 2; appl“The Nevada Bureau of Consumer Protection filed an October 1 petition for reconsideration in PUCN Docket Nos. 26-04026 and 26-04027”News report · Oct. 2026 · grade C
- BCP files for reconsideration and BCP + NCARE file for rehearing of the Sep 17 order; no stay; decisions due Nov 10 / Nov 12, 2026“filing or granting a rehearing or reconsideration petition does not excuse compliance with or suspend the challenged order”News report · Oct. 2026 · grade C
- Address: 2220 Peru Drive, McCarran, NV (Peru Ridge ESA delivery point and NDEP HVD disturbance-permit address); park frontage on Peru Drive, TRIC“The Peru Ridge delivery point is 2220 Peru Drive”News report · Oct. 2026 · grade C
- Class I air Operating Permit to Construct: application administratively complete Apr 20, 2026; PENDING; 30-day public notice planned“Peru Ridge is Facility ID A2622, application AP7374-5097 and Air Case 12886”News report · Oct. 2026 · grade C
- Surface Area Disturbance Permit: ISSUED“NDEP issued surface-area-disturbance permit AP1629-5108 on April 16 for about 22 acres of the Gosling-to-Peru Ridge high-voltage distribution work at 2220 Peru Drive”News report · Oct. 2026 · grade C
- Surface Area Disturbance Permit (predecessor): CANCELED at Tract's request after stabilization“NDEP records show an older surface-disturbance permit at 2200 Peru Drive for Nanotech mass grading was canceled March 13, 2026 at Tract's request after stabilization”News report · Oct. 2026 · grade C
- NDEP issues HVD surface-disturbance permit AP1629-5108 (~22 acres at 2220 Peru Drive)“NDEP issued surface-area-disturbance permit AP1629-5108 on April 16”News report · Oct. 2026 · grade C
- Public Utilities Commission of Nevada, Docket 26-05027: Continued prehearing conference (scheduled) - LLESA approval case paused behind IRP Docket 26-05007“scheduled a continued prehearing conference for Tuesday, January 26, 2027 at 10:45 a.m. Pacific”News report · Oct. 2026 · grade C
- UEPA permit to construct (temporary self-generation): CONDITIONAL APPROVAL granted 3-0 (consolidated order with 26-04026) - not a construction permit; four outside approvals plus PUCN staff verification required before a“Commissioners unanimously granted both applications, covering a 144 MW liquefied-natural-gas system at South Valley and a 218 MW compressed-natural-gas system at Peru Ridge”News report · Sept. 2026 · grade C
- Building permit (data center and temporary plant): NOT YET ISSUED in records checked - a Storey County building permit is one of the four preconditions to issuance of the UEPA permit to construct“The required records include an NDEP surface-area-disturbance permit, an NDEP construction-stormwater permit, an NDEP Class 1 operating permit to construct and a Storey County building permit”News report · Sept. 2026 · grade C
- Construction Stormwater Permit: not yet filed or issued in records checked - second of the four UEPA preconditions for the temporary plant“An NDEP Nevada Construction Stormwater Permit”News report · Sept. 2026 · grade C
- Public Utilities Commission of Nevada, special agenda (Item 3B): UEPA applications 26-04026 (South Valley 144 MW) and 26-04027 (Peru Ridge 218 MW) - temporary natural-gas generation“Chair Hayley Williamson and Commissioners Tammy Cordova and Randy J. Brown acted during the September 17, 2026 special agenda”News report · Sept. 2026 · grade C
Site and other (18)
- SEC filings: Fifth consecutive full read (batches 4-8): the Fleet Data Centers Form D/A names NO campus, project or site. For this batch the XML was additionally searched for Peru, Shelf, Ridge, Nevada, Reno and Sparks -“entityName Fleet Data Centers I, LP; city DENVER; stateOrCountry CO”SEC filing · Dec. 2025 · grade A
- County code: 32029“Peru Drive corridor anchor (39.533310,-119.485866): Storey County NV (32029) per FCC point-in-county lookup; a second Peru Drive point south also returns Storey County (32029); park and switch stations are in Storey County”Dataset · Oct. 2026 · grade B
- Operator: Fleet Data Centers (Tract Capital platform) - vertical builder/operator of the in-park Peru Ridge campus“Fleet Data Centers, a developer and operator of mega-scale, single-user data center campuses and a portfolio company of Tract Capital”Company · April 2026 · grade B
- Owner companies: PR RNO Property Owner 1, LLC (styled PR RNO Property Owner I, LLC in Fleet notes releases) - Fleet campus project company; park land held by Tract“its wholly-owned subsidiary, PR RNO Property Owner I, LLC (the Issuer)”Company · April 2026 · grade B
- Acres: 517 acres“to be built on a 517 acre property in Storey County, Nevada”Company · April 2026 · grade B
- Site acres: 686 acres“Peru Shelf Technology Park is the first to break ground on 686 acres within the Tahoe-Reno Industrial Center”Company · April 2024 · grade B
- Name: Tract Peru Shelf Technology Park“Peru Shelf Technology Park project in Storey County, Nevada”Company · April 2024 · grade B
- Developer: Tract (master park developer - horizontal infrastructure: NV Energy switch stations, access roads, wet utilities)“Tract's horizontal development plans including NV Energy switch stations, new access roads, and wet utility infrastructure”Company · April 2024 · grade B
- County: Storey County, NV - inside the Tahoe-Reno Industrial Center (TRIC), McCarran area“on 686 acres within the Tahoe-Reno Industrial Center”Company · April 2024 · grade B
- Acres: 686 acres“Peru Shelf Technology Park is the first to break ground on 686 acres within the Tahoe-Reno Industrial Center”Company · April 2024 · grade B
- Announced: Oct. 2023 - Tract Storey County acquisition announcement (Peru Shelf + South Valley)“In October, Tract completed the acquisition of 2,200 acres in Storey County and has announced three projects in the region to date”Company · April 2024 · grade B
- Land control date: Oct. 2023 - Tract closed the acquisition of 2,200 acres in Storey County including the Peru Shelf area“In October, Tract completed the acquisition of 2,200 acres in Storey County”Company · April 2024 · grade B
- Groundbreaking date: April 30, 2024 - park horizontal infrastructure (Tract)“today announced it has broken ground on its Peru Shelf Technology Park project in Storey County, Nevada”Company · April 2024 · grade B
- Tract acquires 2,200 acres in Storey County (Peru Shelf + South Valley areas)“In October, Tract completed the acquisition of 2,200 acres in Storey County”Company · April 2024 · grade B
- Park groundbreaking - horizontal infrastructure (roads, wet utilities, switch-station grading)“today announced it has broken ground on its Peru Shelf Technology Park project”Company · April 2024 · grade B
- NCARE opposed both UEPA applications and raised the renewable-portfolio-standard question; the Commission declined to resolve whether the applicants fall within public-utility definitions, limiting its finding to the rep“NCARE argued that the applicants or related parties might fall within definitions governing public utilities or electric-service providers and therefore face renewable-portfolio requirements”News report · Sept. 2026 · grade C
- Fleet groundbreaking on the Peru Ridge and South Valley buildings reported (NNBW, Jun 2, 2026)“Fleet Data Centers breaks ground on 2 facilities”News report · June 2026 · grade C
- Tract closed an 8,590-acre THIRD Storey County project in Feb 2026 (between TRIC and the Virginia City Highlands, southeast of Lockwood) - a separate future park, not part of Peru Shelf. Tract's Reno-area position now ex“The company, which develops master-planned data center parks that other companies can build data centers, this week announced its acquisition of an 8,590-acre project within Storey County, which closed in February”News report · 2026 · grade C