Data center profile · Tahoe-Reno Industrial Center, McCarran, Storey County, Nevada (southern end of USA Parkway)

Tract South Valley Technology Park (Fleet campus 1)

Planned 1.2 GW park in Nevada's Tahoe-Reno Industrial Center: first campus 100% pre-leased, $3.8B financed; power contract unapproved, bridge gas plant in rehearing.

Under construction. Fleet Data Centers closed $3.8B of notes on Feb. 24, 2026 and broke ground May 19, 2026 (press). Its 25-year NV Energy service contract awaits state approval; the 144 MW temporary gas plant needs four more permits.
200 MW
campus 1 IT capacity, company figure
230 MW of utility capacity; the park is described as up to 1,215 MW across seven campuses
1,215 MW
park capacity, Tract's figure
1,534 acres in seven parcels; only campus 1 has a tenant, financing and construction
$3.8B
senior secured notes, closed Feb. 2026
5.875% due 2031; about $620M of fund equity expected on top (press)
Q4 2027
first load, per local press
initial 86 MW; the company's park-level target is Sept. 2027 energization
OperatorFleet Data Centers (builder and operator of campus 1); Tract (park master developer)
CustomerUnnamed AA-rated tenant on a 197-month lease for campus 1 (Bloomberg reports Nvidia; no party confirms)
Planned IT capacity972 MW at full build-out (our estimate from the company's 1.2 GW campus power figure)
First building in serviceOur estimate: 2027 (range 2027 to 2028).
Next deadlineJan. 26, 2027: Continued prehearing conference on the state review of the NV Energy service contracts, held behind the utility's form-agreement case
Power

Power and the grid

230 MW contracted

NV Energy grid service (25-year contract)Signed May 6, 2026, approval pending
230 MW
campus 1 utility capacity per the company; contracted maximum demand is redacted in the public filing, and the company told the state it was discussing 450 MW for delivery 2027 to 2030 News report · Oct. 2026
Temporary on-site gas plantConditionally approved, in rehearing
144 MW
90 Jenbacher engines on trucked liquefied natural gas, a bridge for about 2 to 3 years until grid service (press); no shutdown date is set; 318 MW of diesel backup and 5.5 MW black-start are also in the air application News report · Sept. 2026
ContractedProposed
Other sources, size not disclosed

Getting on the grid

Who supplies what, what it costs, and what is still not public.

  1. Nov. 26, 2025
    High-voltage distribution agreement signed
    NV Energy and the project company agree on transmission and distribution facilities to the site. It covers no energy supply. News report · Oct. 2026
  2. May 6, 2026
    Electric service agreement signed
    A 25-year contract with a 48-month ramp; the public copy redacts demand and rates, and the state's approval is pending. News report · Oct. 2026
  3. July 22, 2026
    Approval paused
    The state review of the contract is held behind the utility's form-agreement case, with a prehearing conference on Jan. 26, 2027. News report · July 2026
  4. Sept. 17, 2026
    Gas plant conditionally approved
    State regulators vote 3-0 for the 144 MW temporary plant, with no construction until four outside permits are filed and verified. see Permits
  5. Oct. 15, 2026
    Rehearing contested
    State staff urges denying petitions from the consumer advocate and a clean-energy group to revisit the approval. News report · Oct. 2026
  6. Not set
    Permanent power date: none firm
    No contractual in-service date is on record. Company · Oct. 2026
Permits

Permits checklist

1 contested · 3 pending · 3 granted · 2 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.

Risks

What could slow it down

Lawsuits

2 cases on record

Money

Money on record

$3.8B
senior secured notes
priced Feb. 13 and closed Feb. 24, 2026 at 5.875%, due 2031; funds part of campus 1 Company · Feb. 2026
$1.11B
raised by the sponsor fund by Dec. 2025
securities filing for Fleet Data Centers I; it does not name a campus SEC filing · Dec. 2025
$23.35M
state tax abatement over 10 years
requires $300M of equipment investment and 14 jobs within five years Local government · Feb. 2026
$10B
construction cost, two Fleet campuses combined
covers this campus and the separate Peru Ridge campus; no figure for this campus alone (press) News report · June 2026
Land assembly

1 recorded land document for the campus company in county records (Aug. 2026); it lists no price. Parcel counts come from the deed; acreage is not recorded.

Timeline

What happened, and what is due

SitePaper trailConstructionPowerPermitsMoneyLegalUpcoming
  1. Oct. 2, 2023
    Site Tract announces it has acquired more than 2,200 acres in the industrial center, split between this park and Peru Shelf Company · Oct. 2023
  2. Oct. 28, 2024
    Paper trail Fleet Data Centers I, LP registered in Delaware
  3. Nov. 26, 2025
    Power NV Energy and the project company sign the high-voltage distribution agreement News report · Oct. 2026
  4. Feb. 5, 2026
    Money State economic development board approves a $23.35M tax abatement for the first campus Local government · Feb. 2026
  5. Feb. 24, 2026
    Money Fleet closes $3.8B of senior secured notes for campus 1, which is 100% leased to an unnamed tenant Company · Oct. 2026
  6. April 24, 2026
    Permits State issues a revised surface disturbance permit for about 133 acres News report · April 2026
  7. May 6, 2026
    Power Fleet and NV Energy sign the 25-year electric service agreement News report · Oct. 2026
  8. May 19, 2026
    Construction Groundbreaking with Nevada's governor (press) News report · May 2026
  9. July 24, 2026
    Legal NV Energy sues Tract in Washoe County over power allocations and cost shifting News report · July 2026
  10. Aug. 21, 2026
    Money A construction loan deed of trust is recorded for SV RNO Property Owner 1 LLC, the campus 1 project company; amount and lender not named in the record (county deed records) County deed records · Aug. 2026
  11. Sept. 17, 2026
    Permits State regulators conditionally approve the 144 MW temporary gas plant, 3-0 News report · Sept. 2026
  12. Oct. 15, 2026
    Legal State staff urges denial of rehearing petitions against the gas plant approval News report · Oct. 2026
  13. Jan. 26, 2027
    Permits Continued prehearing conference on the service contract approval News report · July 2026
  14. Oct. 2027
    Power First load expected, initial 86 MW (press) News report · June 2026
Construction activity

Since Oct. 2026: 1 satellite capture.

The buildings

Specs

252 acres
campus 1, two two-story buildings
Company · Feb. 2026
197-month lease
triple net, 100% pre-leased to one tenant
Company · Feb. 2026
About 20 LNG trucks a day
to feed the temporary gas plant; 40 holding tanks (press, from the application)
News report · Sept. 2026
1,100+ acre-feet
water rights across this park and the Peru Shelf park combined
Company · Oct. 2023
Who is involved

Owners, partners and builders

Owners and developers
  • Tract: park master developer (land, entitlements, power planning)
  • Fleet Data Centers: builds and operates campus 1; a Tract Capital company
  • Grant van Rooyen: founder and CEO of Tract Capital
  • Chris Vonderhaar: president of Fleet, signed the utility contracts
  • SV RNO Property Owner 1, LLC: campus 1 project company
Customers
  • Unnamed AA-rated tenant on a 197-month lease (Nvidia reported by Bloomberg, unconfirmed)
Power
  • NV Energy (Sierra Pacific Power): utility, contract counterparty and plaintiff
  • Stabilis: liquefied gas supplier for the temporary plant
  • Aggreko: proposed plant operator
Decision-makers
  • Public Utilities Commission of Nevada
  • Nevada Division of Environmental Protection
  • Governor's Office of Economic Development
  • Storey County
Opposition
  • NCARE (clean-energy advocacy group) and the state consumer advocate: rehearing petitioners
Still unknown

Open questions

Where this comes from

213 records from 40 documents

Drawn from news reports, company statements, public and commercial datasets, business registries, securities filings, state agency records, local government records, utility regulator dockets, our own analysis and satellite captures, each kept with its date and source. The bar shows documents by type.

News report 22Company 7Dataset 6SEC filing 3State agency 2Local government 2Utility regulator 1Analysis 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 (47)
  • 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; docket index date May 29). Covers PR RNO and SV RNO ESAs jointly
    “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: 144 MW
    “South Valley Temporary Power Generation Facility consisting of a temporary 144 MW natural gas-fueled electric generating facility”
    State agency · April 2026 · grade A
  • Substation kV: 345 kV
    “Application of SV RNO Property Owner 1 LLC ... for a permit to construct a new 345 kV substation, four 345 kV transmission lines to interconnect with the Mackey Switching Station”
    State agency · April 2026 · grade A
  • UEPA permit to construct (substation / transmission): application filed (new 345 kV substation + four 345 kV transmission lines to interconnect with the Mackey Switching Station); no order located in sources checked
    “Application of SV RNO Property Owner 1 LLC, under the provisions of the Utility Environmental Protection Act, for a permit to construct a new 345 kV substation”
    State agency · April 2026 · grade A
  • Stated campus size: 1,215 MW
    “1534, Acres, 1215, MW Capacity”
    Company · Oct. 2026 · grade B
  • Substation: On-site 525/345 kV substation (park marketing); new 345 kV substation interconnecting with the Mackey Switching Station (UEPA Docket 26-04007)
    “On-Site 525/345 kV Substation”
    Company · Oct. 2026 · grade B
  • First power: Site energization targeted September 2027 (park level); construction power available in 2025
    “Site energization September 2027, construction power available in 2025”
    Company · Oct. 2026 · grade B
  • Paper or real: Real: $3.8B notes closed; GOED abatement approved; NDEP surface-disturbance permit issued; HVD agreement executed; ESA signed; buildings under construction (Jul 2026 aerial). Paper: ESA maximum demand reda
    “has closed its previously announced offering of $3.8 billion aggregate principal amount of 5.875% senior secured notes due 2031”
    Company · Oct. 2026 · grade B
  • On-site generation: 144 MW
    “for a permit to construct the South Valley Temporary Power Generation Facility consisting of a temporary 144 MW natural gas-fueled electric generating facility and associated facilities to be located on private land in Storey County, Nevada”
    Utility regulator · Sept. 2026 · grade B
  • Developer: Tract (park master developer: land, entitlement, power planning); Fleet Data Centers (Tract Capital platform) is the vertical builder of the first in-park campus
    “a horizontal powered land strategy focused on creating master planned data center campuses called Tract, and a mega-campus vertical development strategy called Fleet Data Centers”
    Company · Feb. 2026 · grade B
  • IT capacity: 200 MW
    “230 megawatt (MW) utility capacity (200 MW critical IT capacity), turnkey data center and electrical substation”
    Company · Feb. 2026 · grade B
  • Utility service: 230 MW
    “230 megawatt (MW) utility capacity (200 MW critical IT capacity), turnkey data center and electrical substation”
    Company · Feb. 2026 · grade B
  • Location description: Southern end of USA Parkway (SR-439) in the Tahoe-Reno Industrial Center, McCarran, Storey County, NV; about 7 miles southeast of the Peru Shelf park along USA Parkway
    “South Valley Technology Park, 7 miles southeast along USA Parkway, is a planned 1,500 acre / 1,200 MW project”
    Company · April 2024 · grade B
  • Phases: Up to 7 individual campuses planned in the park; campus 1 (Fleet South Valley, 252 acres) under construction; campuses 2-7 have no tenant, ESA or permits in the record
    “a planned 1,500 acre / 1,200 MW project supporting up to 7 individual campuses”
    Company · April 2024 · grade B
  • Stated campus size: 1,200 MW
    “South Valley Technology Park, 7 miles southeast along USA Parkway, is a planned 1,500 acre / 1,200 MW project supporting up to 7 individual campuses”
    Company · April 2024 · grade B
  • On-site plant status: not built yet
    “The power plants are slated to start construction in early 2027, take around six months to erect”
    News report · Oct. 2026 · grade C
  • Interconnection status: HVD Agreement 25-00080 executed Nov. 26, 2025 (transmission/distribution facilities only, no energy); 25-year ESA signed May 6, 2026, PUCN approval pending in Docket 26-05027, paused behind IRP/form D
    “South Valley's references one dated November 26, 2025, agreement 25-00080”
    News report · Oct. 2026 · grade C
  • Governing jurisdiction: Split jurisdiction, no county rezoning and no preemption event: land use/building = Storey County (TRIC industrially zoned; county building permit); air = NDEP Bureau of Air Pollution Control (Sto
    “environmental permit decisions to the Nevada Division of Environmental Protection and the building permit to Storey County”
    News report · Oct. 2026 · grade C
  • Power plan: hybrid
    “Each agreement would govern bundled retail service for a Storey County data center for 300 calendar months”
    News report · Oct. 2026 · grade C
  • Stage: Real for campus 1, paper for the rest of the park. Fleet campus 1 (200 MW IT / 230 MW utility) breaks the Tract pattern: financed ($3.8B notes closed), pre-leased (197-month NNN), a SIGNED ESA and buildings in ver
    “Fleet Data Centers, a subsidiary of Tract Capital Management, will invest a total of $10 billion in construction costs for its South Valley project”
    News report · Oct. 2026 · grade C
  • Tract closed the acquisition of another 8,590 acres between TRIC and the Virginia City Highlands (a separate future park; Tract's Reno-area land bank exceeds 11,000 acres across three projects). NOT part of this campus -
    “The development site is located between the Tahoe-Reno Industrial Center (TRIC) and the Virginia City Highlands, southeast of Lockwood”
    News report · Oct. 2026 · grade C
  • Opposition: NCARE (Nevadans for Clean Affordable Reliable Energy) opposed the UEPA self-generation approvals as a party; the Bureau of Consumer Protection and NCARE filed reconsideration/rehearing petitions Oct 1-2, 2026
    “Staff asks the Commission to deny reconsideration and rehearing of conditional UEPA approvals for a 144-megawatt South Valley gas project”
    News report · Oct. 2026 · grade C
  • Interconnection status: esa signed, NOT approved - NV Energy (Sierra Pacific Power Co.) 25-year Large Load Electric Service Agreement with SV RNO Property Owner 1, LLC signed May 6, 2026, filed May 27, 2026 in PUCN Docket 2
    “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
  • On-site power technology: Reciprocating natural gas engines (interim prime) + LNG vaporization + diesel black-start + emergency diesel backup
    “The South Valley application describes 144 MW of natural-gas prime engines, liquefied-natural-gas vaporization equipment, 5.5 MW of black-start diesel generation, and about 318 MW of emergency diesel backup”
    News report · Oct. 2026 · grade C
  • Backup generators: ~318 MW emergency diesel backup and 5.5 MW black-start diesel (four Tier 4 sets) per the Class I air application
    “5.5 MW of black-start diesel generation, and about 318 MW of emergency diesel backup”
    News report · Oct. 2026 · grade C
  • Electric service agreement signed: May 6, 2026
    “Both agreements were signed May 6, 2026”
    News report · Oct. 2026 · grade C
  • Rate class: Bundled retail Large Load Electric Service Agreement (LLESA) - NV Energy form agreement; the uniform form is being litigated in PUCN Docket 26-05007
    “Each agreement would govern bundled retail service for a Storey County data center for 300 calendar months”
    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 South Valley (144 MW per the NDEP Class I application reviewed by w4news) to bridg
    “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 144 MW South Valley bridge plant (90 gas engines, LNG) won conditional PUCN UEPA approval on Sep 17, 2026, but construction cannot begin until the pending NDEP Class I air permit (AP7374-5094)
    “Nevada environmental records show pending Class I air-permit applications for 218 MW of natural-gas prime generation at Peru Ridge and 144 MW at South Valley”
    News report · Oct. 2026 · grade C
  • Do not sum across affiliates: Fleet's two TRIC campuses (South Valley 230 MW utility + Peru Ridge 230 MW utility) sit inside two different Tract park envelopes (South Valley 1,215 MW; Peru Shelf 810 MW). Portfolio figure
    “Fleet Data Centers calls the projects Peru Ridge and South Valley”
    News report · Oct. 2026 · grade C
  • About two hours of public comment against the temporary gas plants at the Sep 17, 2026 PUCN special agenda - air quality, water and the 'temporary' characterization disputed
    “Calling these massive natural gas facilities 'temporary' is a bureaucratic fiction”
    News report · Sept. 2026 · grade C
  • Generator maker and model: INNIO Jenbacher J420
    “The South Valley application describes a 144 MW-capable system using 90 Jenbacher J420 natural-gas engines, each listed at about 1.6 MW of nameplate capacity”
    News report · Sept. 2026 · grade C
  • Generating units on the permit: 90 engines
    “using 90 Jenbacher J420 natural-gas engines, each listed at about 1.6 MW of nameplate capacity”
    News report · Sept. 2026 · grade C
  • Gas supplier: Trucked LNG - no pipeline lateral. Stabilis: LNG delivery, storage and vaporization (40 holding tanks). Aggreko: operator/maintenance of prime and black-start plant. Applicant estimates ~20 LNG deliveries p
    “Aggreko is identified as the proposed operator and maintenance provider, while Stabilis would handle LNG delivery, storage and vaporization”
    News report · Sept. 2026 · grade C
  • Conditions of approval: UEPA Docket 26-04026 conditional approval (Sept. 17, 2026): no generation construction until (1) NDEP Surface Area Disturbance Permit, (2) NDEP Construction Stormwater Permit, (3) NDEP Class I OPTC ai
    “no construction may begin until each applicant files four outside permits and Commission staff verifies them”
    News report · Sept. 2026 · grade C
  • Large-load electric service agreement approval: Procedural Order No. 1: testimony/hearing schedule held in abeyance behind IRP Docket 26-05007; continued prehearing conference set for Jan 26, 2027
    “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 · July 2026 · grade C
  • Construction stage: vertical - Fleet campus 1 buildings under construction since the May 2026 groundbreaking (park grading/horizontal since late 2024); the temporary generation plant has NOT started (construction slated
    “An image shows an aerial View of South Valley Technology Park data center construction site in Storey County, Nevada in July 2026”
    News report · July 2026 · grade C
  • Role of the on-site plant: bridge - interim prime power for ~2-3 years until permanent NV Energy service; behind-the-meter, not grid-connected during the interim period
    “the facilities would serve dedicated data center loads and would not connect to the grid during the interim period”
    News report · June 2026 · grade C
  • Governor Lombardo's RGJ op-ed on the Storey County complex he visited: the company has committed more than $175 million toward regional water, wastewater and power infrastructure upgrades; more than 1,000 construction wo
    “The company has committed more than $175 million toward regional water, wastewater and power infrastructure upgrades”
    News report · June 2026 · grade C
  • Land position acres: 1600 acres
    “Fleet's operations make it among the largest data center campuses in the state, and the company's expansive land position of 1,600 acres at South Valley is developable to a total of 1215MW”
    News report · June 2026 · grade C
  • Phase 1 description: Dual two-story buildings; 200 MW critical compute + 30 MW utility computing at this campus (Fleet via NNBW); initial load delivery at South Valley is 86 MW, Q4 2027 online target
    “Each of those 200 critical megawatt data centers are the largest to be built in Nevada by about 50MW on each campus; initial load delivery at South Valley is 86 megawatts”
    News report · June 2026 · grade C
  • Time to service (months): First load targeted Q4 2027 (initial 86 MW), ~14 months from Oct 2026; park energization Sep 2027; campus 1 then ramps over the ESA's 48-month ramp
    “Initial load delivery at South Valley is 86 megawatts”
    News report · June 2026 · grade C
  • Utility service: 86 MW
    “initial load delivery at South Valley is 86 megawatts (57 MW at Peru Ridge), stepping up rapidly. South Valley is expected to come online in the fourth quarter of 2027.”
    News report · June 2026 · grade C
  • Utility service: 450 MW
    “Shringi said the company was in active discussions with NV Energy for 450 MW, with delivery starting in 2027 and continuing to 2030”
    News report · Feb. 2026 · grade C
  • Announced: Feb. 5, 2026
    “At the February 5 Governor's Office of Economic Development board meeting, Vishwas Shringi, identified in the minutes as South Valley's vice president of finance, said the company planned a 200 MW data center”
    News report · Feb. 2026 · grade C
Money and contracts (58)
  • Equity raised (SEC Form D): Fleet Data Centers I, LP (issuer address Denver, CO) reported in its Form D/A filed Dec. 5, 2025 a total of $1,108,850,000 sold against an indefinite total offering amount (original Form D filed
    “totalAmountSold 1108850000”
    SEC filing · Dec. 2025 · grade A
  • Formd names campus: KEY TEST - the Form D/A does not name this or any campus. A full read of the filing XML finds no campus, project or place name: the strings 'Reno', 'Nevada', 'Storey', 'South Valley', 'campus' and 'pr
    “entityName Fleet Data Centers I, LP; city DENVER; stateOrCountry CO; totalAmountSold 1108850000”
    SEC filing · Dec. 2025 · grade A
  • tenant lease: termination - FINDING No termination, cancellation, break or default clause of the tenant lease is disclosed in any public document opened. The lease is not filed anywhere public (private 144A financing; no
    “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 · Oct. 2026 · grade B
  • park power contracts (sealed): clauses - FINDING The contract texts are not public (the sealed records are the subject of Oct 7, 2026 media unseal motions); no clause-level reading was possible this pass. FINDING: park-l
    “has commitments from NV Energy to deliver over two gigawatts of power, beginning in 2026”
    Company · Oct. 2026 · grade B
  • Construction financing (recorded mortgage): contract value USD
    “Recorded: Aug. 21, 2026 · Mortgage1amount: 0 · Grantee: SV RNO PROPERTY OWNER 1 LLC · Parcel number: 004-171-32 · Address: 8990 USA PKWY · City: MCCARRAN”
    County deed records · Aug. 2026 · grade B
  • Financing: $3.8B 5.875% senior secured notes due 2031 issued by SV RNO Property Owner I, LLC (Rule 144A / Reg S): priced Feb. 13, 2026, closed Feb. 24, 2026, upsized by $150M at pricing; ~$620M expected Fleet I fund equity [pr
    “has closed its previously announced offering of $3.8 billion aggregate principal amount of 5.875% senior secured notes due 2031”
    Company · Feb. 2026 · grade B
  • senior secured notes: use of proceeds Finance a portion of the development and construction of the Project; pay fees and expenses; and fund debt reserves (closing release)
    “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 · Feb. 2026 · grade B
  • senior secured notes: conditions precedent / closing Closing was subject to customary conditions precedent; the offering CLOSED on Feb. 24, 2026 as an upsized deal (increased by $150M on Feb 12, 2026, per Bloomberg via DCD)
    “has closed its previously announced offering of $3.8 billion aggregate principal amount of 5.875% senior secured notes due 2031”
    Company · Feb. 2026 · grade B
  • Tenants: Unnamed single tenant for campus 1: AA- investment-grade rated, market cap above $3 trillion (company description). Bloomberg reports the tenant is Nvidia - NOT confirmed by Fleet, Tract or Nvidia
    “The Project has been 100% leased to a AA- investment grade rated tenant with a market cap in excess of $3 trillion”
    Company · Feb. 2026 · grade B
  • Tenant status: signed lease - campus 1 is 100 percent pre-leased under a 197-month triple-net lease; tenant unnamed. No tenant announced for park campuses 2-7
    “pursuant to a 197-month 'triple net' lease”
    Company · Feb. 2026 · grade B
  • tenant lease: scope 100 percent of the Project: a 230 MW utility capacity (200 MW critical IT) turnkey data center and electrical substation on 252 acres, Storey County
    “The Project has been 100% leased to a AA- investment grade rated tenant with a market cap in excess of $3 trillion”
    Company · Feb. 2026 · grade B
  • tenant lease: term 197 months (~16.4 years), triple-net
    “pursuant to a 197-month 'triple net' lease”
    Company · Feb. 2026 · grade B
  • senior secured notes: principal 3800000000 USD
    “has priced $3.8 billion aggregate principal amount of 5.875% senior secured notes due in 2031”
    Company · Feb. 2026 · grade B
  • senior secured notes: coupon maturity 5.875% per annum, payable semi-annually in cash on March 1 and September 1 from September 1, 2026; matures March 1, 2031; amortization payments of 2.500% of original principal semi-a
    “The Notes will also be subject to amortization payments of 2.500% of the original aggregate principal amount of the Notes, payable semi-annually”
    Company · Feb. 2026 · grade B
  • senior secured notes: security First-priority liens on (i) substantially all assets of the Issuer other than certain excluded property, and (ii) all equity interests of the Issuer held by SV RNO HoldCo, LLC
    “The Notes will be secured by first-priority liens on (i) substantially all assets of the Issuer, other than certain excluded property”
    Company · Feb. 2026 · grade B
  • Incentives: GOED data-center tax abatement approved Feb. 5, 2026: estimated $23,350,806 over 10 years (~$16.8M sales and use tax + $6,550,806 personal property tax); $300M capital equipment investment in the first five yea
    “SV RNO was approved for $23,350,806 in abatements and is expected to create 14 jobs at an average hourly wage of $54.29 within five years”
    Local government · Feb. 2026 · grade B
  • tax abatement: amount 23350806 USD (estimated, 10-year period)
    “SV RNO was approved for $23,350,806 in abatements”
    Local government · Feb. 2026 · grade B
  • tax abatement: commitments $300,000,000 capital equipment investment in the first five years of operation; 14 jobs at an average hourly wage of $54.29 within five years; $45,743,902 in new taxes projected over the 10-yea
    “The company plans to make $300,000,000 in capital equipment investment in the first five years of operation and generate $45,743,902 in new taxes”
    Local government · Feb. 2026 · grade B
  • Water use stated: Tract controls over 1,100 acre-feet of water rights across the combined Peru Shelf + South Valley acquisition (Oct 2023). Temporary-gen project estimated ~2.1 acre-feet (mostly construction dust control
    “In addition to the land, Tract also controls over 1,100 acre feet of water rights”
    Company · Oct. 2023 · grade B
  • Site address abatement: 9500 USA Parkway, McCarran, NV
    “The South Valley tax-abatement application instead uses 9500 USA Parkway. Environmental records use 8990 USA Parkway and identify the South Valley Technology Center”
    News report · Oct. 2026 · grade C
  • County code: 32029
    “Each agreement would govern bundled retail service for a Storey County data center; both facilities are proposed on private land inside the Tahoe Reno Industrial Center in Storey County”
    News report · Oct. 2026 · grade C
  • Original target date: not stated
    “FINDING: no COD was stated in any announcement-era source opened (2023 acquisition release, 2024 park description, 2026 financing releases).”
    grade C
  • tax abatement: status - FINDING Board approval is not the executed contract: GOED practice is that an approved company then enters into a contract with GOED and receives a tax-abatement package from the Department of Tax
    “The agency says an approved company enters into a contract with GOED”
    News report · Oct. 2026 · grade C
  • UEPA conditional approval: status (rehearing) Petitions for reconsideration (BCP) and rehearing/record augmentation (BCP + NCARE, corrected) filed Oct 1-2, 2026; applicants answered Oct 14, 2026; PUCN staff answered Oct
    “Staff asks the Commission to deny reconsideration and rehearing of conditional UEPA approvals for a 144-megawatt South Valley gas project”
    News report · Oct. 2026 · grade C
  • Address: 8990 USA Parkway, McCarran, Storey County, NV
    “The contracts place Peru Ridge at 2220 Peru Drive and South Valley at 8990 USA Parkway, both in McCarran, Nevada”
    News report · Oct. 2026 · grade C
  • Collateral: Form security package confidential; Fleet proposes security equal to 50 percent of the net present value of the termination payment, 30 business days to post, satisfiable by qualifying tenant or tenant-parent
    “Fleet proposes security equal to 50 percent of the net present value of the termination payment”
    News report · Oct. 2026 · grade C
  • electric service agreement: scope Bundled retail electric service for the South Valley data center; delivery point 8990 USA Parkway, McCarran, NV
    “The contracts place Peru Ridge at 2220 Peru Drive and South Valley at 8990 USA Parkway, both in McCarran, Nevada”
    News report · Oct. 2026 · grade C
  • electric service agreement: term 300 months (25 years)
    “Each agreement would govern bundled retail service for a Storey County data center for 300 calendar months”
    News report · Oct. 2026 · grade C
  • electric service agreement: ramp 48-month ramp followed by 252 months at the fully ramped commitment
    “a 48-month ramp followed by 252 months at the fully ramped commitment”
    News report · Oct. 2026 · grade C
  • electric service agreement: maximum demand - FINDING Starting demand, maximum demand and the month-by-month ramp are REDACTED in the public filing; the contracted MW cannot be verified publicly. The company told GOED it
    “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 bill (utility form) Monthly billing on at least 90 percent of maximum demand
    “The utility form requires monthly billing on at least 90 percent of maximum demand”
    News report · Oct. 2026 · grade C
  • electric service agreement: minimum energy (utility form) Minimum billed energy equal to 72 percent of maximum demand across the month's hours (80 percent load factor x 90 percent)
    “The utility framework uses 80 percent load factor multiplied by 90 percent, producing minimum billed energy equal to 72 percent of maximum demand”
    News report · Oct. 2026 · grade C
  • electric service agreement: minimum bill (customer Exhibit G proposal - NOT accepted) Fleet proposes minimum demand of 70 percent and a 70 percent minimum-energy multiplier (56 percent). Recorded as the customer's reserv
    “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: charges (customer Exhibit G proposal) Fleet seeks removal of a $2-per-MWh administrative fee, disputes the customer-specific generation charge, and proposes $37.16 per MWh for producing hours
    “Its redline proposes $37.16 per MWh for producing hours, plus the base tariff energy rate and deferred energy accounting adjustment in nonproducing hours”
    News report · Oct. 2026 · grade C
  • electric service agreement: rates (illustrative only - NOT final) NV Energy witness's illustrative customer-specific generation charge of about $18 per kilowatt-month and long-term energy rate of $36.90 per MWh; witness
    “NV Energy witness Misha Pascal presents an illustrative customer-specific generation charge of about $18 per kilowatt-month and an illustrative long-term energy rate of $36.90 per MWh”
    News report · Oct. 2026 · grade C
  • electric service agreement: security (utility form) Security required under the form agreement; amounts confidential in the public copy
    “minimum bills, termination payments, and security protect existing customers from stranded costs”
    News report · Oct. 2026 · grade C
  • electric service agreement: security (customer Exhibit G proposal - NOT accepted) Security equal to 50 percent of the net present value of the termination payment; 30 business days to post instead of 15; qualifying tenan
    “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: termination (utility form) Termination payment applies; mitigation measured over a 36-month window; amount confidential
    “mitigation over the remaining contract term rather than a 36-month window”
    News report · Oct. 2026 · grade C
  • electric service agreement: termination (customer Exhibit G proposal - NOT accepted) No termination payment before specified effective or long-term-service dates; broader termination rights; mitigation over the remaining
    “Fleet seeks no termination payment before specified effective or long-term-service dates, broader termination rights”
    News report · Oct. 2026 · grade C
  • electric service agreement: load flexibility (customer Exhibit G proposal) Flexibility to raise or lower specified demand by as much as 20 percent, subject to proposed terms
    “Fleet seeks flexibility to raise or lower specified demand by as much as 20 percent, subject to its proposed terms”
    News report · Oct. 2026 · grade C
  • electric service agreement: curtailment / alternative supply (customer Exhibit G proposal) Remove curtailment at Energy Emergency Alert Level 1 (firm load not curtailed before Level 3); preserve lawful alternatives to NV
    “Fleet seeks to remove curtailment at Energy Emergency Alert Level 1, arguing firm load should not be curtailed before Level 3”
    News report · Oct. 2026 · grade C
  • electric service agreement: condition precedent PUCN approval required (Docket 26-05027). Case is paused behind the form-agreement decision in IRP Docket 26-05007; Procedural Order No. 1 (July 22, 2026) allows NV Energy to
    “An executed May contract can therefore change before any customer-specific approval”
    News report · Oct. 2026 · grade C
  • electric service agreement: confidentiality NV Energy asked that customer-specific and commercially sensitive material remain confidential for at least five years after each agreement expires or terminates
    “NV Energy asked that customer-specific and commercially sensitive material remain confidential for at least five years after each agreement expires or terminates”
    News report · Oct. 2026 · grade C
  • electric service agreement: related short term service The ESA acknowledges separate short-term electric service arrangements covering 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
  • high voltage distribution agreement: scope Transmission and distribution facilities to the 8990 USA Parkway delivery point (Agreement 25-00080)
    “South Valley's references one dated November 26, 2025, agreement 25-00080”
    News report · Oct. 2026 · grade C
  • high voltage distribution agreement: scope limit The HVD agreement does not supply generation or energy (per NV Energy witness Wells) - which is why the separate large-load ESA is required
    “The HVD agreements concern transmission and distribution facilities. Wells says they do not supply generation or energy”
    News report · Oct. 2026 · grade C
  • tax abatement: composition Estimated $16.8M sales and use tax reduction plus $6,550,806 personal property tax reduction over the 10-year abatement period
    “an estimated $16.8 million sales-and-use-tax reduction and $6,550,806 personal-property-tax reduction”
    News report · Oct. 2026 · grade C
  • UEPA conditional approval: condition precedent (construction bar) No construction of the generation facility may begin until four outside approvals are filed and verified by PUCN staff and a project-specific UEPA permit
    “no construction may begin until each applicant files four outside permits and Commission staff verifies them, after which the agency must issue a separate Utility Environmental Protection Act construction permit”
    News report · Sept. 2026 · grade C
  • UEPA conditional approval: deadline / vacatur If the compliance filings are not completed within five years of Sept. 17, 2026 (by Sept. 17, 2031), the approval is deemed vacated without further Commission action. The five-year w
    “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 conditional approval: air permit dependency If NDEP denies the air-permit application, no UEPA permit to construct will issue for the project
    “if NDEP denies an air-permit application, no UEPA permit will issue for that project”
    News report · Sept. 2026 · grade C
  • UEPA conditional approval: term - FINDING (no shutdown clause) The order sets NO calendar shutdown date, no maximum operating hours and no hard two-to-three-year limit for the 'temporary' plant; duration rests on the app
    “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
  • park power contracts (sealed): existence / scope NV Energy listed the Peru Shelf and South Valley projects as the projects at the center of its Jul 2026 lawsuit; Tract states it has spent more than $50 million and commit
    “We have spent [more than] $50 million, and have committed to spend nearly $1 billion, to support NV Energy's infrastructure”
    News report · July 2026 · grade C
  • park power contracts (sealed): arbitration clause (per Tract) Tract: the contracts signed by NV Energy commit this dispute to arbitration - a choice made by NV Energy. NV Energy's suit seeks to keep power-allocation and
    “This dispute concerns commitments that NV Energy negotiated, documented, and agreed to with Tract. The contracts signed by NV Energy commit this dispute to arbitration”
    News report · July 2026 · grade C
  • Stated capital cost: $10B construction cost covers Fleet's two TRIC campuses COMBINED (South Valley + Peru Ridge); ~$40B combined fully fitted per Fleet. No South-Valley-only capex is 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”
    News report · June 2026 · grade C
  • Site address contract: 8990 USA Parkway, McCarran, NV
    “The contracts place Peru Ridge at 2220 Peru Drive and South Valley at 8990 USA Parkway, both in McCarran, Nevada”
    News report · May 2026 · grade C
  • The SV RNO 5.875% notes due 2031 appear in institutional fund holdings schedules (a BNY fund annual report lists SV RNO Property Owner 1 LLC senior secured notes, 5.88%, maturing 3/1/2031, $1.73M principal held) - the 14
    “SV RNO Property Owner 1 LLC, Sr. Scd. Notes(b),(e) 5.88 3/1/2031 1,730,000 1,711,121”
    Dataset · April 2026 · grade C
  • tenant lease: extension options Tenant options to extend for two further 10-year periods (Bloomberg reporting via DCD; NOT in Fleet's own releases)
    “Nvidia will lease the site for an initial 16 years, and has the option to extend the tenancy for a further two 10-year periods”
    News report · Feb. 2026 · grade C
  • tenant lease: capacity not named MW critical IT (200 MW; 230 MW utility capacity)
    “The project has been 100 percent leased to an unnamed “AA- investment grade rated tenant with a market cap in excess of $3 trillion” on a 197-month (16.4-year) ‘triple net’ (NNN) lease.”
    News report · Feb. 2026 · grade C
Permits and government (23)
  • UEPA permit to construct (temporary generation): application filed
    “Application of SV RNO Property Owner 1 LLC, under the provisions of the Utility Environmental Protection Act, for a permit to construct the South Valley Temporary Power Generation Facility”
    State agency · April 2026 · grade A
  • Permit applicant: SV RNO Property Owner 1, LLC
    “Facility ID A2745, Company Name SV RNO PROPERTY OWNER 1, LLC, Facility Name SOUTH VALLEY TECHNOLOGY PARK, Permit No”
    State agency · Oct. 2026 · grade B
  • SV RNO Property Owner 1, LLC; Facility ID A2745 (SOUTH VALLEY TECHNOLOGY PARK); : Class I operating permit to construct (OPTC) application - PENDING
    “Facility ID A2745, Company Name SV RNO PROPERTY OWNER 1, LLC, Facility Name SOUTH VALLEY TECHNOLOGY PARK, Permit No. AP73745094”
    State agency · Oct. 2026 · grade B
  • SV RNO Property Owner 1, LLC; Facility ID A2745; Air Case 12964. Verified on the: SAD permit on file (OnBase)
    “Facility ID A2745, SV RNO PROPERTY OWNER 1, LLC, SOUTH VALLEY TECHNOLOGY PARK, Permit No”
    State agency · Oct. 2026 · grade B
  • Fleet's live Greenhouse board (39 postings) is hiring on-site construction staff for its Tahoe-Reno Industrial Center projects: Commissioning Senior Managers (Electrical and Mechanical), a Director of Construction, Quali
    “These positions are located in the Tahoe-Reno Industrial Center north of Sparks, NV and require the candidate to be on-site”
    Company · Oct. 2026 · grade B
  • UEPA permit to construct: Conditional approval granted Sept. 17, 2026 (3-0); UEPA permit to construct NOT yet issued - construction barred until four outside permits are filed and Commission staff verifies them
    “for a permit to construct the South Valley Temporary Power Generation Facility consisting of a temporary 144 MW natural gas-fueled electric generating facility and associated facilities to be located on private land in Storey County, Nevada”
    Utility regulator · Sept. 2026 · grade B
  • Governor's Executive Order 2026-005: data centers seeking GOED abatements must enter a Community Support Commitment - pay the school-support tax, meet a water standard, pay the full incremental cost of electrical service
    “As of September 16, 2026, meet the requirements as per the Executive Order 2026-005”
    Local government · Sept. 2026 · grade B
  • Nevada Governor's Office of Economic Development (GOED) Board: SV RNO Property Owner 1, LLC data-center tax abatement - approved $23,350,806 (10-year abatement)
    “SV RNO was approved for $23,350,806 in abatements and is expected to create 14 jobs at an average hourly wage of $54.29 within five years”
    Local government · Feb. 2026 · grade B
  • Entitled status: Land inside TRIC is industrially zoned with data centers a pre-approved use; no rezoning or county land-use hearing for the park appears anywhere in the record. Storey County's gate is building permits (
    “the operative order, which leaves environmental permit decisions to the Nevada Division of Environmental Protection and the building permit to Storey County”
    News report · Oct. 2026 · grade C
  • Construction Stormwater Permit: required by the UEPA order as a pre-construction compliance filing; no issuance located in sources checked as of Oct. 18, 2026
    “An NDEP Nevada Construction Stormwater Permit”
    News report · Oct. 2026 · grade C
  • Building permit (generation facility): required by the UEPA order as a pre-construction compliance filing; no issuance located in sources checked as of Oct. 18, 2026
    “A Storey County building permit”
    News report · Oct. 2026 · grade C
  • UEPA permit to construct (temporary generation): reconsideration/rehearing petitions pending (BCP, NCARE); applicants answered Oct 14; PUCN staff answered Oct 15 urging denial; no merits order as of Oct 16, 2026
    “The pending challenges were filed by the Bureau of Consumer Protection and NCARE. SV RNO Property Owner 1, LLC and PR RNO Property Owner 1, LLC are the applicants”
    News report · Oct. 2026 · grade C
  • PUCN denied Reno Power NR 1, LLC's (Tract affiliate) petition for proportional-share cost allocation of the Gosling 345-kV Switching Station advance (Peru Shelf area), holding the residential master-planned-community Rul
    “The Commission denied Reno Power's request for an advisory opinion or declaratory order applying the proportional-share provisions to the advance for the Gosling 345-kV Switching Station”
    News report · Oct. 2026 · grade C
  • PUCN Docket 26-05007 (IRP / large-load form agreement): the presiding officer ordered Fleet, Tract and other large-load intervenors to produce unredacted customer information to NV Energy under protective agreements - th
    “The order applies to EdgeCore, Redwood, Fleet, Tract, Google, Novva, Prologis and Amazon”
    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. Scope: 144 MW gas prime engines + LNG vaporization + 5.5 MW black-start diesel + ~318
    “NDEP's current permit list identifies two pending Class I operating-permit-to-construct applications. Peru Ridge is Facility ID A2622 ... South Valley is Facility ID A2745, application AP7374-5094 and Air Case 12882”
    News report · Oct. 2026 · grade C
  • 144 MW liquefied-natural-gas system (90 gas engines) at 8990 USA Parkway to brid
    “no construction may begin until each applicant files four outside permits and Commission staff verifies them”
    News report · Sept. 2026 · grade C
  • UEPA permit to construct (temporary generation): CONDITIONAL APPROVAL granted 3-0 - not a construction permit; four outside approvals + PUCN staff verification required before a UEPA permit to construct can issue
    “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
  • 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
  • UEPA permit to construct (temporary generation): proposed (hearing officer) order recommends approval
    “The September 3 proposed order recommends approval, but a proposed order does not authorize construction by itself”
    News report · Sept. 2026 · grade C
  • Public Utilities Commission of Nevada, Docket 26-05027: Prehearing conference (Presiding Officer Commissioner Randy J. Brown)
    “Procedural Order No. 1 says NV Energy may amend this case after the form decision and after the customers decide whether to proceed”
    News report · July 2026 · grade C
  • Public Utilities Commission of Nevada (consolidated UEPA Dockets 26-04026 / 26-04027): Evidentiary hearing - applicant testimony of Dennis Bartlett, VP utility development, Tract Capital Management
    “Dennis Bartlett, vice president of utility development for Tract Capital Management, identified Tract as the asset manager for investment vehicles including the two applicants in his June 22 testimony”
    News report · June 2026 · grade C
  • Surface Area Disturbance permit: revised permit ISSUED - about 133 acres at 8990 USA Parkway. Authorizes land disturbance only; does not authorize generator construction or operation
    “It issued a revised South Valley surface-disturbance permit, AP1629-5090, on April 24 for about 133 acres at 8990 USA Parkway”
    News report · April 2026 · grade C
  • Nevada GOED Board (same meeting - company statements in the minutes): SV RNO presentation: Vishwas Shringi, VP finance for South Valley
    “When Gov. Joe Lombardo asked whether the company had a customer, Shringi said it was in active discussions with potential customers”
    News report · Feb. 2026 · grade C
Legal (4)
  • Switch v. Tract covenant litigation over TRIC land (from the Oct 2023 acquisition): early rulings split - a preliminary injunction for Switch on the original easement route, and partial summary judgment for Tract that th
    “Tract's construction of the covenant is appropriately narrow”
    News report · Oct. 2026 · grade C
  • Lawsuits: NV Energy v. Tract (Washoe County District Court, filed July 24, 2026): utility alleges Tract used private arbitration to obtain power allocations and shift infrastructure costs to ratepayers; Peru Shelf and South
    “The utility sued Tract to keep rate and cost decisions in the public regulatory process rather than private arbitration”
    News report · Oct. 2026 · grade C
  • This Is Reno and three other media/transparency organizations moved in the Washoe County case to unseal the NV Energy v. Tract records
    “This Is Reno and three other organizations filed motions on October 7 asking a Washoe County court to unseal records in the dispute between NV Energy and data center developer Tract”
    News report · Oct. 2026 · grade C
  • NV Energy v. Tract filed in Washoe County District Court (filed Friday Jul 24 per KOLO's Jul 29 report). The utility alleges Tract invoked private arbitration under the signed park contracts to obtain power allocations a
    “The company filed the lawsuit on Friday and accused Tract of asking a private arbitrator to grant the data center developer considerable amounts of energy”
    News report · July 2026 · grade C
Site and other (17)
  • Owner companies: SV RNO Property Owner 1, LLC (in-park Fleet campus 1 project company and landowner vehicle)
    “Application of SV RNO Property Owner 1 LLC, under the provisions of the Utility Environmental Protection Act”
    State agency · April 2026 · grade A
  • Announced: Oct. 2, 2023
    “The total acreage is comprised of two areas commonly referred to as the Peru Shelf and South Valley.”
    Company · Oct. 2023 · grade A
  • Name: Tract South Valley Technology Park
    “South Valley Technology Park in Storey County, NV expands the data center market with significant scale along major transmission routes”
    Company · Oct. 2026 · grade B
  • Acres: 1534 acres
    “1,534 Total Acres”
    Company · Oct. 2026 · grade B
  • Parcels: 7 parcels from 70-641 acres
    “7 Parcels from 70-641 Acres”
    Company · Oct. 2026 · grade B
  • Operator: Fleet Data Centers (campus 1 developer/operator)
    “Fleet Data Centers, a developer and operator of mega-scale, single-user data center campuses and a portfolio company of Tract Capital”
    Company · Feb. 2026 · grade B
  • Acres: 252 acres
    “to be built on a 252 acre property in Storey County, Nevada”
    Company · Feb. 2026 · grade B
  • Announced: Oct. 2, 2023
    “Tract ... announced its recent acquisition of more than 2,200 acres of land inside the Tahoe-Reno Industrial Center (TRI) in Storey County, NV”
    Company · Oct. 2023 · grade B
  • Land control date: Oct. 2023
    “In October, Tract completed the acquisition of 2,200 acres in Storey County”
    Company · Oct. 2023 · grade B
  • Aliases: South Valley Tech Park; Fleet Data Centers South Valley; South Valley Technology Center (NDEP facility name); SV RNO project
    “Environmental records use 8990 USA Parkway and identify the South Valley Technology Center”
    News report · Oct. 2026 · grade C
  • Minimum bill terms: Utility form: monthly billing at no less than 90 percent of maximum demand; minimum billed energy = 80 percent load factor x 90 percent (= 72 percent of max-demand hours). Fleet's Exhibit G proposes 7
    “The utility form requires monthly billing on at least 90 percent of maximum demand. Fleet proposes 70 percent.”
    News report · Oct. 2026 · grade C
  • Aerial imagery (Shutterstock, captioned in ConstructConnect coverage) shows the South Valley Technology Park data center construction site active in July 2026
    “An image shows an aerial View of South Valley Technology Park data center construction site in Storey County, Nevada in July 2026”
    News report · Sept. 2026 · grade C
  • Buildings: 2 (Fleet campus 1: dual two-story buildings)
    “Both campuses consist of dual two-story buildings covering a footprint of 769 acres”
    News report · June 2026 · grade C
  • Current target date: 2027-Q4
    “South Valley is expected to come online in the fourth quarter of 2027 following operations at Peru Ridge in the third quarter”
    News report · June 2026 · grade C
  • Workforce estimate: 1,000-1,500 trades at peak construction for the two Fleet TRIC campuses combined (company via NNBW); temporary-gen plant ~20 construction workers and ~5 O&M (application)
    “During peak construction, the projects are expected to employ between 1,000 and 1,500 trades workers”
    News report · June 2026 · grade C
  • Groundbreaking date: May 19, 2026
    “Fleet Data Centers had a groundbreaking ceremony yesterday with Nevada Governor Joe Lombardo and Storey County leaders for a mega data center project off USA Parkway”
    News report · May 2026 · grade C
  • Fleet groundbreaking ceremony at the South Valley campus (USA Parkway), attended by Governor Lombardo and Storey County leaders
    “Fleet Data Centers had a groundbreaking ceremony yesterday with Nevada Governor Joe Lombardo and Storey County leaders for a mega data center project off USA Parkway”
    News report · May 2026 · grade C

Imagery and records: County deeds: ATTOM.