One bargain.
Two contexts.

How does a compute customer become the anchor for energy-infrastructure finance?

Internal source tag US-T004

Project

Digi Power X Alabama AI Campus

Parties

Digi Power X Inc.; Cerebras Systems Inc.

Instrument type

COLOCATION_MASTER_SERVICES_AGREEMENT

Status at corpus cutoff

EXECUTED_OR_EFFECTIVE

Public/private boundary

Private MSA allocates delivery, acceptance and service-level risk

Disclosure

REDACTED_EXECUTED_CONTRACT

Legal interface

Delaware-law private contract sits downstream of utility supply

Critical unknown

Pricing, escalation and several liability terms are redacted

Corpus review

Executed MSA supports 15 MW Phase 1 plus conditional 25 MW Phase 2, 10-year take-or-pay-style capacity charges, Tier III/UPS/diesel requirements, tariff and government-charge pass-through, and SLA credits. Do not infer a customer termination payment from customary remedies or redacted language.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

Who is the economically relevant customer when an intermediary signs but a hyperscaler supports credit?

Internal source tag US-T012

Project

Akela Data Center Campus

Parties

TeraWulf subsidiaries; Fluidstack; Google credit-support provider

Instrument type

DATA_CENTER_LEASES_AND_CREDIT_SUPPORT

Status at corpus cutoff

EXECUTED_OR_EFFECTIVE

Public/private boundary

Private credit support changes financeability without changing utility regulation

Disclosure

PROSPECTUS_DISCLOSURE

Legal interface

Private structure leverages existing grid/site entitlements

Critical unknown

Support amount, expiry, conditions and lease termination waterfall

Corpus review

Google credit support is disclosed, but the public prospectus does not establish that the instrument is a parent guaranty or disclose its complete scope. The 378 MW figure aggregates three Fluidstack leases and must not be treated as one phase or one site's currently operational load.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

How much schedule risk can a colocation provider push downstream before service begins?

Internal source tag US-T017

Project

Hyperscale Data Michigan Campus

Parties

Alliance Cloud Services, LLC; redacted neocloud customer

Instrument type

COLOCATION_MASTER_SERVICES_AGREEMENT

Status at corpus cutoff

EXECUTED_OR_EFFECTIVE

Public/private boundary

Private license/service contract relies on utility delivery and diesel commissioning

Disclosure

REDACTED_EXECUTED_CONTRACT

Legal interface

Utility and permitting delays are contractually externalized

Critical unknown

Customer identity, recurring charges and some default economics

Corpus review

No public LC requirement was identified; do not convert silence into NO. Contract directly supports cash deposit/NRC, two delivery phases, delay credits and phase termination mechanics, and a temporary diesel-backup carve-out.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

Is power-delivery security economically equivalent to project equity?

Internal source tag US-T009

Project

Muskie Data Campus

Parties

TeraWulf subsidiary; Kentucky Power Company

Instrument type

ELECTRIC_SERVICE_AND_LOAD_AGREEMENT

Status at corpus cutoff

EXECUTED_OR_EFFECTIVE

Public/private boundary

Private ESA/LOA governs facilities embedded in regulated utility network

Disclosure

FILING_SUMMARY

Legal interface

Utility agreements operationalize regulated interconnection investment

Critical unknown

Executed agreement text, refund milestones and precise collateral draw rules

Corpus review

Detailed Note 3 says ESA capacity ramps to 500 MW, initial term 20 years from the in-service date (no earlier than 2028-10-13), and ESA/LOA support up to 1 GW. Later Operations Overview calls the ESA 1,000 MW. Retain MW_contract=500 only with this conflict note; MW_requested=1,000 is the broader infrastructure/site scope.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

Can a fuel contract replace grid interconnection as the primary power commitment?

Internal source tag US-T011

Project

TerraVolt Southeast Idaho campus

Parties

TerraVolt; undisclosed natural-gas marketer

Instrument type

NATURAL_GAS_SUPPLY_AGREEMENT

Status at corpus cutoff

FUEL_AGREEMENT_ANNOUNCED_EXECUTED; POWER_PLANT_AND_CAMPUS_PLANNED

Public/private boundary

Private fuel supply cannot eliminate permitting and pipeline constraints

Disclosure

ISSUER_RELEASE_ONLY

Legal interface

Public permits remain gating conditions despite private firm supply

Critical unknown

Counterparty, term, price, take-or-pay, transport and remedies

Corpus review

The SEC-filed release supports execution, firm daily gas quantity, an unnamed top-tier gas marketer, and fuel-management services. The 200-240 MW figure is only the planned initial power-plant range, while all campus construction/permitting statements are forward-looking. Onsite generation is described as primary BTM supply, not backup generation.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

Does temporary/onsite generation substitute for delayed grid access?

Internal source tag US-T010

Project

Customer C AI data-center power-equipment deployment (site scope undisclosed)

Parties

Solaris Energy Infrastructure affiliate; undisclosed customer affiliate of an investment-grade global technology company

Instrument type

MASTER_EQUIPMENT_RENTAL_AGREEMENT

Status at corpus cutoff

EXECUTED; DEPLOYMENT_PLANNED_2026_TO_2028

Public/private boundary

Private equipment contract may bridge public-grid delay but remains permit-dependent

Disclosure

FILING_SUMMARY

Legal interface

Environmental and local permits remain external conditions

Critical unknown

Customer identity, exact site count/locations, fuel responsibility, price, acceptance, uptime, credit support, and termination remedies

Corpus review

The cited Q1 10-Q discloses an agreement signed 2026-04-24 for over 600 MW and deployments from late 2026 through 2028. It does not prove 600 MW of delivered AI load, backup-generator status, or take-or-pay. Preserve 'over 600 MW' in text rather than a numeric 600 MW cell.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

When does a private direct supply arrangement become a wholesale transmission issue?

Internal source tag US-T014

Project

AWS Susquehanna Data Campus

Parties

Talen/Susquehanna Nuclear; Amazon Energy/AWS; PPL Electric; PJM

Instrument type

POWER_PURCHASE_AND_INTERCONNECTION_RESTRUCTURING

Status at corpus cutoff

EXECUTED_OR_EFFECTIVE

Public/private boundary

FERC jurisdiction altered viable delivery topology

Disclosure

FILING_AND_REGULATORY_ORDER

Legal interface

FERC rejection led parties to a revised retail/front-of-meter architecture

Critical unknown

Full PPA price, termination and attribute schedules

Corpus review

Commercial amendment facts derive from Talen's A3 filing; the 2024 FERC order is A2 only for the rejected ISA phase. Keep the 2024 rejected 480 MW BTM amendment distinct from the operative 2025 amended PPA and front-of-meter transition. Do not infer REC transfer from nuclear generation alone.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

Can hyperscaler demand finance reactivation of existing zero-carbon generation?

Internal source tag US-T015

Project

Crane Clean Energy Center

Parties

Constellation Energy; Microsoft

Instrument type

POWER_PURCHASE_AGREEMENT

Status at corpus cutoff

PPA_EXECUTED; PLANT_RESTART_SUBJECT_TO_NRC_AND_PJM_PROCESSES

Public/private boundary

Private PPA depends on nuclear licensing and grid interconnection

Disclosure

SEC_FILED_PARTY_RELEASE

Legal interface

NRC/PJM outcomes remain external to private offtake

Critical unknown

Price, volume profile, attributes and termination

Corpus review

Approximately 835 MW is the plant's expected output/nameplate context, not a disclosed contract-demand quantity. The party release supports a 20-year PPA and grid-based matching of Microsoft PJM load, but not take-or-pay, phasing, direct wire, or REC mechanics.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

Does annual clean-energy procurement hedge the operational risk of 24/7 AI load?

Internal source tag US-T016

Project

Wichita and Mustang Creek solar projects

Parties

TotalEnergies; Google

Instrument type

POWER_PURCHASE_AGREEMENTS

Status at corpus cutoff

EXECUTED_OR_EFFECTIVE

Public/private boundary

Corporate PPAs rely on public grid settlement and renewable attributes

Disclosure

SEC_FILED_PARTY_RELEASE

Legal interface

Market settlement and renewable-certificate rules define delivery meaning

Critical unknown

Price, settlement point, curtailment and certificate schedule

Corpus review

The SEC-filed party release supports two signed 15-year PPAs, projects of 805 MWp and 195 MWp, and approximately 28 TWh aggregate contracted output. It does not disclose take-or-pay, direct-wire status, replacement energy, REC title/retirement, or hourly matching.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

Can a long-term hyperscaler PPA underwrite incremental nuclear capacity while keeping generation available to the regional grid?

Internal source tag US-T501

Issued / announced

2026-10-06

Evidence status

ANNOUNCED AGREEMENT · uprates planned; first output expected by 2028

Parties

Google; Constellation Energy

New capacity

890 MW planned incremental nuclear output at 11 existing nuclear units in PJM

Term

20-year PPA supporting incremental capacity; additional 15-year agreement for 2,700 MW of existing PJM generation

Distinction

2,700 MW represents existing supply commitments, not additional capacity; 890 MW uprate is not yet operating

Disclosure

Official corporate announcement; signed PPA text and proprietary pricing not publicly verified

Source record: approved research update · 2026-10-19 · primary/official source; original 2026-09 Excel corpus preserved

How does a dedicated natural-gas fuel-cell power contract allocate project-development and delivery risk across a hyperscaler and an investor-owned utility affiliate?

Internal source tag US-T502

Issued / announced

2026-10-14

Evidence status

ANNOUNCED PPA · fuel-cell project planned, not operating; carbon capture aspirational

Parties

Cheyenne Fuel Cell, LLC (approximately 92% AEP; approximately 8% Basalt-advised funds); Google

Capacity / location

702 MW fuel cells near Cheyenne, Wyoming; approximate planned investment USD 4 billion

Commercial term

20-year PPA; agreement announced, contract text and risk clauses not publicly available

Development status

Construction planned to start in 2026; full operation expected by end of 2028

Environmental caveat

Natural-gas fuel-cell generation without combustion; carbon capture is proposed, not operationally demonstrated

Classification caveat

Filed with energy purchase arrangements for comparability; gas fuel cells are NOT established as clean or zero-carbon

Source record: approved research update · 2026-10-19 · primary/official source; original 2026-09 Excel corpus preserved

How can a long-term corporate offtake commitment support nuclear uprates and relicensing without physically co-locating the data centre?

Internal source tag US-T503

Issued / announced

2026-09-30

Evidence status

ANNOUNCED AGREEMENT · additional 190 MW projected for 2030–2032

Parties

Amazon; Constellation Energy

Contract scope

20-year agreement for 690 MW INCLUDING 190 MW incremental uprate; related retail supply agreement for Amazon's PJM operations

Timing

Additional 190 MW expected online from 2030 to 2032

Distinction

Do not add 690 + 190 MW; this is not a new Amazon data-centre campus at Calvert Cliffs

Disclosure

Company announcement, not full public executed agreement; individual price and termination terms unverified

Source record: approved research update · 2026-10-19 · primary/official source; original 2026-09 Excel corpus preserved

How does a regulated utility screen speculative AI load without socializing network cost?

Internal source tag US-T001

Project

AEP Ohio Data Center Tariff

Parties

AEP Ohio; qualifying data-center customers

Instrument type

REGULATED_TARIFF_AND_STANDARD_CONTRACTS

Status at corpus cutoff

EFFECTIVE

Public/private boundary

Commission-approved tariff sets mandatory floor; bilateral LOA/ESA implements project

Disclosure

OFFICIAL_UTILITY_SUMMARY; OPERATIVE_ORDER_METADATA_ONLY; CUSTOMER_SPECIFIC_LOA_ESA_NOT_PUBLIC

Legal interface

Regulatory tariff incorporates bilateral agreements and may change prospectively

Critical unknown

No executed customer-specific LOA or ESA schedule is public; conditional collateral forms must not be coded as universal requirements

Corpus review

AEP's BTM control applies only if the customer elects to net BTM output against contract capacity. It requires instantaneous load curtailment sufficient to prevent a capacity exceedance; it is not a general demand-response obligation. Load ramping is not phased utility energization.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

Can one tariff distinguish system cost by functional layer?

Internal source tag US-T002

Project

Dominion Virginia GS-5

Parties

Dominion Energy Virginia; GS-5 customers

Instrument type

REGULATED_TARIFF

Status at corpus cutoff

APPROVED

Public/private boundary

State commission determines tariff; project schedule and security are customer-specific

Disclosure

FINAL_ORDER; CUSTOMER_SPECIFIC_ESAS_NOT_PUBLIC

Legal interface

Commission order controls over earlier testimony or stipulations

Critical unknown

Customer-specific ESA and the later compliance tariff sheets are not public in the archived record; no universal cash-deposit, LC, or parent-guarantee requirement should be inferred

Corpus review

Final Order pp. 24-26 controls. The 70% collateral reduction is based on established credit; do not import a precise rating threshold from proposal testimony.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

Does ex ante contract review substitute for standardized tariff detail?

Internal source tag US-T003

Project

Georgia Power large-load rule

Parties

Georgia Power; large-load data-center applicants

Instrument type

REGULATED_RULE

Status at corpus cutoff

APPROVED

Public/private boundary

Regulator requires visibility into customer contracts before execution

Disclosure

REGULATOR_FACT_SHEET

Legal interface

Private contract is conditioned by regulator-facing disclosure

Critical unknown

Exact operative rule/tariff language and every customer-specific contract remain nonpublic in the cited fact sheet

Corpus review

The PSC source says the rule allows minimum bills and longer terms (from 5 to 15 years); it does not prove a 15-year term, take-or-pay formula, or termination payment in any particular contract.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

How does a utility commitment become a prerequisite to AI-site finance?

Internal source tag US-T005

Project

CLT01

Parties

One Blockchain, LLC; redacted local utility

Instrument type

ELECTRIC_SERVICE_AGREEMENT

Status at corpus cutoff

EXECUTED_OR_EFFECTIVE

Public/private boundary

Executed contract incorporates public rate schedule and future regulatory changes

Disclosure

REDACTED_EXECUTED_CONTRACT

Legal interface

Rate schedule changes automatically displace inconsistent agreement terms

Critical unknown

Utility identity, jurisdiction and some incorporated tariff terms are redacted

Corpus review

§1: 65,000 kVA at approximately 34.5 kV. §3: 2026-12-15 target, subject to enumerated relief and prior BPV ESA termination. §4: 15 years from Initial Delivery Date. §5: minimum bill. §7: required deposit with cash, surety, or another industrial customer's guarantee alternatives. §8: $250,000 fee. §9: only future possible PPA provisions. §10: utility may request operation of backup generation.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

Can utility-owned assets be financed around a single investment-grade AI customer?

Internal source tag US-T006

Project

DTE–Oracle data-center load package

Parties

DTE Electric Company; Green Chile Ventures LLC; Oracle Corporation as Customer Parent Guarantor

Instrument type

PRIMARY_SUPPLY_AGREEMENT

Status at corpus cutoff

CONDITIONALLY_APPROVED_BY_MPSC; AG_APPEAL_FILED_AS_OF_AUGUST_2026; LATER_APPELLATE_DISPOSITION_NOT_OBSERVED

Public/private boundary

Private PSA is conditioned on commission approval and linked storage agreement

Disclosure

REDACTED_EXECUTED_CONTRACT

Legal interface

Commission approval and linked agreements are conditions precedent

Critical unknown

Public PSA redacts the capacity ramp, energization schedule, Schedule 8 LC amounts, pricing, and substantial default language; the separate storage agreement is not public

Corpus review

Contract Date is 2025-10-22. Initial Term runs from Commencement Date to 2045-02-28, with up to two optional 10-year renewals (§§3.1-3.2). Effective Date is when §4 conditions are satisfied and is not the Contract Date. Exact regulatory capacity is 1,383 MW; 1.4 GW is rounded.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

How are decarbonization, flexibility and credit bundled into retail service?

Internal source tag US-T007

Project

DTE–Google data-center load package

Parties

DTE Electric Company; Google LLC (customer)

Instrument type

PRIMARY_SUPPLY_AGREEMENT

Status at corpus cutoff

EXECUTED_SUBJECT_TO_MPSC_APPROVAL; PROPOSAL_PROCEEDING_ACTIVE_AS_OF_2026-06-11; LATER_DISPOSITION_NOT_OBSERVED

Public/private boundary

PSA conditions private obligations on MPSC approval and system-emergency rules

Disclosure

REDACTED_EXECUTED_CONTRACT_PLUS_PARTY_RECONSTRUCTION

Legal interface

MPSC approval and MISO emergency instructions condition performance

Critical unknown

Final MPSC disposition; redacted capacity/energization schedules and credit support; full CCAA, demand-response, and line-extension economics

Corpus review

The 2026-03-12 amended and restated PSA supersedes the 2025-12-17 Original PSA. Google LLC is the customer, not merely a guarantor. The PSA proves the companion agreements' existence and contractual interfaces, but not the public presentation's portfolio MW figures as executed PSA obligations.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

Can portfolio diversification substitute for single-customer collateral?

Internal source tag US-T008

Project

Evergy large-load portfolio

Parties

Evergy utilities; three new and two expanding data-center customers

Instrument type

AGGREGATE_ELECTRIC_SERVICE_AGREEMENTS

Status at corpus cutoff

EXECUTED_OR_EFFECTIVE

Public/private boundary

Individual ESAs remain private under public LLPS frameworks

Disclosure

AGGREGATE_FILING_DISCLOSURE

Legal interface

Private ESAs take service under commission-approved LLPS tariffs

Critical unknown

Customer identities, individual contracted MW, individual terms, minimums, security, and exit rights

Corpus review

10-Q p.59 states only that Evergy signed ESAs for three new and two expanding projects, with aggregate projected peak steady-state load about 2,600 MW; terms reflect applicable LLPS plans; service has commenced or is expected 2026-2028, inclusive of optional transition periods up to five years. It does not restate a 15-year or 80% transaction term.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

How do regulators define the class of load that must pre-commit?

Internal source tag US-T013

Project

NSP Minnesota large-load tariff

Parties

Northern States Power Company–Minnesota; qualifying customers

Instrument type

REGULATED_TARIFF

Status at corpus cutoff

APPROVED

Public/private boundary

Commission tariff disciplines private customer commitments

Disclosure

10-Q SUMMARY_OF_ORDER

Legal interface

Public tariff supplies mandatory private contracting baseline

Critical unknown

Final tariff text, minimum percentage and security formula

Corpus review

Issuer 10-Q is A3 and summarizes the regulatory outcome. Do not code a specific security form, amount, minimum percentage, or customer-specific term unless the final commission order/tariff is separately captured.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

How are data-center power and customer risks transformed into a listed yield product?

Internal source tag CN-T003

Project

Southern GDS Data Center C-REIT

Parties

GDS; Southern Asset Management; project companies; public fund investors

Instrument type

PUBLIC_INFRASTRUCTURE_REIT

Status at corpus cutoff

INITIAL OFFERING COMPLETED; LISTED AND TRADING SINCE 2025-08-08

Public/private boundary

Public securities/fund rules convert private service cash flows into regulated infrastructure income

Disclosure

FULL_PROSPECTUS_WITH_CONTRACT_SUMMARIES

Legal interface

REIT regulation overlays project-company, operations and customer contracts

Critical unknown

Full customer contracts, remedies, transaction-specific MW, renewable procurement/GEC terms and any validated capex-overrun undertaking

Corpus review

The 2026-03-03 prospectus is an update, not the initial offering. Its face page says the fund was registered on 2025-06-16 and that the update mainly changes the fund manager/format, with no supplemental due diligence or material asset update.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

Does securitization move risk or only refinance it?

Internal source tag CN-T004

Project

CITIC Securities–GDS 2025 Phase 1 Data Centers ABS

Parties

GDS; CITIC Securities; institutional investors led by China Life; project companies

Instrument type

PRIVATE_REIT_AND_ASSET_BACKED_SECURITIES

Status at corpus cutoff

COMPLETED IN Q1 2025; APPROXIMATELY RMB700M REMAINING CONSIDERATION CONTINGENT ON RAMP-UP MILESTONES

Public/private boundary

Private/institutional capital vehicle operates under exchange and securities rules

Disclosure

ISSUER_FILING_SUMMARY

Legal interface

Exchange/ABS rules package private contracts into investable claims

Critical unknown

Underlying fund/ABS plan, equity-transfer and operating agreements, waterfall, milestone definitions, customer obligations and asset-specific power terms

Corpus review

CN-S006 is a 2025-03-10 definitive-agreement announcement, not completion evidence. Completion during Q1 2025 and the milestone-contingent balance are reported in the Q1-results exchange filing.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

How does anticipated securitization influence construction and customer contracting?

Internal source tag CN-T008

Project

VNET Taicang Data Centers

Parties

VNET; Dajia Investment Holding and partners

Instrument type

PRE_REIT_COOPERATION_FRAMEWORK

Status at corpus cutoff

COOPERATION FRAMEWORK SIGNED; FUND CLOSING, FUNDING AND ASSET TRANSFER UNKNOWN

Public/private boundary

Private fund anticipates later regulated REIT/capital-market exit

Disclosure

ANNUAL_REPORT_SUMMARY

Legal interface

Capital-market eligibility shapes asset and contract standardization

Critical unknown

Fund formation/closing, capital commitments, asset transfer, valuation, waterfall, power allocation and operator obligations

Corpus review

Never map the 210 MW target-asset descriptor into MW_contract or MW_requested.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

How should researchers distinguish a headline framework from committed capacity?

Internal source tag CN-T009

Project

VNET Ulanqab AI data center

Parties

VNET; undisclosed customer

Instrument type

CUSTOMER_COOPERATION_FRAMEWORK

Status at corpus cutoff

100 MW FRAMEWORK REPORTED SIGNED IN Q4 2024; 28 MW Q4-2025 DELIVERY PLAN UNVERIFIED

Public/private boundary

Private customer framework operates within regional compute and energy policy

Disclosure

SEC_FILED_PRESS_RELEASE

Legal interface

Regional policy supports location but does not prove private obligation

Critical unknown

Binding status, customer identity, price, term, SLA, credit, order conversion and actual Q4-2025 delivery

Corpus review

The release says ‘signed a 100MW framework agreement … with 28MW to be delivered in Q4 2025.’ The grammar makes 28 MW a delivery plan, not a disclosed executed tranche.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

How does an operator aggregate renewable procurement across a multi-tenant portfolio?

Internal source tag CN-T005

Project

GDS Shanghai data centers 2, 3 and 4

Parties

GDS; China Yangtze Power

Instrument type

GREEN_POWER_DIRECT_PURCHASE_DISCLOSURE

Status at corpus cutoff

EXECUTED_OR_EFFECTIVE

Public/private boundary

Private procurement is settled through regional markets and grids

Disclosure

PARTY_ESG_REPORT_DISCLOSURE_ONLY

Legal interface

Provincial market rules shape private multi-year procurement

Critical unknown

Quantity, duration, price, DPP settlement path, GEC ownership, site allocation beyond the three Shanghai sites and remedies

Corpus review

Delete every ‘multi-year Yangtze’ assertion. Multi-year modifies the separate CGN New Energy GEC arrangement, not the China Yangtze Power hydropower DPP.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

Can a portfolio-scale green contract create credible environmental claims without hourly data?

Internal source tag CN-T006

Project

VNET renewable procurement program

Parties

VNET; CGN Solar (Shenzhen)

Instrument type

GREEN_POWER_PURCHASE_AGREEMENT

Status at corpus cutoff

EXECUTED_OR_EFFECTIVE

Public/private boundary

Private contract operates inside state-organized green-power market

Disclosure

ANNUAL_REPORT_DISCLOSURE

Legal interface

Green-power rules bundle energy and attribute settlement

Critical unknown

Whether 500 million kWh is a firm minimum, forecast or cap; price, monthly profile, generation mix, GEC ownership, covered load and remedies

Corpus review

Do not infer solar generation merely from the supplier’s corporate name, or GEC/hourly matching from the phrase ‘green power’. CN-S016 postdates this contract and is current regulatory context, not proof of the 2022/2023 terms.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

What evidence is sufficient to authenticate a green-power claim by a compute operator?

Internal source tag CN-T011

Project

SenseTime compute center

Parties

SenseTime compute center; Yangtze Delta interprovincial mutual-aid platform; market counterparties not disclosed

Instrument type

GREEN_POWER_MARKET_TRANSACTION

Status at corpus cutoff

FIRST BATCH GREEN-POWER PROCUREMENT REPORTED COMPLETED IN Q4 2025; UNDERLYING TRADE CONFIRMATION NOT PUBLIC

Public/private boundary

Government-organized regional platform enables private consumption transaction

Disclosure

OFFICIAL_GOVERNMENT_NEWS

Legal interface

Market platform rules substitute for publicly disclosed bespoke contract text

Critical unknown

SenseTime volume, price, generator/seller, supply province, delivery interval, settlement, GEC and remedies

Corpus review

5.28×10^8 kWh is 2025 aggregate peak-solar-period export from Anhui through the platform to Shanghai and other areas, not total platform volume and not SenseTime volume. The report says future hourly trading will be explored; do not back-cast that to the Q4-2025 purchase.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

Can procurement modularity substitute for a single integrated project agreement?

Internal source tag CN-T010

Project

China Qaidam Green Microgrid Compute Center

Parties

China Mobile Qinghai; SPIC Yellow River Hydropower; China Mobile Design Institute; equipment/EPC contractors

Instrument type

PROJECT_CONTRACT_STACK

Status at corpus cutoff

PROJECT LAUNCHED; COMPUTE EPC RESULT DISCLOSED; DIESEL PROCUREMENT TENDERED; FULL ENERGY BUILD/COMMISSIONING UNKNOWN

Public/private boundary

SOE investment, policy objectives and competitively awarded contracts coexist

Disclosure

OFFICIAL_AWARD_AND_PROJECT_DISCLOSURE

Legal interface

Public procurement makes some price, scope and award data visible while operating agreements remain opaque

Critical unknown

Full signed compute-EPC contract, diesel award, PV/storage procurement and completion, O&M/grid/energy-settlement agreements, acceptance tests and integrated performance guarantees

Corpus review

Official tender/award/result notices are A3 transaction disclosures, not A1 executed instruments or A2 regulatory rules. CN-S017 is generic pilot policy and does not prove this project was selected.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

How does the state pre-structure a private direct-power transaction?

Internal source tag CN-T001

Project

Single-user green electricity direct connection

Parties

Project responsible entity; renewable generator; single load user; grid enterprise

Instrument type

REGULATORY_ARCHITECTURE

Status at corpus cutoff

EFFECTIVE_RULE

Public/private boundary

Administrative eligibility and dispatch rules define the menu for private agreements

Disclosure

FULL_REGULATORY_TEXT

Legal interface

Regulation mandates contract categories and operating ratios but leaves project terms to implementation

Critical unknown

Project-specific pricing, security and default remedies

Corpus review

Keep regulatory architecture separate from observed transactions. Do not convert required agreement categories, system charges, export controls, or fault responsibility into transaction-specific bankability clauses.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

Can one project entity aggregate heterogeneous loads without obscuring internal risk?

Internal source tag CN-T002

Project

Multi-user green electricity direct connection

Parties

Project responsible entity/JV; multiple loads; generators; grid enterprise

Instrument type

REGULATORY_ARCHITECTURE

Status at corpus cutoff

EFFECTIVE_RULE

Public/private boundary

State defines project entity, grid interface and charge obligations; internal parties contract around them

Disclosure

FULL_REGULATORY_TEXT

Legal interface

National rule makes private internal governance legally indispensable

Critical unknown

Transaction-specific governance, security, default and revenue sharing

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions

When does strategic cooperation become an enforceable infrastructure transaction?

Internal source tag CN-T007

Project

VNET–Shandong Hi-Speed cooperation

Parties

VNET; Shandong Hi-Speed Group

Instrument type

STRATEGIC_COOPERATION_AGREEMENT

Status at corpus cutoff

STRATEGIC AGREEMENT SIGNED; PROJECT-SPECIFIC IMPLEMENTATION UNKNOWN

Public/private boundary

SOE partnership blends commercial and policy roles

Disclosure

ANNUAL_REPORT_SUMMARY

Legal interface

SOE participation does not by itself establish legal obligation

Critical unknown

Whether the strategic agreement is binding beyond cooperation covenants and whether any definitive project agreement, investment or energization followed

Corpus review

Do not relabel the disclosed ‘strategic cooperation agreement’ as necessarily non-binding. Its project-specific binding effect and implementation are UNKNOWN. Keep the separate US$299m strategic investment distinct from the energy/compute cooperation agreement.

Corpus reference: CR02_US_China_AI_Energy_Contracts_Database(1).xlsx · Transactions