Summary based on Fermi’s second-quarter 2026 results release (Form 8-K, Exhibit 99.1, August 13, 2026) and the company’s newsroom explainer of August 17, 2026. Read both at the source links.
Fermi announced a strategic alliance under which Hillcore Energy Capital would develop, finance, build, own and operate an approximately 2.6 GW power center at Project Matador (roughly 2.5 GW of natural-gas generation plus about 100 MW of solar and storage) under a build-own-operate-transfer structure. Fermi would be the anchor offtaker under a 20-year power purchase agreement, with an option to acquire the facility at fair market value after year ten, and would incur no capital expenditure for the power center.
The company said the alliance would double planned on-site generation to approximately 4.8 GW within about 30 months, alongside the roughly 2.2 GW Fermi is building itself. The framework agreement is subject to definitive documentation; as of the second-quarter release, definitive agreements were pending. These statements are forward-looking.