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Fermi Inc on Friday said it has made an initial draw on a $200 million equipment financing facility to support the first 2.3 gigawatts of its project Matador in Texas. The Amarillo, Texas-based real estate investment trust is focused on building data centres. Fermi said it has secured over $100 million in committed equipment financing from a private debt fund managed by Keystone National Group, as part of a broader $200 million facility arranged by Cape Commercial Finance that is expected to be drawn during 2026. The proceeds will be used to accelerate procurement of long-lead, high-voltage equipment, including utility-grade breakers, transformers, substations and switchgear, supporting the build-out of the first 2.3GW of power infrastructure at the 11GW Matador site. Fermi said the structure allows capital to be recycled as equipment is refinanced through subsequent project financings. The financing follows a $500 million turbine warehouse facility from MUFG Bank Ltd, bringing total institutional equipment commitments secured in the past month to more than $600 million. Chief Executive Toby Neugebauer said the backing from institutional investors affirms the company’s plan to develop dedicated, behind-the-meter power infrastructure for high-demand sectors such as artificial intelligence, semiconductor manufacturing, heavy industry and defence. Matador, located in Amarillo in the northern panhandle of Texas, is intended to deliver up to 11 GW of long-duration power capacity, with first production targeted for 2026 deployment goals in the initial phase. Shares in Fermi were up 4.2% at $9.61 in London midday on Friday. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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