• InfraKey led by former CEO of Asian-focused data center firm BDx
• In early-stage capital raise talks for first 300 MW at campus near Waco
• Solar bids to power project came in at USD six cents per kWh, while natural gas bids came in at eight-to-twelve cents per KWh

InfraKey, a data center developer led by CEO Braham Singh, is aiming to energize the first 300 MW of its data center campus in Lacy Lakeview, just outside Waco, by the end of 2027.

The company plans to bring two tranches of 150 MW online by late 2027, part of a broader vision for a 925 MW site backed by a public-private partnership. InfraKey has secured an initial 150 MW power allocation from Brazos Electric and is constructing a substation to support the full buildout. The substation, currently underway, is being funded through the partnership at a projected cost of USD 210m and will be built in phases.

“Our first energization target is 2027, with the substation ideally completed by late 2026,” Singh said in an interview with NPM. “We’re working closely with HILCO and Brazos to finalize the term sheet and keep things on track.”

The project’s first capital raise, now in early stages, will focus on funding the initial 300 MW. InfraKey is in conversations with institutional investors and advisors to structure a mix of debt and equity, Singh said.

InfraKey selected the Central Texas site based on Singh’s experience as CEO of BDx building data centers in Asia, where power constraints in Singapore pushed growth to surrounding regions. “We’re seeing the same kind of spillover dynamic between Austin and Dallas,” he said. “This is where the power is — and that’s all that matters now.”

InfraKey has issued a request for proposals to install 15 MW of on-site solar generation, alongside battery energy storage systems, to supplement grid power.

Singh said the company has “no immediate plans” for behind-the-meter gas-fired generation, despite earlier filings with the city that included a now-scrapped proposal for up to 1.2 GW of natural gas power.

Instead, InfraKey is leaning into renewables and storage. “We’ve gotten solar RFP responses at around six cents per kilowatt-hour, even without subsidies,” Singh said, adding that BESS will be used for peak shaving and grid optimization. He noted that bids for natural gas generation were substantially higher, between eight and 12 cents per kWh.

Discussions are ongoing with prospective tenants to determine whether the site will offer turnkey data centers or powered shell models. Singh noted that some users prefer InfraKey to handle the full build, while others are interested in customizi