Fibernet Mercury Delta, a massive, proposed data center and power campus in central Utah, has hired investment bank Moelis & Company to raise capital for its phased development, with the first 200 MW tranche expected to come online next year.

Ray Conley, CEO of Creekstone Energy and a board member at Fibernet Mercury Delta, said in an interview that Moelis is advising on financing options as the project advances toward construction. The first phase is already partially spoken for, with a letter of intent (LOI) signed with a public company for a portion of the 200 MW of capacity expected to be operational by summer 2026.

Conley said the developers would seek to tap the project finance markets along with infrastructure funds for construction finance but were open to a portfolio of options as the project scales.

The broader vision for the Delta campus is to scale up to as much as 10 GW of capacity, fueled by a mix of natural gas-based reciprocating engines and renewable energy. According to Conley, the location was selected because of its abundant energy resources, zoning flexibility, and strategic fiber connectivity. The company has submitted permits for over 20 hyperscale data center buildings on the site, each designed to support 100 MW or more.

Conley emphasized that the project’s scale and flexibility are designed to support the demanding compute loads of artificial intelligence applications. “Whoever’s got the most computers and data under one roof is going to have the smartest AI,” he said.

The development has been significantly aided by new microgrid legislation passed in Utah, which Conley said allows for behind-the-meter power generation without the regulatory delays that would otherwise require utility interconnection approval. QTS is also advancing a behind the meter project in Utah following passage of the legislation.

While the exact mix of renewables and traditional fuels is still evolving, Conley said the campus would ultimately draw about 50% of its energy from fossil fuels—including natural gas—and 50% from renewables. The use of reciprocating engines over turbines is a deliberate engineering choice, he added, due to their superior responsiveness and redundancy for AI workloads.

Further announcements on permitting and development partners are expected in the coming weeks, as the project moves closer to vertical construction, he said.