Fermi America has secured a $500 million financing commitment from MUFG Bank, Ltd., marking a significant step in the company’s plans to develop large-scale power infrastructure to support energy and data center demand.
According to officials, the financing will be used to fund the acquisition of three Siemens Energy F-class gas turbines. These turbines are considered proven industrial frame class assets and are widely deployed across large-scale, mission-critical power infrastructure projects around the world. The purchase of the turbines represents an early phase of Fermi America’s broader buildout strategy.
Fermi America officials described MUFG Bank as one of the largest global financial groups and said the commitment provides solid institutional backing for the company’s long-term plans. They noted that the financing strengthens Fermi America’s ability to deliver what it describes as the first 2.3 gigawatts of an anticipated 11 gigawatts of long-duration, reliable power at scale.
“MUFG is pleased to support the early stage of Fermi America’s buildout with this equipment financing, marking an initial step toward what will become the largest power and AI datacenter campus,” said Daniel Seltzer, Head of Infrastructure, Project Finance and Terry McKay, International Co-Head of Global Structured Solutions of MUFG. “We’re impressed by what the Fermi team has achieved so far and by the pace at which they’re moving. We look forward to continuing our collaboration in the years ahead.”
Officials also emphasized MUFG’s experience in large infrastructure projects, noting that the bank is a global project finance leader with a track record of leading multi-billion-dollar project financings for large-scale power and data center developments. That experience, they said, aligns with the scale and complexity of Fermi America’s planned development.
The Siemens Energy F-class turbines to be acquired through the financing are designed for high-efficiency power generation and are commonly used in industrial and utility-scale applications. By securing the turbines early, Fermi America aims to manage supply chain risks and maintain project timelines in a market where demand for power generation equipment has increased significantly.
“This financing puts real muscle behind our strategy – securing long-lead equipment early, staying ahead of the market, and executing with certainty,” said Toby Neugebauer, Chief Executive Officer and Co-Founder of Fermi America. “We’re doing what most people said was unthinkable – and we’re doing it at Fermi speed.”
Fermi America’s plans come amid growing demand for reliable power driven by the expansion of data centers, including those supporting artificial intelligence workloads, as well as broader electrification trends. While the company has outlined ambitious generation targets, officials indicated that the current financing is focused specifically on equipment acquisition rather than full project construction.
The $500 million commitment represents an early but notable milestone for Fermi America as it advances its development strategy. Company officials have indicated that additional phases of financing and development are expected as the project progresses and as demand for large-scale, reliable power infrastructure continues to grow.
