The Deal
CleanSpark signed a 20-year triple net lease for a data center in South Georgia. The deal took a few months to build because of how the structure was set up. The total value is $6.6 billion, which works out to about $330 million in average annual net operating income (NOI).
The lease type matters. Many leases in this space are "modified gross," which leaves some doubt about how much income they actually produce. A triple net lease removes that doubt, so the full $6.6 billion flows through as income.
The tenant is a high-investment-grade global technology company. This is the first deal with a tenant of that quality. That credit strength opens the door to high-yield, project-based financing, with loan-to-cost above 90%. Because of that financing plus the Bitcoin and cash already on the balance sheet, there is no need to raise equity or equity-linked money. The deal gives long-term certainty going forward.
How It Got Approved
Data center projects often hit "not in my backyard" resistance. CleanSpark avoided that by going through the front door. Over more than four years in this South Georgia community, it built relationships, made promises, and kept them. The press release includes a quote from the mayor, Jimmy Adams.
The company has been a major contributor locally. The margin on power bought from the community let the community invest in local resources. Sales tax on that utility revenue created such a budget surplus that the community paid down property taxes across the whole area. That goodwill mattered during the tenant's due diligence, which asked what the local reception would look like. The relationships were solid enough that the community welcomed the project and asked how it could help make the deal happen.
Jobs and the Community
The project will create jobs. As a Bitcoin mining facility with 250 megawatts of gross capacity, it employs between 35 and 40 people, and that number is expected to double or triple. Pay runs from about $85,000 to about $300,000 a year, so these are not janitorial or entry-level roles. With a 20-year term, they are lasting opportunities.
This part of South Georgia was once the textile manufacturing capital of the world. Many of these towns still have excess power but lost most of their job base. The project brings jobs back.
Water and Efficiency
The site is a complete closed-loop system. There is a common worry that data centers drain water supplies. This facility uses less water than a backyard swimming pool: you fill it once and forget it. It works like a car radiator, filled once and sealed, so the system does not use water on a regular basis. That makes it more efficient than the typical AI data center discussed since the start of the AI boom.
Targeting a high-grade tenant means designing to that global tech company's standards. CleanSpark has built for such tenants around the world and knows their basis of design and preferences. Its engineering team worked closely with the tenant's team on site layout and reference architecture, so the build serves the tenant and still fits the community.
Milestones to Watch
What should investors watch over the next 12 to 24 months? The construction partner (EPCM design-build) has built for this same tenant before, which gives certainty on execution. The commitment is to have the first data hall energized and operating by Q4 2027, with the rest coming in early Q1 2028. From there it scales up toward the $330 million average annual NOI from this single lease.
One point the market may have missed amid recent turmoil in the sector: the same high-grade tenant also signed an exclusivity letter of intent for an additional roughly 900 megawatts of capacity in Texas.
