Fermi Inc. (NASDAQ: FRMI) announced Wednesday that it has entered into a five-year management agreement with CBRE to operate and maintain its first data center facility at the Project Matador campus in the Texas Panhandle.
Under the deal, CBRE will serve as the exclusive operations and maintenance provider for the building, covering maintenance, cooling, fire protection, and building systems. The agreement permits Fermi to bring additional structures online under the same framework as the campus expands.
Lee McIntire, Fermi's CEO, said the company secured CBRE early in the buildout timeline. "CBRE runs some of the most demanding data center environments in the world," McIntire said. "Bringing them in now means that when building one is ready for service, the people, the programs, and the procedures to run it are already in place." CBRE will deploy site leaders up to 120 days before operations begin to establish maintenance programs, inspect equipment, and draft operating procedures.
Fermi has invested more than $1.5 billion to date in the Project Matador campus near Amarillo. The facility is designed to ramp to approximately 17 gigawatts of capacity, subject to binding customer agreements. Approximately 2.6 gigawatts of power have been secured through Fermi's alliance with Hillcore Energy Capital Corporation, which was formed in August alongside a binding lease with TensorWave.
The first Siemens Energy SGT6-5000F turbines arrived on site this month as part of the power infrastructure buildout. Fermi Services LLC, a subsidiary of Fermi, is the contracting entity for the CBRE agreement.
The five-year contract begins when Building One is first ready for service and can be renewed in successive five-year terms.
