Covenant Energy Campus by Still River Capital

The constraint on AI is power, not chips. We build the power.
A behind-the-meter energy campus in Wyoming.

100
MW first power: 500
MW committed path: 1
GW master plan

Concept rendering of a modern data center with the Covenant name on its wall and a row of power transformers in front, on the snow-dusted plains. — Concept rendering, I-80 corridor, Wyoming

Covenant generates its own power on site and leases powered shells and pads to data center tenants. Gas from Wyoming. Liquid cooling at the rack. No grid interconnection.

61 months

Median time from interconnection request to operation, for power plants built in 2025.

Berkeley Lab, Queued Up, 2026

Up to 267%

Higher wholesale power cost in a single month near data centers, compared with five years earlier.

Bloomberg, 2025

Almost 5 years

Average delivery time for a new gas turbine after the order, as of 2025.

Wood Mackenzie, via Utility Dive, 2026

0 MW

Drawn from the utility grid. The campus is fully islanded, by design.

No interconnection queue

No grid tie means no interconnection study and no place in a queue.

No ratepayer impact

The campus draws nothing from the grid. Its costs do not reach utility customers.

Closed loop water

Direct liquid cooling at the rack. Closed loop. Near-zero water consumption.

Months, not years

First power target is 24 to 30 months from land control. The median grid plant took 61.

Concept rendering from a drone: four data halls, a transformer yard and a generation block with slender stacks, alone on snow-covered plains. — Concept rendering, full build

Phase 1
100 MW
First power 24 to 30 months from land control.
130 to 140 MW nameplate. 20 to 40 MWh of battery.
Phase 2
500 MW
[TARGET RANGE]
650 to 700 MW nameplate. 100 to 200 MWh of battery.
Phase 3
1 GW
[TARGET RANGE]
Master plan. Built on the same gas, water and fiber corridor.

Bars drawn to scale. Target dates are ranges, not promises.

Concept rendering of a sagebrush plain with a wooden snow fence.

Concept rendering of a gas metering station inside a chain-link fence.

Concept rendering of a row of power transformers on concrete pads beside a data hall.

Concept rendering of a data hall corner with the Covenant name, a pad-mounted transformer and dry coolers.

The gas, the climate and the people who run energy infrastructure are already here.

Candidate county on I-80Secondary candidateNo parcel is shown. No site has been selected.

Gas

In-state supply from the Powder River Basin, the Green River Basin and Pinedale.

Cold climate

Free cooling most of the year. Every point of PUE is generation we do not have to buy.

Permitting

Wyoming DEQ runs a pragmatic air permit process. We plan for 9 to 12 months and file the day land is under option.

Energy workforce

Wyoming already runs pipelines, compressors and power plants. Skilled labor is the hard part, so training is in the plan.

State partnership

Wyoming has a data center sales tax exemption and hyperscale experience in Cheyenne. We intend to build in the open with the state and the host county.

Tenants

We offer powered shells and pads with firm on-site power and no queue.

We need letters of intent with credit support, contingent on power and land.

Gas and midstream

We offer an anchor load of 80 to 90 MMcf per day at full build, on 10 to 15 year firm terms.

We need firm transport and supply, and we welcome a joint venture on the lateral.

Generation and EPC

We offer a phased build, starting at 130 to 140 MW nameplate, with no reliance on new OEM slots.

We need refurbished units, rental power for first power, and a named EPC and operator.

Capital

We offer a development-stage position, with land, generation and gas secured in order.

We need strategic and infrastructure partners who fund the project as those pieces close.

Water

The campus cools with a closed loop. The same water goes around again and again, like a radiator in a truck. It still needs some makeup water. Wyoming is a prior appropriation state, so we will own or lease a water right, the same as anyone else.

Air

The campus burns natural gas, so it has stacks, and it needs an air permit from Wyoming DEQ. We plan SCR and CO catalysts, which clean nitrogen oxides and carbon monoxide from the exhaust. The US grid averages 0.452 pounds of nitrogen oxides per MWh. We will publish our permitted rate next to that number when we file.

EPA eGRID, 2023 data