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Fleet Data Centers breaks ground on 2 facilities. Fleet Data Centers will construct a 200-megawatt data center at its South Valley Campus in Tahoe Reno Industrial Center. Nevada's largest mega-scale data center developer recently broke ground on its second data center campus at Tahoe Reno Industrial Center. Fleet Data Centers, a subsidiary of Tract Capital Management, will invest a total of $10 billion in construction costs for its South Valley project on the southern end of USA Parkway and its Peru Ridge project of Peru Drive in the heart of the industrial park. South Valley and Peru Ridge will have a combined 400 megawatts of critical compute power, along with 30 megawatts per campus of utility computing power. Both campuses consist of dual two-story buildings covering a footprint of 769 acres. "We are proud to apply our experience in the state of Nevada and continue to cement the state as one of the best and fastest-growing Tier-1 data center markets in the world," said Chris Vonderhaar, president of Fleet Data Centers and senior managing director of Tract Capital. "Each of those 200 critical megawatt data centers are the largest to be built in Nevada by about 50MW on each campus, which is no small feat." Fleet's operations make it among the largest data center campuses in the state, and the company's expansive land position of 1,600 acres at South Valley is developable to a total of 1215MW. Peru Ridge and the adjacent Peru Shelf have a combined 1,200 acres that could see an additional 1,040MW of compute power. Fleet also holds 1,063 acres near Silver Springs that could be developed into 700MW, and its 8,590-acre holdings in Virginia City Highlands could bring another 2,500MW of computer capacity. "We look at not what is being deployed today, but try to skate to where the puck is," Vonderhaar said. "What will those compute platforms of the future look like, what will they require, and how many different times will they change over (equipment)." Building flat development sites for both TRIC campuses, as well as room to build two substations required to power the facilities, required moving several million cubic yards of dirt. Earthwork crews graded land at South Valley for 18 months to prepare the site for construction. "All that material was recycled, Vonderhaar said. "98-percent of fill came from the site - one side of one mountain became the pad and fill for another part. It's been very efficient." Fleet Data Centers said in a press release on May 1 that it had secured $4.6 billion in financing for the projects through the sale of senior secured notes that its customer at South Valleys had a market cap of $3 trillion, which currently means Nvidia, Alphabet (Google), Apple or Microsoft. The tenant has agreed to a 197-month, or 16.5 years, triple-net lease, Fleet added. "Our customer wanted to be here based on the speed and certainty we can offer in terms of construction, and based on the location and ability to serve different parts of the country," Vonderhaar said. "They signed a long-term lease to be in Nevada." Initial power loads to the campuses are expected to be delivered in the third quarter at Peru Ridge and in the fourth quarter at South Valley, Vonderhaar said. Initial load delivery at South Valley is 86 megawatts, with another 57 at Peru Ridge, though both campuses step up very rapidly, Vonderhaar added. Fleet in mid-April also filed an application with the Public Utilities Commission of Nevada for a permit to construct a temporary power facility at South Valley capable of generating 144MW. The project would use 90 natural gas fueled engines and would require 40 holding tanks for liquid natural gas. The temporary power plant would be operational for a few years while NV Energy scales power delivery to the South Valley campus. "We will build a turnkey behind-the-meter power generation plant that will augment and accelerate the energy we need to deliver for our customer as NV Energy ramps over time," Vonderhaar said. Total investment for both data centers could approach $40 billion after the costs of mechanical and electrical equipment, construction, servers and networking gear, racking and the rest of the interior fit-out is factored in, Fleet noted. South Valley is expected to come online in the fourth quarter of 2027 following operations at Peru Ridge in the third quarter. "Utility arrives earlier at the (Peru) campus, so we're trying to accelerate development so that we can intercept the utility electrons and start commissioning power there just a little bit earlier," Vonderhaar said. During peak construction, the projects are expected to employ between 1,000 and 1,500 trades workers. Grant van Rooyen, Tract Capital Management founder and chief executive officer, said the data centers are high consequence projects. "We have deployed approaching $1 billion in capital at full risk until we had an offtake tenant here," van Rooyen said. "You can only do that when you have partners that deliver certainty around the rules, and Northern Nevada Business Weekly has that here. "Our commitment to Storey County and Nevada is enduring." Tract Capital Management controls more than 30,000 industrial acres across the U.S., including 12,000 in Northern Nevada, that could lead to as many as 20 gigawatts of data center power development, van Rooyen said. "By most measures that is the largest power land bank held by a single franchise in the United States by a large margin," he said. "From a Reno perspective, we intend to be developing, operating and deploying capital here for at least the next 20 years."

Fleet Data Centers raises $3.8bn to build out 230MW Data Center campus in Reno, Nevada. Home " Buildings " Data Center " Fleet Data Centers raises $3.8bn to build out 230MW Data Center campus in Reno, Nevada. Updated on Feb 16, 2026 Discover more Building materials directory Construction project management software Ports construction supplies Fleet Data Centers is on an endeavor to raise billions of dollars to build out a data center campus in Reno, Nevada, for a major tenant. The company is the data center development arm of U.S.-based major firm Tract. The companies this week announced the pricing of $3.8 billion aggregate principal amount of 5.875 percent senior secured notes due in 2031. Moreover, the proceeds are expected to be used to finance a portion of the development and construction of the center. The scope entails a 230MW utility capacity (200MW critical IT) turnkey data center and electrical substation. The data center will be located on a 252-acre property in Storey County, Nevada. However, the officials owners of the data center facility have noted yet been disclosed. Nonetheless, there are leads towards who the project's owner may be. The project has been 100 percent leased to an unnamed "AA- investment grade rated tenant with a market cap in excess of $3 trillion" on a 197-month (16.4-year) 'triple net' (NNN) lease. Another data center owner that had been mystic until recently is Amazon who were recently purported to be behind a data center campus in Washington. Outlook on the Nevada Data Center campus in Reno. Despite not knowing the official owners of the Nevada data center campus, companies with a market cap above $3 trillion are few. Only Nvidia, Apple, and Google parent Alphabet currently above that threshold. While the companies have not specified the tenant, reports surfaced last week suggesting that Nvidia was the company set to lease the development. "This transaction sets a new benchmark for the data center sector - the highest-rated, largest issuance, highest loan-to-cost, and tightest pricing for any single data center high-yield bond project financing to date," Fleet noted. Fleet's fund, Fleet Data Centers I, LP (Fleet I), also announced the pricing via its wholly-owned subsidiary, SV RNO Property Owner I, LLC. Founded by former Cologix CEO Grant van Rooyen, Tract first announced plans to develop a property in Storey County, Nevada, in October 2023. Afterwards, they acquired more parcels of land in June 2024, bringing its total land ownership in the area to more than 11,000 acres. Tract aims to develop 'master-planned' data center parks, getting sites zoned, powered, and shovel-ready for other companies to develop data centers on. It then launched Fleet to actually build data centers in those parks and other sites not owned by Tract. Nonetheless, the build-out in Nevada is Fleet's first confirmed development. Nvidia runs its own data centers and gets additional capacity by leasing space from cloud providers such as Amazon Web Services and Microsoft Azure. Project factsheet. * Project Name: Nevada Data Center Facility in Reno * Company: Fleet Data Centers. * Parent Company: Tract * Funding Vehicle: Fleet Data Centers I, LP (Fleeet I). * Issuing Authority: SV RNO Property Owner I, LLC. * Combined Financing Raised: $3.8 billion. * Instrument: 5.875% Senior Secured Notes. * Maturity: 2031 * Form: Financing of high-yield bond projects. * City: Reno * County: Storey County * State: Nevada * Country: United States * Site Size: 252 acres Technical Scope * Total Utility Capacity: 230MW * Critical IT Load: 200MW * Delivery Case: Turnkey data center campus. * Infrastructure Included: Specific electrical substation. Lease Structure * Lease Type: Triple Net (NNN) * Lease Term: 197 months (16.4 years) * Pre-Leasing Status: 100% leased Tenant Profile: * AA- investment grade rating * Capitalization in the market of over $3 trillion. * Identity undisclosed * Potential Tenant Candidates (>3 trillion market cap) * Nvidia * Apple * Alphabet * Speculation about the Industry: Nvidia. Development Background * Initial Land Announcement: October 2023. * further Land Acquisition: June 2024. * Total Acreage of Land Controlled by Tract in Storey County: 11,000+ acres. Business Model: * Planned data center parks of masters. * Ready-prepared, electrically, and shovel-ready sites. * Fleet designed to build facilities in Tract developments. * Status: The initial confirmed development project of Fleet. Strategic Significance * Biggest issuance of high-yield bonds in one data center project ever. * Benchmark loan-to-cost structure * Anchored by long-term investment-grade hyperscale tenant