Kirkland Advises CyrusOne on JV with ECP to Develop Hyperscale Data Center Campus in Texas and Power Agreement with Calpine

Kirkland & Ellis advised GIP and KKR-backed CyrusOne, a leading global data center developer and operator, on a joint venture with Energy Capital Partners, one of the largest private owners of power generation and renewables in the U.S., to develop a new 190 MW hyperscale data center campus in Bosque County, Texas. Kirkland also advised CyrusOne in connection with a long-term contract with Calpine to supply dedicated power to the data center campus, a first-of-its-kind dedicated power agreement with a hyperscaler anchor.

The site is expected to represent a total investment approaching $4 billion, positioning it among the most significant AI infrastructure builds in the Dallas–Fort Worth region. The campus will be located on land adjacent to Calpine Corp.’s Thad Hill Energy Center and benefits from reliable natural gas generation.

Read the transaction press release

The Kirkland team advising on the JV included corporate lawyers Melissa Kalka, John Pitts, Daley King and Allan Kirk; debt finance lawyer Mary Kogut; real estate lawyers Kim McGrath and Cody Sonntag; energy regulatory lawyer Drew Stuyvenberg; and tax lawyer Steve Butler.

The Kirkland team advising on the power agreement included energy regulatory lawyers Drew Stuyvenberg, Erin Bartlett and Cassidy Hall; real estate lawyers Cody Sonntag and Kim McGrath; corporate lawyer Melissa Kalka; and tax lawyer Steve Butler.