Power, Infrastructure At Center of Data-Center Deals

Смотреть на YouTube ↗ | 27 августа 2026, 11:53 | 10:09 | Bloomberg Markets

Спикеры

Maria Goodpaster — Partner, McKinsey & Company

Melissa Kalka — M&A, Private Equity Partner, Kirkland & Ellis

Kate Dorsey — Managing Director, Stonepeak

Panelists from McKinsey, Stonepeak, and Kirkland & Ellis discuss data-center dealmaking. They highlight power and electrical hardware constraints as key opportunities, differentiate powered contracted assets from speculative builds, and describe a financing shift from banks to public and private credit. Political and community opposition is seen as a growing gating factor for projects. - Power availability is the largest data-center supply-chain bottleneck. - High-voltage transformers and backup generators are also constrained. - Investment opportunity spans development, stabilized assets, GPUs, and fiber. - Assets with power, grid interconnection, and contracted demand can command premiums. - Speculative builds without power or leases are riskier and harder to finance. - Financing is pivoting from bank markets to public bond and private credit markets. - Community backlash over utilities, water, noise, and emissions is slowing site selection.

Идеи

Maria Goodpaster Partner, McKinsey & Company 0:13

Power bottleneck is key investment opportunity

Client conversations are focused on data-center supply-chain and infrastructure constraints. Power is the largest constraint, and other electrical hardware such as high-voltage transformers and backup generators are also highly constrained, making the power/electrical bottleneck a key opportunity area.

Melissa Kalka M&A, Private Equity Partner, Kirkland & Ellis 1:13

Data center value chain offers multiple opportunities

The data-center industry has become large and dynamic enough to create investment opportunity across many parts of the value chain, including development projects, stabilized assets, GPUs, and fiber, with capital demand at unprecedented levels.

GPUS DTCR IBBQ Выс.

Kate Dorsey Managing Director, Stonepeak 1:49

Powered contracted data centers command premiums

Stonepeak is focused on data-center opportunities that have power access, grid interconnection, strong contracted demand, and highly creditworthy counterparties. Assets with these characteristics are less speculative and can warrant valuation premiums.

Maria Goodpaster Partner, McKinsey & Company 3:28

Speculative data center builds are risky

Speculative data-center sites that lack power, critical equipment buys, or signed leases face real stranded-asset risk. The market will have winners and losers, and these speculative builds are considered riskier and harder to finance.

Melissa Kalka M&A, Private Equity Partner, Kirkland & Ellis 4:51

Alternative power bridges data center grid gap

Power constraints are pushing developers to get creative with alternative bridging solutions such as micro nuclear fuel cells and turbo cells until grid connections become available.

Kate Dorsey Managing Director, Stonepeak 5:20

Data center financing shifts to public credit

Traditional bank markets are oversaturated for certain hyperscalers and developers, so borrowers are pivoting to public bond markets and private credit. Well-structured data-center projects still have access to deep public and private capital pools.