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← Fermi
Tue, Aug 11, 2026

Fermi and Hillcore announce 2.6 GW power alliance for Project Matador

Source document ↗

Key points

  • Framework agreement under which Hillcore Energy Capital will finance, build, own and operate the Hillcore Power Center, about 2.6 GW at Project Matador (Carson County, Texas), on a build-own-operate-transfer basis
  • About 2.5 GW of gas-fired generation, developed in phases, plus about 100 MW of solar and battery storage
  • First power block of about 350 MW starts on execution of definitive agreements; first power targeted within 24 months of notice to proceed
  • No capital outlay by Fermi: it buys power only as customer leases are signed, on terms matched to each lease, with fuel costs passed through
  • Fermi holds an option to acquire the facility after 10 years at fair market value
  • Takes the power Fermi can bring to market to about 4.8 GW over roughly 30 months; definitive agreements and customary approvals are still to come