An integrated gas-power-compute project has three revenue layers and three risk profiles. Financing it means ring-fencing all of them inside one structure a bond market can underwrite.
This paper walks the full structure: the parties and the flow of funds, the two-part tariff that separates capacity from energy, the security package, and the protections that carry a project through construction before any compute revenue arrives.
It closes on the decision every sponsor faces — whether to phase the build or fully fund it at the outset — and what each choice does to the cost of capital.
