The Sandersville data center campus in Georgia has secured a 20-year infrastructure lease with a confidential global technology company in an agreement expected to generate about $6.6 billion in contracted revenue over the initial term and as much as $11.6 billion if two extension options are exercised.

Under the agreement, the tenant will deploy production-grade infrastructure at the Sandersville campus to support a range of computing workloads. The lease also includes a letter of intent and exclusivity arrangement covering CleanSpark’s Texas portfolio, positioning the Georgia campus as the first site in what could become a broader multi-state relationship.

The lease is structured as a triple-net agreement with annual escalators and includes two five-year extension options. CleanSpark said the contract’s total value would rise from approximately $6.6 billion to $11.6 billion if both options are exercised.

Why Sandersville campus?

The Sandersville campus was selected because of its access to reliable, low-cost power, available capacity for high-density computing and its ability to support phased deployment of advanced data center infrastructure. Since launching operations there in 2022, CleanSpark has invested in energy infrastructure, site development and long-term operations in the region.

Sandersville Mayor Jimmy Andrews said the company has contributed to job stability, tax revenue and economic activity in the community and welcomed the project’s next phase.

CleanSpark did not disclose the identity of the tenant, describing it only as a high-investment-grade global technology company. The company said that status supports financing options and the multi-decade structure of the agreement.

According to CleanSpark, the lease is expected to generate a cumulative net operating income contribution margin of nearly 100%, equivalent to average annual NOI contributions of approximately $330 million. The company also estimated landlord project costs at between $10 million and $12 million per megawatt of critical IT load.

Texas campuses tied to deal

The exclusivity arrangement extends to CleanSpark’s entire Texas portfolio, which spans 718 acres and includes up to 885 MW of secured and planned power capacity. The portfolio includes the Sealy campus, a 271-acre site with nearly 300 MW of capacity, and the Brazoria campus, which covers 447 acres and has transmission-level infrastructure supporting an initial 300 MW demand load with the potential to expand to 600 MW.

Morgan Stanley & Co. LLC acted as financial adviser to CleanSpark on the transaction, while Davis Polk & Wardwell LLP served as legal counsel.

The scale of the Sandersville agreement reflects the surging demand for computing infrastructure across the United States. In Michigan, local officials recently approved a limited tax incentive package for a proposed 2.2 million-square-foot data center campus backed by Oracle and OpenAI in Saline Township. Unlike the Georgia lease, which centers on a long-term infrastructure agreement, the Michigan project has become a flashpoint in the debate over how local governments should balance economic development with the fiscal and environmental costs of AI infrastructure, while in Childress, Texas, Crusoe and Lancium are planning a 1 GW AI data center campus that will use a similar focus on securing power infrastructure and building facilities designed for advanced computing workloads.

Fact sheet: Sandersville data center campus

• Location: Sandersville, Georgia
• Developer: CleanSpark, Inc.
• Ticker: Nasdaq: CLSK
• Agreement type: Triple-net infrastructure lease with annual escalators
• Lease term: 20 years
• Extension options: Two five-year options
• Tenant: Confidential high-investment-grade global technology company
• Expected contract value over the initial term: Approximately $6.6 billion
• Potential contract value with extensions: Approximately $11.6 billion
• Expected cumulative NOI contribution margin: Nearly 100%
• Average annual NOI contribution: Approximately $330 million
• Estimated landlord project costs: $10 million to $12 million per MW of critical IT load
• Texas portfolio under exclusivity: 718 acres
• Secured and planned Texas power capacity: Up to 885 MW
• Sealy campus: 271 acres with nearly 300 MW of capacity
• Brazoria campus: 447 acres with an initial 300 MW demand load and expansion potential to 600 MW
• Financial adviser: Morgan Stanley & Co. LLC
• Legal counsel: Davis Polk & Wardwell LLP
• Local official: Sandersville Mayor Jimmy Andrews