The model
One campus, one record.
One record, as the model holds it Example campus. Values are illustrative.
The model provides analytics. It does not underwrite or place risk.
Lines exposed to this campus Select one
Construction written by Cedant A, ceded into Engineering quota share. Delay in start-up can be added to this cover. It pays only for delay caused by insured damage: of the four kinds of delay, it answers one.
Five lines, three cedants, five treaties: one site key, EX‑001.
Site
Owner: Example Campus SPV, issuer of the notes. Operator: Example Operator plc
Grid node: Substation North
EX-001 Example Campus, Region AOwner: Example Campus SPV, issuer of the notes. Operator: Example Operator plc
Grid node: Substation North
Tenant
20-year lease, full rent from handover
Residual value guaranteed by the tenant
Example Cloud Inc.20-year lease, full rent from handover
Residual value guaranteed by the tenant
Power
Grid connection: in queue, expected 2027
On-site generation: energy partner, insured separately. Water: granted
300 MW contractedGrid connection: in queue, expected 2027
On-site generation: energy partner, insured separately. Water: granted
Permits
Emissions under reviewConstruction grantedConnection pendingFinancing
Equity: infrastructure funds, 80% of the equity
Lenders: two banks, syndication open
SPV notes, A+ (prelim.) 6.5%Equity: infrastructure funds, 80% of the equity
Lenders: two banks, syndication open
Technology
AI racks R1 maker A, tenant-owned, 12-month lead timeTransformers maker D, 36-month lead timeBMS maker E, 3-month lead timeContracts
Loss BI indemnity period, 12 monthsSupply tenant, for the chipsPermitting developer, deposit per MWChain
Tenant AA-, guarantorIssuer A+, depends on tenantSponsor funds unrated, depend on both