ACCESS Newswire·Aug 11, 2026, 5:15 PM ET

Fermi and Hillcore Energy Capital Announce 2.6 Gigawatt Power Strategic Alliance for Project Matador

Fermi Inc. executed a framework agreement with Hillcore Energy Capital Corporation to develop the Hillcore Power Center at Project Matador in Carson County, Texas.
The project utilizes a Build-Own-Operate-Transfer (BOOT) structure where Hillcore finances, builds, owns, & operates the facility with no upfront capital expenditure by Fermi.
The power complex totals approximately 2.6 GW, comprising 2.5 GW of natural gas generation, 100 MW of solar generation, & battery energy storage.
Fermi's total on-site power capacity will increase to 4.8 GW, accelerating the timeline to market by approximately 30 months compared to a self-build path.
Construction of the first 350 MW power block begins upon execution of definitive agreements, with first power targeted within 24 months of notice to proceed.
Fermi purchases power only as customer leases are signed, with fuel costs passed through, while Hillcore retains construction, operating, & performance risks.
Fermi holds an option to acquire the facility after 10 years at fair market value, preserving long-term ownership upside without current capital commitment.
Project Matador is expected to ramp to approximately 17 GW subject to entering binding customer agreements, with capital deployment matched to commercial progress.
Hillcore partners include JV Driver, bringing over 35 years of heavy-industrial & power-generation experience to the project.