Powered land exit
$150-250K/MWSell the closed site, with capacity confirmed, to a developer.
- Equity in
- $170K
- Net sale
- $1.76M
- LP result
- $153K → $1.17M
Texas powered land · LP development partnership
Own the value that builds before the first meter is set.
A developer puts little money into a site before the utility confirms power. Most of the value shows up during that wait. Fund the early stages with us, then pick your exit: sell the powered land, take the site and build it yourself, or sell a designed shell.
The value gap, one site
Your position, net of debtYour cash in
Cash in, land exit$170K
Land exit, net$1.76M
Shell exit, net$5.76M
Develop it, LP all-in$988K
Illustrative model, not a forecast. Land about $250K plus $10K per MW with 70% debt; land exit at month 8; shell exit at month 12 after about $200K of engineering and design. Develop-it cost assumes one LP holds the 90% LP interest and takes the site at the land price.
The market
Everyone wants ready-to-energize sites, so everyone pays full price for them
Capital lines up for the finished product. The discount sits upstream, in sites that are controlled but not yet confirmed.
ERCOT large-load queue233 GW
Requested by late 2025, nearly four times the year before. Over 70% of it is data centers. Utility Dive
Buy 10 MW of powered land$2.0M
At $150K to $250K per MW for land with confirmed power. Illustrative midpoint.
Develop it with us$415K
All-in basis: about $170K of equity and $245K of debt. Illustrative.
The offer
Partner with us and you become the developer
We bring the sites
A backlog of Texas powered-land sites, sourced and screened by a development team that has built seven Texas sites since 2021.
You fund the cheap part
Earnest money, utility studies, survey and title. Small checks, released one gate at a time.
We invest alongside you
The GP puts its own money into every site and runs the process.
You pick the exit
Sell the powered land, take the site and build it yourself, or add design work and sell a powered shell.
The process
How a site comes to market: eleven steps in five phases
Written from closed Texas deals. Power gates everything: no contract without a capacity screen and no closing without written capacity from the utility.
Phase 1
Control
Months 0 to 2- 01Sourcing
- 02Capacity screen
- 03Contract with a long close
Gate: 5 MW+ available, meter inside about 6 months
Phase 2
Confirm
Months 2 to 5- 04Utility confirms capacity
- 05Survey, title, zoning
- 06Utility design and route
Gate: capacity confirmed in writing
Phase 3
Close
Months 5 to 8- 07Debt financing
- 08Closing
- 09Exit election
Gate: loan funded; LPs pick the exit
Phase 4
Design
Months 8 to 12- 10Engineering, design, permits and utility agreements
Shell path only. Gate: design package complete
Phase 5
Energize
Month 12 on- 11Build-out and energization
Done by the buyer, or by you as the developer
On our team's closed deals: terms to executed contract in as little as 6 days; closing to energization in 4 to 9 months.
Three exits
Sell the land, build it yourself, or sell a designed shell
The LPs choose at the close gate. Figures are for a 10 MW site at the midpoint of each range, gross, before fees, taxes and sale costs.
Develop yourselves
Pre-set $/MWTake the site at the powered-land price set when you subscribe, then build it.
- Price
- $2.0M
- Returned to the LP
- $1.17M
- LP all-in for the site
- ~$990K
Powered shell exit
$500-700K/MWAdd about $200K of engineering and design, then sell a designed, permitted site.
- Equity in
- $375K
- Net sale
- $5.76M
- LP result
- $338K → $3.70M
Capital by gate
Small checks early. Each gate releases the next one.
At most about $45K is at risk on a 10 MW site before the utility confirms capacity in writing.
| Tranche | What it buys | 10 MW | Gate to release the next | If the gate fails |
|---|---|---|---|---|
| 1 Control | Earnest money, capacity screen | $15K | 5 MW+ available, meter inside about 6 months | Walk. Loss capped near $15K |
| 2 Confirm | Utility studies, survey, title, legal | $30K | Capacity confirmed in writing | Walk. Loss capped near $45K |
| 3 Close | Equity at closing (about 70% debt), carry | $125K | Loan funded, exit elected | Land or develop exit at month ~8 |
| 4 Design | Engineering, design, permits | $205K | Design package complete | Shell exit only, sale at month ~12 |
| Total equity | GP 10%, LPs 90% | $170K | Land or develop exit | $375K for the shell |
Incubator projects
Two Texas sites in the incubator now
Location, owner and parcel are shared under NDA. Outcomes are illustrative midpoints until each capacity screen returns.
Project A
10 MWStep 1 of 11: capacity screen next
- Region
- Greater Houston
- Utility
- CenterPoint territory
- Equity, land or develop exit
- $170K
- Equity, shell exit
- $375K
- Land exit, LP
- $153K → $1.17M
- Develop yourselves, all-in
- ~$990K for $2.0M
- Shell exit, LP
- $338K → $3.70M
Project B
14 MWStep 1 of 11: capacity screen next
- Region
- Greater Houston
- Utility
- CenterPoint territory
- Equity, land or develop exit
- $188K
- Equity, shell exit
- $393K
- Land exit, LP
- $169K → $1.64M
- Develop yourselves, all-in
- ~$1.33M for $2.8M
- Shell exit, LP
- $354K → $5.14M
Gross outcomes before fees, sale costs and taxes. Land exit at $200K per MW, shell exit at $600K per MW.
How we work
One LLC per site. LPs and the GP invest side by side.
Investors (LPs)90% of site equity
First Meter Partners GPManager, 10% co-invest
Development companySite backlog, sourcing, development services to the GP
equity 90%
equity 10%, manages
Site LLCOne per site. Owns the land and the utility capacity.
secured note
owns
sale at exit
LenderAbout 70% of land cost
Powered siteLand, capacity, design package
Exit buyerA developer, a shell buyer, or you
Terms, illustrative
- Vehicle
- One LLC per site; LPs choose sites
- Equity split
- LPs 90%, GP 10% co-invest
- Preferred return
- 8% per year on all equity
- Promote
- 20% to a 2.0x LP multiple, 30% to 3.0x, 40% above
- Exit election
- LPs choose at the close gate
- Develop-yourselves price
- Powered-land $/MW, set at subscription
- Development fee
- To be set per site, paid at closing
Distribution waterfall
- 1Return of capital
All cash to all equity, pro rata, until contributions are returned.
- 2Preferred return
8% per year to all equity.
- 380 / 20
Until LPs have received 2.0x their capital.
- 470 / 30
Until LPs have received 3.0x.
- 560 / 40
Everything above 3.0x.
10 MW, midpoint, grossLand exit LP $153K → $1.17M · GP $17K → $590KShell exit LP $338K → $3.70M · GP $38K → $2.06M
Market-standard placeholders for discussion. Not an offer to sell securities; any offering is made only through definitive documents.
Risk
What can go wrong, and how each risk is handled
The utility cannot deliver
Screen before contract, written capacity before closing, and walk with the loss capped at tranches 1 and 2.
No exit buyer
Three exits, including taking the site yourself at the pre-set price, or holding through energization.
Energization slips
The land and shell exits sell before energization, so the buyer carries the build schedule.
A crowded substation
Check the ERCOT queue around each station before spending on the site.
Design cost overrun
Shell work is a fixed-scope package, called only after the LPs elect that exit.
Debt terms
Real-estate notes at about 70% of land from a relationship bank.
Decide
Pick a site, or back the program
Project A
10 MWAbout $170K of equity to the close gate. First check about $15K.
Project B
14 MWAbout $188K of equity to the close gate. First check about $15K.
The program
BacklogA commitment drawn site by site as each one clears its gates.
1NDA
2Site data room
3Site LLC documents
4Tranche 1 funded
Request the data room
First Meter Partners · Houston, Texas