Power Purchase Agreement · PPA
Multi-year electricity contract fixing price and often sourcing clean energy for a facility.
Current numbers
~$0.6B/yrenergy: largest controllable opex line in the 1 GW model — why the PPA is a financing precondition
~45 GWdata-center SMR offtake pipeline (up from ~25 GW end-2024); first corporate SMR-fleet deal Google-Kairos Oct 2024 (500 MW); first utility Gen-IV PPA Kairos-TVA Aug 2025 (50 MW, Google offtake)
115 MWGoogle-Fervo 24/7 enhanced-geothermal PPA (NV Energy delivered); Cape Station scaling to 500 MW