Overview
- CleanSpark announced the 20-year triple-net infrastructure lease on Tuesday, July 14, 2026, covering 175 MW at its Sandersville, Georgia campus with deliveries expected to begin in Q4 2027.
- The agreement is projected to generate about $6.6 billion of contracted revenue over the initial 20-year term and could rise to roughly $11.6 billion if two five-year extension options are exercised.
- Under a triple-net (NNN) lease the tenant pays operating costs, taxes and insurance, which CleanSpark says would yield near-100% cumulative net operating income contribution and about $330 million average annual NOI if the build and milestones are met.
- The tenant remains confidential but is described by CleanSpark as high-investment-grade; the same party signed a non-binding letter of intent and exclusivity over CleanSpark’s Texas portfolio (718 acres, up to 885 MW), leaving expansion contingent on future binding agreements.
- CleanSpark estimates landlord build costs of $10–$12 million per MW and warns that financing, construction, equipment availability, power supply and tenant option exercises are material execution risks that must be resolved before the projected revenues and NOI materialize.