[{"data":1,"prerenderedAt":155},["ShallowReactive",2],{"{\"language\":\"fr\",\"resolve_relations\":[\"post.author\"]}posts\u002Fai-infrastructure-financing-capital-turns-selective":3},{"data":4,"headers":132},{"story":5,"cv":119,"rels":120,"links":131},{"name":6,"created_at":7,"published_at":8,"updated_at":9,"id":10,"uuid":11,"content":12,"slug":112,"full_slug":113,"sort_by_date":59,"position":114,"tag_list":115,"is_startpage":24,"parent_id":116,"meta_data":59,"group_id":117,"first_published_at":8,"release_id":59,"lang":65,"path":59,"alternates":118,"default_full_slug":59,"translated_slugs":59},"AI infrastructure financing: capital turns selective","2026-10-20T13:46:35.236Z","2026-10-20T13:51:07.805Z","2026-10-20T13:51:07.818Z",232711762906752,"bd53e811-daed-4a84-a3b3-7e004131acc9",{"seo":13,"_uid":27,"date":28,"intro":29,"title":30,"author":31,"blocks":68,"category":106,"featured":24,"component":107,"thumbnail":108,"hero_image":110},[14],{"_uid":15,"image":16,"title":6,"component":25,"description":26},"0b2255c1-04c6-484f-9505-d1f055394cba",{"id":17,"alt":18,"name":19,"focus":19,"title":19,"source":19,"filename":20,"copyright":19,"fieldtype":21,"meta_data":22,"is_external_url":24},207968453842624,"dpd_1","","https:\u002F\u002Fa.storyblok.com\u002Ff\u002F290340181793214\u002F1261x831\u002F718e276b65\u002Fistock-1299944072.jpg","asset",{"alt":18,"size":23,"title":19,"source":19,"copyright":19},"1261x831",false,"seo","Lender terms, not demand, now decide which AI projects get built. Keel SVP Chris Ruppel on CoreWeave, Volta, Google power deals and PJM rules.\n\n","e270c710-bcda-4642-9482-84d4501225d8","2026-10-19 00:00","L'énergie, les permis, le financement et l'acceptabilité sociale déterminent désormais quels campus d'IA verront le jour. Chris Ruppel, premier vice-président chez Keel Infrastructure, explique pourquoi les mégawatts sous tension l'emportent.\n","Digital Power Digest – Volume 5 : du 21 septembre au 4 octobre 2026",{"name":32,"created_at":33,"published_at":34,"updated_at":35,"id":36,"uuid":37,"content":38,"slug":57,"full_slug":58,"sort_by_date":59,"position":60,"tag_list":61,"is_startpage":24,"parent_id":62,"meta_data":59,"group_id":63,"first_published_at":64,"release_id":59,"lang":65,"path":59,"alternates":66,"default_full_slug":59,"translated_slugs":59,"_stopResolving":67},"Christopher Ruppel","2026-03-17T16:24:01.161Z","2026-04-06T00:09:57.160Z","2026-04-06T00:09:57.172Z",155955368617120,"5ce15b6e-5eb2-4ef8-ac4a-d147b128da73",{"_uid":39,"name":32,"blocks":40,"component":50,"expertise":51,"profile_picture":52},"01c2c833-f9f0-45f9-8b9b-80f2b5fa8be9",[41],{"_uid":42,"title":43,"blocks":44,"component":49,"is_large_title":24},"c0441a69-4a21-4765-986a-e2b9023e724d","Expertise ",[45],{"_uid":46,"copy":47,"component":48},"8f5c2874-33b2-4679-b5de-c44bb00257dd","Christopher Ruppel a rejoint Keel Infrastructure en tant que vice-président principal, Énergie. Chris apporte plus de deux décennies d'expérience à la croisée des infrastructures informatiques de pointe et de l'optimisation des systèmes énergétiques. Il a dirigé des stratégies de développement couvrant la production sur site, les actifs raccordés au réseau et les solutions de conversion du gaz en électricité pour soutenir les environnements d'IA et de calcul en périphérie à haute densité.\n\nL'expérience de Chris comprend la conception et le développement de plus de 4 GW de projets énergétiques à l'échelle mondiale, la structuration de financements de projets s'élevant à plusieurs milliards de dollars, ainsi que le conseil aux opérateurs de centres de données sur des stratégies énergétiques résilientes et optimisées sur le plan commercial. Avant de rejoindre Keel, il a occupé le poste de responsable du développement énergétique chez MARA Holdings, où il a dirigé la stratégie de la division Digital Energy de l'entreprise, en se concentrant sur les solutions d'alimentation derrière le compteur, l'optimisation thermique et les initiatives de réponse à la demande.","team_member_copy_block","team_member_block","team_member","Vice-président principal, Énergie",{"id":53,"alt":54,"name":19,"focus":19,"title":19,"source":19,"filename":55,"copyright":19,"fieldtype":21,"meta_data":56,"is_external_url":24},158128143448457,"Portrait of Christ Ruppel","https:\u002F\u002Fa.storyblok.com\u002Ff\u002F290340181793214\u002F853x1280\u002Ffb552a6926\u002Fchris-ruppel-large.jpeg",{"alt":54,"title":19,"source":19,"copyright":19},"christopher-ruppel","fr\u002Fteam-members\u002Fchristopher-ruppel",null,-170,[],146010902535401,"ccfaacf8-69a7-4d3e-8c7b-b317d370de47","2026-03-17T16:24:26.848Z","fr",[],true,[69],{"_uid":70,"copy":71,"component":105},"3e0da7d4-97e5-4754-8cb7-7c7e276efe50",{"type":72,"attrs":73,"content":74},"doc",{"backgroundColor":59},[75,82,87,92,103],{"type":76,"attrs":77,"content":78},"paragraph",{"textAlign":59},[79],{"text":80,"type":81},"AI infrastructure demand didn't disappear in the past two weeks. The presumption that capital would stay cheap, plentiful, and indifferent to execution risk did. In this issue of Digital Power Digest, Keel Infrastructure SVP of Power Chris Ruppel looks at a stretch when CoreWeave fell more than 22% for the week and its 2032 unsecured bonds traded below 80 cents on the dollar, and at what that means for how AI projects get financed. His takeaway: favor evidence of conversion, meaning funded construction, enforceable offtake, durable permissions, and executable energization, over headline megawatts.","text",{"type":76,"attrs":83,"content":84},{"textAlign":59},[85],{"text":86,"type":81},"Financing terms are now borrower-specific. Volta's proposed $5 billion Norway financing drew investor demands for more collateral and a rate of at least 11%, against 6.78% on Lambda's recently closed facility. The two aren't like-for-like, but the gap shows that counterparty quality, security, and repayment structure carry a real price. On the power side, Google's 3,590 MW Constellation agreement and AEP's $4 billion, 702 MW fuel-cell project show that long-dated, creditworthy offtake is what makes new generation financeable.",{"type":76,"attrs":88,"content":89},{"textAlign":59},[90],{"text":91,"type":81},"Execution risk is also moving into lease and credit terms. Oracle's Project Jupiter pipeline slipped to February 2027, and trucked gas can bridge an early phase but cannot replace a pipeline. The issue also covers behind-the-meter capital, local moratoriums, and much more. The key takeaway: the AI buildout continues, but the market now puts a higher price on getting it wrong.",{"type":76,"attrs":93,"content":94},{"textAlign":59},[95],{"text":96,"type":81,"marks":97},"Read More",[98],{"type":99,"attrs":100},"link",{"href":101,"uuid":59,"anchor":59,"target":102,"linktype":21},"https:\u002F\u002Fa.storyblok.com\u002Ff\u002F290340181793214\u002Fx\u002F5a91c9a410\u002Fdpd-issue-6-1.pdf","_blank",{"type":76,"attrs":104},{"textAlign":59},"post_copy","Digital Power Digest","post",{"id":17,"alt":18,"name":19,"focus":19,"title":19,"source":19,"filename":20,"copyright":19,"fieldtype":21,"meta_data":109,"is_external_url":24},{"alt":18,"size":23,"title":19,"source":19,"copyright":19},{"id":17,"alt":18,"name":19,"focus":19,"title":19,"source":19,"filename":20,"copyright":19,"fieldtype":21,"meta_data":111,"is_external_url":24},{"alt":18,"size":23,"title":19,"source":19,"copyright":19},"ai-infrastructure-financing-capital-turns-selective","fr\u002Fposts\u002Fai-infrastructure-financing-capital-turns-selective",-240,[],146629530122758,"c1369b8a-3a02-471f-9e9a-cae85b247929",[],1792511708,[121],{"name":32,"created_at":33,"published_at":34,"updated_at":35,"id":36,"uuid":37,"content":122,"slug":57,"full_slug":58,"sort_by_date":59,"position":60,"tag_list":129,"is_startpage":24,"parent_id":62,"meta_data":59,"group_id":63,"first_published_at":64,"release_id":59,"lang":65,"path":59,"alternates":130,"default_full_slug":59,"translated_slugs":59},{"_uid":39,"name":32,"blocks":123,"component":50,"expertise":51,"profile_picture":127},[124],{"_uid":42,"title":43,"blocks":125,"component":49,"is_large_title":24},[126],{"_uid":46,"copy":47,"component":48},{"id":53,"alt":54,"name":19,"focus":19,"title":19,"source":19,"filename":55,"copyright":19,"fieldtype":21,"meta_data":128,"is_external_url":24},{"alt":54,"title":19,"source":19,"copyright":19},[],[],[],{"cache-control":133,"connection":134,"content-encoding":135,"content-type":136,"date":137,"etag":138,"referrer-policy":139,"sb-be-version":140,"server":141,"strict-transport-security":142,"transfer-encoding":143,"vary":144,"via":145,"x-amz-cf-id":146,"x-amz-cf-pop":147,"x-cache":148,"x-content-type-options":149,"x-frame-options":150,"x-permitted-cross-domain-policies":151,"x-request-id":152,"x-runtime":153,"x-xss-protection":154},"max-age=0, public, s-maxage=604800, stale-if-error=3600","keep-alive","gzip","application\u002Fjson; charset=utf-8","Tue, 20 Oct 2026 15:56:12 GMT","W\u002F\"e1ce4315ef9883a93496e1baeeae5601\"","strict-origin-when-cross-origin","5.993.0","nginx\u002F1.31.3","max-age=31536000","chunked","Origin,Accept-Encoding","1.1 978b1b29b70b082668c3d920b0bbe7d4.cloudfront.net (CloudFront)","ldrc5OYaXvnx-MVU2nwa6AgEZJiIAHhJPjnCuVIFW0vLAgLtcuZ4rQ==","IAD55-P6","Miss from cloudfront","nosniff","SAMEORIGIN","none","1c5f22ce-54c2-417d-b64e-15d5c71fb7b5","0.038528","0",1792511772313]