[{"data":1,"prerenderedAt":155},["ShallowReactive",2],{"{\"language\":\"en\",\"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","Lender terms, not demand, now decide which AI projects get built. Keel SVP Chris Ruppel on CoreWeave, Volta, Google power deals and PJM rules.","Digital Power Digest- Volume 6: October 5 - October 18, 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 joined Keel Infrastructure as Senior Vice President of Power. Chris brings more than two decades of experience at the intersection of advanced compute infrastructure and energy systems optimization. He has led development strategies spanning onsite generation, grid-connected assets, and gas-to-power solutions supporting high-density AI and edge-compute environments.\nChris’s experience includes originating and developing more than 4 GW of energy projects globally, structuring billions of dollars in project financings, and advising data center operators on resilient, commercially optimized energy strategies. Prior to joining Keel, he served as Head of Energy Development at MARA Holdings, where he led strategy for the company’s Digital Energy division, focusing on behind-the-meter power solutions, thermal optimization, and demand-response initiatives.","team_member_copy_block","team_member_block","team_member","Senior Vice President, Power",{"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","team-members\u002Fchristopher-ruppel",null,-170,[],146010902535401,"ccfaacf8-69a7-4d3e-8c7b-b317d370de47","2026-03-17T16:24:26.848Z","default",[],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","posts\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\"3357ddd99be070975c978e95b0f8da1b\"","strict-origin-when-cross-origin","5.993.0","nginx\u002F1.31.3","max-age=31536000","chunked","Origin,Accept-Encoding","1.1 dbbdffd5abd9b6fb9357259f8ea93f44.cloudfront.net (CloudFront)","-Exzc_bN1oL_iR5hyVEyY9brsdFY5dRzoS4cMmzXphtxhR0PKqvAlw==","IAD55-P6","Miss from cloudfront","nosniff","SAMEORIGIN","none","056569cf-1885-428d-af48-468505f908d2","0.022914","0",1792511771917]