RENO, Nevada., January 5, 2026 – Ormat Technologies Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading geothermal and renewable energy company, today announced the signing of a 20-year Power Purchase Agreement (PPA) with Switch, the premier provider of AI, cloud and enterprise data centers. This agreement represents Ormat’s first direct PPA with a data center operator, highlighting Ormat’s leading capabilities in geothermal energy production and the growing demand for sustainable energy solutions to serve the data center industry.

Under the terms of the agreement, Switch will purchase approximately 13MW of clean, renewable energy from Ormat’s Salt Wells geothermal power plant located near Fallon, Nevada. As part of the agreement Ormat has the option to further expand the facility’s output to Switch by adding an approximately 7MW Solar PV facility, which will serve the auxiliary power needs of the geothermal power plant. The combined output will help support the power needs of Switch’s Nevada data centers, aligning with their commitment to sustainability and carbon reduction.

Energy deliveries under the PPA are scheduled to commence in the first quarter of 2030, following the completion of a major upgrade to the Salt Wells power plant, which is expected to be finalized by the second quarter of 2026.

Doron Blachar, Chief Executive Officer of Ormat Technologies, commented, “We are excited to partner with Switch, a leader in the data center industry, to supply reliable, zero-emission power from our Salt Wells geothermal facility. This agreement not only advances Switch’s sustainability goals but also underscores the growing demand for renewable energy within the data center sector. Upon completion of the Salt Wells upgrade, we will be able to deliver approximately 13MW of geothermal energy to Switch, with the potential for further expansion through the addition of a Solar PV facility, highlighting both the enhanced revenue opportunities and strategic value of our power plants.”

Blacher concluded, “Additionally, as we launch this partnership, we see potential for future recontracting of over 100 MW of our existing fleet under this framework. We are encouraged at the opportunity to continue growing this relationship with potential PPA expansion as well as additional new agreements to supply geothermal power to Switch as they continue scaling their business into the strong demand backdrop for the data center industry and Switch’s specific capabilities.” 

“We are proud to enhance our diverse portfolio of renewable, Nevada-based energy sources and deepen our commitment to powering Switch’s data centers with renewable energy through this new long-term agreement with Ormat,” said Alise Porto, SVP of Energy & Sustainability at Switch. “As demand for AI and high-performance digital infrastructure accelerates, securing reliable, carbon-free baseload power is essential to supporting our customers and sustaining our growth. Geothermal energy offers the resiliency and sustainability profile required for the next generation of AI and cloud workloads, and this partnership enhances our ability to deliver world-class performance with a minimal environmental footprint. We look forward to continuing to scale the power needs of our campuses to meet the strong demand for our data center platform.”

About Ormat Technologies

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,618MW with a 1,268MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 350MW energy storage portfolio that is located in the U.S.

About Switch

Switch, founded in 2000 by CEO Rob Roy, stands at the forefront as the leading data center campus designer, builder and operator. As the AI, cloud and enterprise data center experts, Switch provides the

most modular, scalable and sustainable data centers to the most discerning clients. The company offers a comprehensive, future-proof portfolio ranging from highly dense liquid cooled AI to hyperscale cloud and the industry’s highest rated and most-secure enterprise data centers. To learn more, visit www.switch.com and follow Switch on LinkedIn, Facebook and X.

Ormat’s Safe Harbor Statement

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues and Adjusted EBITDA, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, legal, market, industry and geopolitical developments and incentives, demand for renewable energy, and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives.  Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s most recent annual report, and in subsequent filings.

These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

The post Ormat Technologies Signs 20-Year PPA with Switch for ~13 MW of Carbon-Free Geothermal Capacity to Power Data Centers appeared first on Switch.

LAS VEGAS, November 19, 2025 – Schneider Electric, a global energy technology leader, and Switch, a premier provider of AI, cloud and enterprise data centers, today announced a two-phase supply capacity agreement (SCA) totaling $1.9 billion in sales. The milestone deal includes prefabricated power modules and the first North American deployment of chillers. The announcement was unveiled at Schneider Electric’s Innovation Summit North America in Las Vegas, convening more than 2,500 business leaders and market innovators to accelerate practical solutions for a more resilient, affordable and intelligent energy future.

Schneider Electric and Switch have evolved their longstanding partnership to support the growing AI and hyperscale computing demand of AI factories. Hyperscalers are growing rapidly to meet surging AI demand, which is projected to account for over 35% of global data center workloads by 2030, driving a 160% increase in data center power demand. By integrating advanced cooling and power technologies into Switch’s hyperscale data center designs and existing hybrid air and liquid cooling systems, the companies are laying the foundation for more resilient, scalable and future-ready infrastructure. The SCA model provides guaranteed capacity, advanced cooling solutions and full-service support, while preserving the flexibility needed for rapidly evolving AI workloads and customer requirements.

Critically, the solution is built to scale AI capacity without scaling energy demand. Uniflair chillers use oil-free, variable-speed centrifugal compressors and integrated free cooling to match capacity to real-time IT load, preventing overcooling and reducing run hours. Prefabricated power modules come with standardized, pretested layouts that optimize airflow and containment to increase economizer hours and reduce cooling energy compared with traditional builds.

“As AI continues to reshape the digital landscape, we see an opportunity not just to meet demand, but to define what the next generation of data centers can achieve,” said Vandana Singh, SVP of Secure Power North America at Schneider Electric. “By combining modular power, advanced cooling technologies, and a long-term service model, we’re helping create infrastructure that anticipates the future of AI workloads, making energy smarter, more adaptable, and more sustainable.”

The agreement is the largest cooling service engagement Schneider Electric has ever undertaken, with energy technologies including prefabricated power modules and Uniflair chillers, high-efficiency cooling systems for mission-critical environments. It also includes a three-year full-service contract for chillers, ensuring Switch customers benefit from reliable, long-term support.

Switch operates five exascale U.S. data center campuses across Las Vegas, Tahoe Reno, Atlanta, Grand Rapids and Austin. These facilities reside on thousands of acres with multi-gigawatt power capacities. Switch’s AI factories are engineered to power and cool up to 2MW per rack. These facilities position Switch at the leading edge of innovation with their purpose-built designs to support extreme density demands of next-generation AI workloads, aligned with NVIDIA’s DGX and MGX roadmaps.

“As the premium provider to the world’s leading companies, Switch is focused on enabling the next wave of AI and digital innovation through world-class infrastructure, said Jason Hoffman, Chief Strategy Officer at Switch. Expanding our relationship with Schneider Electric advances that mission as we pioneer a new class of AI-ready infrastructure, designed for operational insight, extreme efficiency and the flexibility to evolve as technology advances to meet the growing demand of our customers.”

About Schneider Electric

Schneider Electric is a global energy technology leader, driving efficiency and sustainability by electrifying, automating, and digitalizing industries, businesses, and homes. Its technologies enable buildings, data centers, factories, infrastructure, and grids to operate as open, interconnected ecosystems, enhancing performance, resilience, and sustainability. The portfolio includes intelligent devices, software-defined architectures, AI-powered systems, digital services, and expert advisory. With 160,000 employees and one million partners in over 100 countries, Schneider Electric is consistently ranked among the world’s most sustainable companies.

www.se.com

About Switch

Switch, founded in 2000 by CEO Rob Roy, stands at the forefront as the leading data center campus designer, builder and operator. As the AI, cloud and enterprise data center experts, Switch provides the most modular, scalable and sustainable data centers to the most discerning clients. The company offers a comprehensive, future-proof portfolio ranging from highly dense liquid cooled AI to hyperscale cloud and the industry’s highest rated and most-secure enterprise data centers. To learn more, visit www.switch.com and follow Switch on LinkedIn, Facebook and X.

The post Schneider Electric and Switch Expand Partnership with $1.9 Billion Supply Capacity Agreement to Power AI Factories appeared first on Switch.

LAS VEGAS – October 20, 2025 – Switch, a premier provider of AI, cloud and enterprise data centers, today announced the closing of its fourth asset-backed securities (“ABS”) offering, raising nearly $659 million. The Class A-2 Notes are rated AAA, AA (low), A (low)and the Class B Notes are rated BBB (low) by DBRS Morningstar. This transaction marks Switch’s fourth ABS offering, bringing total ABS issuance to approximately $3.5 billion and making Switch the largest single issuer of data center ABS since 2024. All of Switch’s ABS issuances qualify as secured green bonds, underscoring the company’s commitment to sustainability and responsible growth.

Proceeds from this issuance will be used to fund Switch’s growth strategy, which includes ongoing development at each of its five campuses for Hyperscale, AI, and enterprise customers. In July 2025, Switch announced it had retired all $6.5 billion of bank debt incurred during its 2022 take-private. This ABS issuance marks Switch’s first securitization with proceeds dedicated entirely to fund new development.

This issuance reflects the strength and scalability of Switch’s enterprise ABS platform, which now encompasses 10 data centers across four geographically diverse campuses, serving nearly 500 customers, with over 70% of revenue generated from tenants rated investment grade. These strong credit characteristics led Switch to introduce the first AAA-rated tranche in non-hyperscale data center ABS, marking a sector milestone that reinforces the company’s leadership in data center capital markets.

“The success of this transaction, and the overall growth of our platform, clearly demonstrate that our formula of leading-edge technology combined with exascale campus deployments in Tier 1 markets continues to resonate with customers and investors alike,” said Madonna Park, Chief Financial Officer of Switch. “As our deep pipeline of fully leased multi-tenant and Hyperscale assets continues to stabilize, we expect to remain an active issuer across the ABS and broader capital markets.”

“With roughly $6 billion of stabilized asset financings completed to date, we have the scale and track record to continue to efficiently recycle capital while supporting the largest AI, cloud and enterprise customers, as they grow with Switch,” she added.

In addition to closing its ABS transaction, Switch was recently awarded “2025 Growth Story of the Year” by TMT Finance. Switch has also received recognition this year for its capital markets achievements by IJ Global, PFIA and Proximo Infrastructure.

Transaction Advisors and Counsel

Wells Fargo Securities, LLC served as Co-Structuring Advisor and Lead Left Bookrunner and RBC Capital Markets, LLC served as Co-Structuring Advisor and Joint Active Bookrunning Manager. Morgan Stanley, TD Securities and Truist served as Joint Active Bookrunning Managers. Kirkland & Ellis LLP advised Switch, and Latham & Watkins LLP represented the underwriters.

About Switch

Switch, founded in 2000 by CEO Rob Roy, stands at the forefront as the leading data center campus designer, builder and operator. As the AI, cloud and enterprise data center experts, Switch provides the most modular, scalable and sustainable data centers to the most discerning clients. The company offers a comprehensive, future-proof portfolio ranging from highly dense liquid cooled AI to hyperscale cloud and the industry’s highest rated and most-secure enterprise data centers. To learn more, visit www.switch.com and follow Switch on  LinkedIn, Facebook and X. 

The post Switch Raises $659 Million in Fourth Data Center ABS Offering appeared first on Switch.

LAS VEGAS — JULY 15, 2025 — Switch, a premier provider of AI, cloud and enterprise data centers, today announced an expansion across its Borrowing Base and Revolving Credit Facilities to $10 billion. With this latest milestone, Switch has raised $20 billion since 2024 through sustainable financing structures, including sustainability-linked loans, green loans and green bonds.

The total capital raised includes $5.2 billion in previously announced CMBS and ABS issuances, among the largest in the sector, $4.5 billion in project-level infrastructure financings and the newly upsized credit facilities. Proceeds from these transactions will support the growth of Switch’s contracted campus developments nationwide, reduce its cost of capital and retire 100% of the bank debt incurred during its 2022 take-private transaction.

This capital foundation also supports the continued expansion of Switch’s cutting-edge product portfolio, including its latest innovation – Rob Roy’s EVO AI Factories. Purpose-built for next generation AI, hyperscale cloud and enterprise workloads, these AI factories feature a hybrid-air-and-liquid cooled design that supports extreme densities up to 2 MW per rack, all aligned with NVIDIA DGX™ and MGX roadmaps and ready for their latest systems. Construction is underway across all five Switch campuses, including Tahoe Reno and Atlanta – two of the fastest growing and strategically important AI infrastructure markets in the U.S., with phased capacity deliveries secured by long-term customer contracts.

“As digital infrastructure becomes more critical to enabling AI and next-generation technologies, our focus remains on delivering performance and reliability at scale,” said Thomas Morton, President of Switch. “With strong visibility into contracted demand, this capital access positions us to execute with speed and efficiency, while making sure the infrastructure we deliver stands up to future demands and continues to support our customers’ evolving needs.”

“Our capital strategy is centered on aligning long-term customer commitments with efficient, scalable funding,” added Madonna Park, Chief Financial Officer of Switch. “This expanded access to capital allows us to execute on secured developments and also provides us the flexibility and liquidity to best position us for continued growth.”

“We’re pleased to have continued strong support from both new and long-standing capital partners,” said Jesse Burros, Chief Investment Officer of Switch. “The oversubscription of our most recent financing reflects institutional confidence in our platform, driven by a fully contracted pipeline and disciplined execution.”

Backed by a broad and collaborative syndicate of leading financial institutions, the recent upsize of the Corporate Revolving Credit Facility was led by TD Securities and J.P. Morgan, who also served as Joint Lead Arrangers and Joint Bookrunners. ING serves as Sustainability Coordinator and TD Securities serves as Administrative Agent.

The secured Borrowing Base Facility was led by J.P. Morgan and TD Securities, who served as Co-structuring Agents, Joint Lead Arrangers and Joint Bookrunners. ING and TD Securities serve as Co-sustainability Coordinators and TD Securities also serves as Administrative Agent.

Across the other financing programs, the 2024 ABS issuances were supported by Morgan Stanley and MUFG as Co-structuring Advisors. TD Securities and RBC Capital Markets, LLC served as Joint Bookrunners. Passive Bookrunners included Société Générale, Truist Securities, Scotiabank, Santander, Citizens Capital Markets, Goldman Sachs and Guggenheim. ING, NatWest Markets, Standard Chartered Bank and Zions Capital Markets acted as Co-managers.

For the 2025 ABS issuance, Morgan Stanley and TD Securities served as Co-structuring Advisors. BMO Capital Markets, MUFG and Société Générale acted as Joint Bookrunners. Citizens Capital Markets, ING, Scotiabank, Standard Chartered Bank and Truist Securities participated as Passive Bookrunners. Co-managers included BofA Securities, BNP Paribas, CIBC Capital Markets, Mizuho, NatWest, PNC Capital Markets LLC and SMBC.

For the CMBS offering, Citigroup Global Markets Inc., Barclays, Goldman Sachs & Co. LLC, RBC Capital Markets and Wells Fargo Securities, LLC acted as Co-lead Managers and Joint Bookrunners.

In the project-level infrastructure financings, MUFG and SMBC served as Structuring Banks, Initial Coordinating Lead Arrangers and Joint Bookrunners. Mizuho and Société Générale also served as Initial Coordinating Lead Arrangers and Joint Bookrunners. ING, SMBC and Société Générale serve as Joint Green Loan Coordinators, reinforcing Switch’s commitment to sustainable infrastructure development. MUFG serves as Administrative Agent.

Milbank LLP acted as legal counsel to Switch for the Corporate Revolving Credit Facility, Borrowing Base Facility and project financings. Kirkland & Ellis LLP, Milbank LLP and Simpson Thacher & Bartlett LLP advised Switch on the ABS transactions, with Simpson Thacher & Bartlett LLP also serving as Switch’s counsel for the CMBS offering.

Paul Hastings acted as lenders’ counsel for the Corporate Revolving Credit Facility and Borrowing Base Facility. Davis Polk & Wardwell LLP acted as lenders’ counsel for the project-level infrastructure financings. Latham & Watkins represented the underwriters on the ABS transactions and for the CMBS offering, Dechert LLP served as lenders’ counsel and Orrick, Herrington & Sutcliffe LLP represented the underwriters.

About Switch Switch, founded in 2000 by CEO Rob Roy, stands at the forefront as the leading data center campus designer, builder and operator. As the AI, cloud and enterprise data center experts, Switch provides the most modular, scalable and sustainable data centers to the most discerning clients. The company offers a comprehensive, future-proof portfolio ranging from highly dense liquid cooled AI to hyperscale cloud and the industry’s highest rated and most-secure enterprise data centers. To learn more, visit www.switch.com and follow Switch on  LinkedIn, Facebook and X. 

The post Switch Expands Credit Facilities, Raising $20 Billion Since 2024 appeared first on Switch.

LAS VEGAS — MARCH 25, 2025 — Switch, a premier provider of AI, cloud and enterprise data centers, today announced the successful completion of two securitized financing transactions. The transactions include a $2.4 billion Single Asset Single Borrower (SASB) CMBS loan and a $1.1 billion Asset Backed Security (ABS) issuance. The combined proceeds, totaling $3.5 billion, will refinance the majority of the company’s outstanding acquisition financing, which supported the take-private transaction led by DigitalBridge and IFM Investors in December 2022.

“We are thrilled to announce the completion of two landmark transactions: our third ABS and our inaugural CMBS issuances. These comprised $3.5 billion of new securitized debt, bringing our total issuance over the past 12 months to more than $5.2 billion,” said Thomas Morton, President of Switch. “These two transactions, which we successfully closed only one month apart, make Switch the largest issuer of securitized data center paper during the past year.”

Highlights:

• The CMBS issuance of $2.4 billion is the largest green data center CMBS transaction ever completed, and the second largest data center CMBS transaction in history
• The ABS offering of $1.1 billion is the third in our master trust which now totals $2.8 billion, and the largest green data center ABS transaction ever completed
• Switch is the largest data center ABS issuer over the past 12-months

“Both of these transactions mark significant milestones in repaying our acquisition financing and their timing highlights the resiliency of the Switch platform and our ability to access the capital markets at scale,” said Madonna Park, Chief Financial Officer of Switch. “New and existing investors continue to show strong interest in our differentiated assets and business model, and we plan to remain a repeat issuer.”

CMBS

Switch’s inaugural CMBS transaction includes its Las Vegas 7, Las Vegas 9 and Reno 2 data centers. The $2.4 billion offering includes 66 unique investors across seven tranches. All series of notes in this CMBS issuance were designated as green bonds and received second-party opinion (SPO) from Sustainalytics.

Citigroup Global Markets Inc., Barclays, Goldman Sachs & Co. LLC, RBC Capital Markets and Wells Fargo Securities, LLC led the transaction as Co-Lead Managers and Joint Bookrunners. Switch was advised by Simpson Thatcher & Bartlett LLP, Dechert LLP served as lenders’ counsel and Orrick, Herrington & Sutcliffe LLP represented the underwriters.

ABS

Switch closed its third ABS issuance on March 13, 2025, for $1,093 million. This transaction includes its Las Vegas 10 and Las Vegas 11 data centers. The $1.1 billion offering was structured to include two classes of notes. All series of notes in this issuance were designated as green bonds under International Capital Markets Association green bond principles in accordance with Switch’s Green Financing Framework. The deal was led by Morgan Stanley and TD Securities (USA) LLC as Co-Structuring Advisors.

In addition to Co-Structuring Advisors Morgan Stanley and TD Securities, BMO Capital Markets, MUFG and Société Generale acted as Joint Bookrunners. Citizens Capital Markets, ING, Scotiabank, Standard Chartered Bank and Truist Securities acted as Passive Bookrunners. BofA Securities, BNP Paribas, CIBC Capital Markets, Mizuho, Natwest, PNC Capital Markets LLC, and SMBC Nikko acted as Co-Managers. Switch was advised by Kirkland & Ellis and Latham & Watkins represented the underwriters.

About Switch

Switch, founded in 2000 by CEO Rob Roy, stands at the forefront as the leading data center campus designer, builder and operator. As the AI, cloud and enterprise data center experts, Switch provides the most modular, scalable and sustainable data centers to the most discerning clients. The company offers a comprehensive, future-proof portfolio ranging from highly dense liquid cooled AI to hyperscale cloud and the industry’s highest rated and most-secure enterprise data centers. To learn more, visit www.switch.com and follow Switch on LinkedIn, Facebook and X.

The post Switch Announces $3.5 Billion in Securitized Debt Financings appeared first on Switch.

SANTA CLARA, California – December 18, 2024 — Oklo Inc. (NYSE: OKLO) (“Oklo” or the “Company”), an advanced nuclear technology company, and Switch, a premier provider of AI, cloud and enterprise data centers, have signed a non-binding Master Power Agreement (“Master Agreement”) to deploy 12 gigawatts of Oklo Aurora powerhouse projects through 2044. This is one of the largest corporate clean power agreements ever signed. The Master Agreement establishes a framework for collaboration, with the expectation that individual binding agreements will be finalized as project milestones are reached.

Under the Master Agreement, Oklo will develop, construct, and operate powerhouses to provide power to Switch across the United States through a series of power purchase agreements. This enduring relationship over several decades will help accelerate Oklo’s early powerhouse deployments and also position the Company to scale in response to a growing demand pipeline. This Master Agreement enables Oklo to leverage Switch’s best-in-class execution while developing the financial and infrastructure model for scaling advanced nuclear.

The timescale of this Master Agreement underscores Switch and Oklo’s commitment to meeting artificial intelligence’s growing electricity demands with clean, sustainable power. The Company believes that Switch’s industry-leading data centers, which support the computing needs of some of the world’s largest companies, are ideally positioned to handle AI workloads well into the future.

“The relationship with Oklo underscores our commitment to deploying advanced nuclear power at a transformative scale for our data centers, further enhancing our offerings of one of the world’s most advanced data center infrastructures to current and future Switch clients,” said Rob Roy, Founder and CEO of Switch. “By utilizing Oklo’s powerhouses, we aim to ensure that Switch remains the leader in data center sustainability while supporting our vision of energy abundance.”

Since January 2016, all Switch data centers have been powered by 100% renewable energy, nearly 984 million kilowatt-hours of green power annually. This Master Agreement with Oklo supports Switch’s mission to build efficient, sustainable infrastructure while bolstering the voluntary market for renewable and clean energy sources.

“We are excited to collaborate with Switch on this historic agreement,” said Jacob DeWitte, Co-Founder and CEO of Oklo. “Rob Roy and the Switch team share the vision we have for nuclear energy’s role in powering artificial intelligence and providing the world with energy abundance. Oklo expects to benefit enormously from Switch’s record of turning visions into reality. The lifespan of this Master Agreement will allow us to iterate and evolve with Switch, from development to deployment to scaling. We believe that working with Switch will not only accelerate our early powerhouses but also accelerate our ability to scale by demonstrating customer demand for decades to come.”

This Master Agreement highlights Oklo’s business model of simplifying clean energy access by selling power, not power plants. It offers customers a direct, flexible pathway to clean, reliable, and affordable advanced nuclear energy. Aurora powerhouses are planned to support growing energy demands as they are deployed in the future.

# # #

About Switch:  Switch, founded in 2000 by CEO Rob Roy, stands at the forefront as the leading data center campus designer, builder and operator. As the AI, cloud and enterprise data center experts, Switch provides the most modular, scalable and sustainable data centers to the most discerning clients. The company offers a comprehensive, future-proof portfolio ranging from highly dense liquid cooled AI to hyperscale cloud and the industry’s highest rated and most-secure enterprise data centers. To learn more, visit www.switch.com and follow Switch on LinkedIn, Facebook and X.

About Oklo Inc.: Oklo Inc. is developing advanced nuclear power plants that run on nuclear waste to provide clean, reliable, and affordable energy at scale. Oklo received a site use permit from the U.S. Department of Energy, was awarded fuel material from Idaho National Laboratory, submitted the first advanced fission custom combined license application to the U.S. Nuclear Regulatory Commission, and is developing advanced fuel recycling technologies in collaboration with the U.S. Department of Energy and U.S. National Laboratories.

Forward-Looking Statements

This press release includes statements that express Oklo’s opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, the timing, goals and benefits of the Master Agreement, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Oklo operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties.

As a result of a number of known and unknown risks and uncertainties, the actual results or performance of Oklo may be materially different from those expressed or implied by these forward-looking statements. The following important risk factors could affect Oklo’s future results and cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: risks related to the deployment of Oklo’s powerhouses; the risk that Oklo is pursuing an emerging market, with no commercial project operating, regulatory uncertainties; the potential need for financing to construct plants, market, financial, political and legal conditions; the effects of competition; changes in applicable laws or regulations; the risk that the Master Agreement fails to produce the expected benefits; and the outcome of any government and regulatory proceedings and investigations and inquiries.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties of the other documents filed by Oklo from time to time with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this press release and in any document incorporated by reference are based on current expectations and beliefs concerning future developments and their potential effects on Oklo. There can be no assurance that future developments affecting Oklo will be those that Oklo has anticipated. Oklo undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Source: Oklo Inc.

The post Oklo and Switch Form Landmark Strategic Relationship to Deploy 12 Gigawatts of Advanced Nuclear Power, One of the Largest Corporate Clean Power Agreements Ever Signed appeared first on Switch.

LAS VEGAS – September 12, 2024 — Switch, a premier provider of AI, cloud and enterprise data centers, today announced that it has closed on its $4.25 billion sustainability-linked Borrowing Base Facility (the “BBF”) and upsized its Revolving Credit Facility (the “RCF”) to $770 million.

Proceeds from the BBF, which consists of a $3.5 billion revolving credit facility and $750 million term loan, will primarily be used to fund the development of new projects totaling over $5 billion of total contract value across four campuses, as well as refinance a portion of the Company’s existing acquisition debt incurred in connection with its take-private by DigitalBridge and IFM Investors in December 2022. The RCF will fund working capital and general corporate purposes. The recently completed transactions will support Switch’s bookings momentum across its base of leading enterprise, hyperscale and AI customers.

“The series of financings we have completed this year ideally position us for growth opportunities at the forefront of cloud, AI and enterprise, while affirming our commitment to sustainability,” said Thomas Morton, President of Switch. “We are excited to enhance our liquidity position and support our robust development pipeline.”

“These transactions, in addition to the two successful ABS issuances earlier this year, are an important part of our overall capital formation strategy,” said Madonna Park, Chief Financial Officer of Switch. “Having access to multiple sources of capital will be important to support both our stabilized portfolio of assets as well as the continued development of our exascale campuses.”

Switch has a proven history of responsible growth and has embedded sustainability into its financing strategy by tying financial outcomes to measurable sustainability progress.

The BBF will be sustainability-linked and align with sustainability-linked loan principles.

“This was a very successful syndication, with over 25 banks participating across both capital raises, and we were able to upsize the transactions by over 40%,” said Jesse Burros, Chief Investment Officer of Switch. “Combined with the depth of our development and sales pipelines, our relationships across the financial community are highly strategic, and we value the support shown on these and other financings.”

In connection with the BBF transaction, J.P. Morgan and TD Securities served as Co-Structuring Agents and Joint Lead Arrangers, with ING Capital and TD Securities serving as Co-Sustainability Coordinators. TD Securities served as Left Lead Arranger on the RCF transaction and is the Administrative Agent for both the BBF and RCF.

Milbank was legal advisor to Switch, and Paul Hastings was lenders’ counsel on the BBF and RCF transactions.

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About Switch

Switch was founded in 2000 by CEO Rob Roy and stands at the forefront as the premier data center designer, builder and operator, owning 100% of its land and facilities. As the AI, cloud and enterprise data center experts, Switch delivers unparalleled solutions for the most discerning clients worldwide. With a commitment to robustness, scalability and sustainability, Switch offers a comprehensive portfolio encompassing highly dense, liquid-cooled AI environments, hyperscale cloud infrastructure and industry-leading, highly secure enterprise data centers. To learn more, visit switch.com and connect with us on LinkedIn, Facebook and X.

The post Switch Secures $5 Billion in New Debt Financing appeared first on Switch.

LAS VEGAS — June 24, 2024 — Switch, the premier provider of AI, cloud and enterprise data centers, today announced the successful completion of two consecutive, asset-backed securities (ABS) transactions. The inaugural ABS issuance, totaling $752 million closed March 14, 2024, followed by the second issuance of $940.3 million, which closed on June 17, 2024. These two issuances make Switch the largest data center ABS issuer year-to-date with a total of nearly $1.7 billion. 

“Successfully executing these transactions marks a strategic milestone in the evolution of Switch’s capital structure, giving the company access to new investors, additional borrowing capacity and a lower overall cost of debt,” said Thomas Morton, President of Switch.  

“Capitalizing on the strong investor demand, we were able to execute both transactions with oversubscription levels across all classes of our bonds and on the second issuance we were able to tighten pricing across our Class A and Class B bonds,” said Madonna Park, Chief Financial Officer of Switch. “Given the success of these two issuances, combined with our robust portfolio of development and stabilized assets, we expect to continue to be an active issuer in the ABS market.” 

Net proceeds after transaction fees and expenses will be used to refinance a portion of company’s take-private mortgage loan, which was put in place at the time Switch was acquired by DigitalBridge and IFM Investors in December 2022. 

A wholly owned subsidiary of Switch, ABS Issuer, LLC established its Master Trust March 14, 2024, with the closing of its first issuance of $752 million. The offering included two classes of notes, $657.6 million of Class A and $94.2 million of Class B. All notes were rated by DBRS-Morningstar with the Class A notes rated A(low) and the Class B notes rated BBB(low). All series of notes in this issuance were designated as green bonds under International Capital Markets Association Green Bond principles in accordance with Switch’s Green Financing Framework. The deal was led by Morgan Stanley who acted as the Sole Structuring Advisor.  

Switch followed on its inaugural issuance in March, with the closing of its second issuance on June 17, 2024, for $940 million. The offering included three classes of notes, $671.5 million of Class A, $94.8 million of Class B and $174 million of Class C. All notes were rated by DBRS-Morningstar with the Class A notes rated A(low), Class B notes rated BBB(low) and Class C notes rated BB(low). All series of notes in this issuance were designated as green bonds under International Capital Markets Association green bond principles in accordance with Switch’s Green Financing Framework. The deal was led by Morgan Stanley and MUFG (Mitsubishi UFJ Financial Group) as Co-Structuring Advisors.  

In addition to Co-Structuring Advisors Morgan Stanley and MUFG, TD Securities (USA), LLC and RBC Capital Markets, LLC, acted as Joint Bookrunners. Société Generale, Truist Securities, Scotiabank, Santander, Citizens Capital Markets, Goldman Sachs and Guggenheim acted as Passive Bookrunners. ING, Natwest Markets, Standard Chartered Bank and Zions Capital Markets acted as Co-Managers. 

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About Switch 

Switch, founded in 2000 by CEO Rob Roy, stands at the forefront as the premier data center designer, builder and operator, owning 100% of its land and facilities. As the AI, cloud and enterprise data center experts, Switch delivers unparalleled solutions for the most discerning clients worldwide. With a commitment to robustness, scalability and sustainability, Switch offers a comprehensive portfolio encompassing highly dense, liquid-cooled AI environments, hyperscale cloud infrastructure and industry-leading, highly secure enterprise data centers. To learn more, visit switch.com and connect with us on LinkedIn, Facebook and X.

The post Switch Completes $1.7 Billion in ABS Financing appeared first on Switch.

LAS VEGAS, NV — October 12, 2023 — Switch, the exascale technology infrastructure company, today announced the appointment of Madonna Park to the position of Chief Financial Officer. As CFO at Switch, Madonna will be responsible for financial management of the company, including leading the Accounting, Finance, Internal Audit and Investor Relations teams. She will also partner with the executive team to drive Switch’s ambitious growth plans.

“Madonna will be a wonderful addition to our executive team,” said Switch Founder and CEO Rob Roy. “As a global leader in technology infrastructure around data centers and telecommunications, Madonna’s extensive knowledge and unmatched experience will be a tremendous asset to Switch.”

Madonna brings more than 20 years of experience as an investment banker and equity research analyst. She joins Switch after more than 17 years with RBC Capital Markets, where she most recently served as Managing Director and Global Head of Communications Infrastructure. In this role, she was focused on providing companies in the data center and fiber sectors with comprehensive financial advisory services including mergers and acquisitions, leveraged buyouts, recapitalizations and equity and debt underwriting. Madonna has successfully led and executed numerous high-profile M&A and capital market transactions in the data center space across North America, Europe and Asia.

“We are excited to welcome Madonna to the executive team of Switch. Her experience in the digital infrastructure sector and expertise across capital markets are a perfect match to support Switch’s rapid growth, increasingly driven by demand for core enterprise outsourcing and AI workloads,” added Jon Mauck, Senior Managing Director and Head of Data Center Investments at DigitalBridge.

About Switch

Switch is the independent leader in exascale data center ecosystems, edge data center designs, industry-leading telecommunications solutions and next-generation technology innovation. Switch Founder and CEO Rob Roy developed over 950 issued and pending patent claims covering data center designs that have manifested into the company’s world-renowned data centers and technology solutions.

We innovate to sustainably progress the digital foundation of the connected world with a focus on enterprise-class and emerging hybrid cloud solutions. The Switch PRIMES, located in Las Vegas and Tahoe Reno, Nevada; Grand Rapids, Michigan; Atlanta, Georgia; and Austin, Texas are the world’s most powerful exascale data center campus ecosystems with low latency to major U.S. markets. Visit switch.com for more information and follow us on LinkedIn, Facebook and Twitter.

The post Switch Appoints Madonna Park as Chief Financial Officer appeared first on Switch.

“We must do our part to enhance human productivity and drive economic prosperity. My vision for Switch is to sustainably power the future of the connected world by providing the most secure, energy-efficient technology ecosystems to facilitate digital commerce now and for the next 100 years,” said Switch Founder and CEO Rob Roy. 

Switch’s 2022 ESG Report highlights include: 

• Maintained Net ZERO Scope 1 & 2
• Awarded Top 5 Tech Company for Solar Use by SEIA (along with Meta, Amazon, Apple & Microsoft)
• Achieved ISO 50001 Certification – Energy Management System
• Achieved ISO 14001 Certification – Environmental Management System
• Recognized by the EPA as a Green Power Leader for the 4^th Year in a Row
• Increased the Number of Diverse Employees and Small and Diverse Suppliers
• Increased Percentages in Waste Recycling, to 48% in 2022 from 33% in 2021
• Expanded its Employee Wellness Initiative by Adding Teledoc Mental Health

Switch was once again named by Newsweek magazine as one of “America’s Most Responsible Companies,” reflecting its commitment to ESG, company social responsibility, sustainability and overall company citizenship.

All Switch data centers run on 100% renewable energy and have been achieving this extraordinary milestone since 2016. In recognition of the company’s efforts in solar energy, the Solar Energy Industries Association named Switch one of the top five companies for solar use in the U.S.

In addition, Switch has again achieved NET ZERO scope 1 and 2 carbon emissions and maintains industry-leading Power Usage Effectiveness (PUE) ratings on fully seasoned sectors.

Switch’s commitments to conserving resources and maintaining the highest standards of efficiency have also led to new certifications, including the Energy Management Systems ISO 50001 and Environmental System Management ISO 14001.

Switch, whose company culture has long embraced diversity and inclusion, increased the employment of ethnic minorities and further benefited from a decrease in turnover.  Switch expanded its wellness initiative for all employees and their families through the addition of virtual Teladoc appointments and consultations for greater access to mental health resources.

“The year ended with Switch joining the Digital Bridge and IFM Investors portfolios, a momentous event for Switch reflecting our industry leading performance and differentiated technology,” said Switch Founder and CEO Rob Roy. “Switch’s goal remains to protect the world’s most precious resources and to reduce the environmental impact in the communities in which we do business. As we transition into the Digital Bridge and IFM Investors families, Switch will remain firmly at the forefront of growth, innovation and environmental sustainability within the data center industry.”

A full copy of the 2022 ESG report can be found here.

About Switch

Switch is the independent leader in exascale data center ecosystems, edge data center designs, industry-leading telecommunications solutions, and next-generation technology innovation. Switch Founder and CEO Rob Roy has developed more than 950 issued and pending patent claims covering data center designs that have manifested into the company’s world-renowned data centers and technology solutions.

We innovate to sustainably progress the digital foundation of the connected world with a focus on enterprise-class and emerging hybrid cloud solutions. The Switch PRIMES, located in Las Vegas and Tahoe Reno, Nevada; Grand Rapids, Michigan; Atlanta, Georgia; and Austin, Texas, are the world’s most powerful exascale data center campus ecosystems with low latency to major U.S. markets. Visit switch.com for more information and follow us on LinkedIn, Facebook, and Twitter.

The post Switch Issues Annual Environmental, Social and Governance Report appeared first on Switch.