A potentially major development for Delta Forge 1 that deserves more attention.

An official 131-page Louisiana government meeting packet has come out containing a proposed agreement that would allow up to $4.6 billion in revenue bonds to finance $APLD’s Delta Forge 1 campus. This is the 300 MW Louisiana project backed by approximately $7.5 billion in contracted hyperscaler revenue over 15 years from $META. The significance here is that we are seeing a specific financing structure emerge for one of $APLD’s major AI factories.

So how would this work?

The England Economic and Industrial Development District, a Louisiana public authority, would issue the bonds to institutional investors. The money would finance data-center construction and infrastructure. But Louisiana taxpayers would not be responsible for paying the bonds back.

Rather $APLD’s project subsidiary would make the required payments, potentially using the cash generated by its long-term hyperscaler lease with $META.…