Fermi (dba Fermi America) secured a $165 million senior secured, first lien delayed draw term loan from CSG Investments, an affiliate of Beal Bank USA, to finance the remaining progress payments on its previously ordered six Siemens Energy SGT-800-57 gas turbines, with delivery scheduled in 2028.
The borrower of the facility is Fermi Turbine Warehouse II, a wholly owned special purpose entity of Fermi.
The transaction follows Fermi America’s $500 million turbine warehouse facility with MUFG Bank and the ~$200 million facility from Keystone National Group, both closed in February 2026.
“Every dollar of capital we secure is highly intentional and is a vote of confidence in Project Matador,” Toby Neugebauer, CEO and co-founder of Fermi America, said. “At a time when supply chain logs for long lead time items and connection queues are holding back America’s leading companies, Fermi is helping provide the ramp needed to access clean, redundant power certainty in an uncertain market.”
John Donovan, executive vice president of capital markets for Fermi America, said, “We have tremendous respect for the CSG and Beal Bank USA teams; they brought real expertise in asset finance to this transaction and moved with speed and professionalism at every step. This facility is a testament to the growing institutional confidence in Project Matador’s asset quality and our team’s ability to execute. We look forward to deepening this relationship as we continue to scale our platform.”
Vinson & Elkins served as Fermi’s transaction counsel and Davis Polk & Wardwell served as lender’s counsel.
