Mintz Represents Wilmington Trust in $600 Million Financing for Lancium’s AI Infrastructure Platform

The Situation

Wilmington Trust was engaged as collateral agent and depositary bank in a complex $600 million, project finance-style, senior debt financing for Lancium, an energy technology and infrastructure company developing clean campuses for hyperscale data centers and AI and cloud computing workloads. Because the transaction sat at the intersection of project finance, secured lending, agency services, digital infrastructure, and power infrastructure, Wilmington Trust turned to Mintz for counsel that could address the transaction’s financing and collateral security structure tied to a large-scale, power-intensive development platform, and the liability and risk management considerations arising from its roles as collateral agent and depositary bank.

The financing supports Lancium’s clean campus strategy, beginning with the 1.2 GW Lancium Clean Campus in Abilene, Texas. The site is the first project in the Stargate initiative, a multi-stakeholder AI infrastructure program backed by SoftBank, OpenAI, Oracle, and MGX that is expected to support a nationwide network of hyperscale AI data centers.

The Approach

The Mintz team, led by Luis F. Torres, advised Wilmington Trust on its collateral agent and depositary bank roles in a financing designed to support the development of AI-ready clean campuses. The team helped Wilmington Trust navigate the legal and commercial considerations associated with a transaction involving secured debt, large-scale energy assets, purpose-built substations, and infrastructure intended to meet growing demand for AI and cloud computing capacity.

The transaction brought together participants across the digital infrastructure, energy, and finance sectors. Santander Corporate & Investment Banking served as debt financial advisor, sole structuring bank, sole underwriter, left lead, and administrative agent, while Cantor Fitzgerald served as strategic advisor to Lancium.

“This financing marks a pivotal milestone for Lancium,” said Michael McNamara, CEO and Co-founder of Lancium. “Not only does it validate the strength of our platform and assets, but it also creates a scalable foundation to expand digital infrastructure in Texas and beyond.” 

The Outcome

The financing provides $600 million in capital to advance development of the Abilene Clean Campus and support additional projects across Lancium’s portfolio. As the inaugural Stargate site, the campus is designed to power advanced AI and cloud computing workloads while establishing a scalable platform for future growth.

For Wilmington Trust, the transaction demonstrates the value of experienced collateral agent counsel in financings that combine sophisticated debt structures with the rapidly evolving infrastructure needs of the AI economy. The matter also reflects Mintz’s ability to support clients on transactions where digital infrastructure, sustainable power, and project finance converge.