Saudi Hyperscale · CCAV Operating System

Deal Package · Investment Committee submission

Doc code

DP-2026-Q2-014

Riyadh-North hyperscale campus, 250 MW build-out, consortium-assembled deal

Investment Committee submission for a 250 MW build-to-suit data center campus, assembled from four pre-committed parties drawn from the standing-commitment pool. Closure probability 87% on assembly model. Sample for illustration; live deal data is verified end-to-end.

Prepared for

CCAV Investment Committee

Prepared at

May 2026

Classification

Sample · For illustration

Sample output. Figures, parties, and identifiers are illustrative. This document is provided to demonstrate the platform's institutional artefact format. Live deliverables follow the same structure with verified data.

Executive summary

A 250 MW build-to-suit hyperscale campus in Riyadh-North, structured as a 4-party consortium with 15-year contracted offtake from a Tier-1 cloud provider. Total committed capex USD 1.42B. Closure probability 87% under base assembly model. Recommended for IC approval.

AssetHyperscale DC campus, 250 MW

LocationRiyadh-North · KAEC corridor · MODON-allocated parcel

Total capexUSD 1,420 M (all-in incl. power infra)

Anchor offtakerTier-1 hyperscaler · 15-yr contracted MW

Levered IRR (base)14.8% · LP-investor view

Sukuk eligibilityPhase-2 (post-commissioning month 24)

Closure probability87% · top-1 ranked of 12 candidate consortia

RecommendationAPPROVE · subject to standard conditions

Why this consortium

The platform's assembly engine ranked this 4-party consortium #1 across all 12 candidate constructions because it (a) maximises closure probability via fully pre-committed counterparties, (b) keeps consortium HHI below 2,400 (within concentration policy), and (c) clears all regulatory pre-conditions without further negotiation rounds.

Parties & roles

Party (anonymised)	Role	Pre-commitment	Verification
LAND-CO-A	Site provider · 320 ha freehold	Yes · SC-2026-LAND-104	Verified · title + zoning · 96% confidence
POW-CO-B	Grid + captive 300 MW	Yes · SC-2026-POW-088	Verified · grid letter + ESCC clearance
OP-CO-C	Operator · Tier-III+ certified	Yes · SC-2026-OP-031	Verified · 4 reference deployments
OFF-CO-D	Anchor offtaker · 15-yr MW	Yes · SC-2026-OFF-019	Verified · binding term sheet

Asset & site evidence

Total land area320 ha · contiguous parcel

Buildable IT~250 MW critical (Phase 1: 100 MW)

PUE design target1.28 annualised (free-cooling 41%)

Grid HV connection380 kV double-fed · SEC grid letter on file

Water sourceTSE pipeline + on-site reclaim · 95% non-potable

Fiber paths3× diverse · 2 carriers · sub-3ms to Riyadh core

Permits issued7 / 9 · 2 pending Q3 2026

ESG baseline63% RE PPA committed · Scope-2 pathway documented

Commercial structure

Tranche	Instrument	Tenor	Margin	Notes
Senior debt	Syndicated infra term loan	15 yrs	SAIBOR + 195 bps	DSCR floor 1.35x
Senior debt	CMA-eligible sukuk	7 yrs (Phase-2)	SAIBOR + 165 bps	Refinances 35% of senior
Mezzanine	PIK preferred	10 yrs	12% PIK + 4% cash	Subordinated to all senior
Equity	Sponsor + LP	n/a	Levered IRR 14.8%	Sponsor 22% / LP 78%

Cross-check note · auto-generated

PPA term (15 yrs) ≥ senior debt tenor (15 yrs). Sukuk refinance window (mo. 24–30) aligns with anchor offtaker payment-floor activation (mo. 18). No timing conflicts surfaced.

Financial model · base case

Metric	Year 1	Year 5	Year 10	Year 15
Revenue (USD M)	28	195	224	248
EBITDA (USD M)	12	142	168	188
EBITDA margin	43%	73%	75%	76%
Net debt / EBITDA	8.2x	3.4x	1.8x	0.4x
DSCR	1.18x	1.62x	2.10x	3.50x
Cumulative FCF	-85	245	1180	2360

Sensitivity tornado · top-3 drivers

1. PUE realised vs. design (±15% to lifetime EBITDA) · 2. Anchor offtaker take-or-pay floor (±9%) · 3. Sukuk profit rate at refinance (±5%). All other drivers below ±4%.

Risk register · top 5

#	Risk	Likelihood	Impact	Mitigation
R1	Grid connection delay > 6 mo.	Low	High	SEC grid letter on file; ESCC pre-clearance complete
R2	PUE design under-realised	Med	Med	Independent commissioning agent · 12-mo warranty
R3	Anchor offtaker capex reset	Low	High	Binding term sheet · take-or-pay floor 75%
R4	Sukuk refi window pricing	Med	Med	Two-stage senior structure preserves optionality
R5	Construction wage inflation	Med	Low	EPC lump-sum · 6% contingency · two-source EPC bidding

Timeline to financial close

Milestone	Target	Owner	Status
IC approval	Q2 2026	CCAV IC	In review
Definitive agreements	Q3 2026	CCAV legal + counterparties	Term sheets signed
Senior debt syndication	Q3 2026	Senior lender lead	IM circulated
Financial close	Q4 2026	CCAV	On track
Phase-1 commissioning	Q2 2028	Operator (OP-CO-C)	Per programme
Sukuk refi window opens	Q2 2030	CCAV / arrangers	Future

IC recommendation

APPROVE · subject to standard conditions: (i) execution of definitive offtake agreement on terms consistent with binding term sheet, (ii) senior debt commitment letter from lead arranger by 30 Sep 2026, (iii) ESG baseline audit completed pre-FC. CCAV to retain coordinating role through Phase-1 commissioning.

Saudi Hyperscale · An initiative by Manaar GulfDP-2026-Q2-014 · Page 1