We advised the lender on the financing

Davis Polk advised Beal Bank USA as lender in connection with a $165 million senior secured first-lien delayed draw term loan equipment financing facility provided to Fermi Turbine Warehouse II LLC, a wholly owned special purpose entity of Fermi Inc.

Fermi Inc., established in 2025 by Rick Perry and Toby Neugebauer, is a Texas-based public company engaged in the development of electric grids required to create artificial intelligence. The proceeds from this financing will be used to accelerate delivery of six Siemens Energy SGT-800 gas turbines.

The Davis Polk finance team included partner Elena Maria Millerman and associates Mostafa Al Khonaizi, Charlie Peskin and Alyssa Carbone. The tax team included counsel Dustin Plotnick and associate Alanna Phillips. All members of the Davis Polk team are based in the New York office.

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