Davis Polk partner Brian Hirsch was quoted in The Tech Capital discussing the many elements of a data center project and how they rely on each other.

The article noted that rather than treating power, data centers, connectivity and other enabling infrastructure as separate assets or sectors, investors are increasingly targeting platforms where the various components overlap.

Discussing how the project becomes difficult to underwrite when the assets depend on each other, Brian said, “If the data center gets built, but the power doesn’t, [that’s] not good. If the power gets built, but the data center doesn’t, [that’s] not good.”

Brian pointed out that when the same developer controls both the data center and the power, the relationship between the assets can become considerably easier for lenders to underwrite.

“If it’s two different equity capital stacks, then I don’t want one loan, because it’s two different deals. If it’s one developer who’s the same across the board, that’s easier,” he explained.

“Own the Stack: When Power Meets Commute,” The Tech Capital (October 6, 2026)

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