Companies that build and operate data centers urgently need stable electricity to support large-scale AI compute expansion. According to Sina Finance, that demand has driven large financing commitments and new deal structures, with on-site power systems reducing data centers' reliance on the public grid.

This summer, a consortium led by Blackstone, with KKR and Apollo participating, agreed to pay $5.3 billion for a 49% stake in Williams' five gas-fired power projects, which are dedicated to providing on-site electricity for data centers. Williams said $4.4 billion of the $5.3 billion will cover the investors' share of project construction costs.

Williams, which recently entered the data-center on-site power business, said its first 200-megawatt project took less than 18 months from commercialization to grid connection and operation. Fitch Ratings said traditional grid infrastructure such as new interconnection power plants and high-voltage transmission lines often takes five to 10 years.

Many power projects are financed through single-project structures, but some investors have begun buying equity in on-site power companies across gas plants, fuel cells, and solar projects to capture broader growth rather than a single asset. In May, Blackstone and Halliburton announced a $1 billion equity investment in VoltaGrid, which builds and operates on-site gas power systems for data centers.

Brookfield Asset Management last fall committed to provide up to $5 billion in financing for Bloom Energy's future AI data-center power projects, with Bloom supplying fuel-cell equipment. In June, Brookfield raised the financing capacity to $25 billion.

According to Sina Finance, S&P Global Market Intelligence data showed that as of September 11, 2026, technology-company convertible-bond issuance accounted for about 60% of total U.S. market issuance, raising about $78 billion. Last year, the share was 44%.