The test. The verdict that the campus’s financing is secure stands while the monitors show the plants on schedule and S&P’s reports show the project’s coverage above 1.10 times. It is weakened, toward a campus short of power, if either Franklin Farms unit slips past 1 June 2029.
open Open. S&P’s case for Hyperion’s notes, issued by Beignet Investor LLC, rests on a flat 1.12-times coverage to 2049, two hundredths above the 1.10 below which it says it could take a negative action.
From The AI Compute Race. Read the book
- Falls due
- Read on
- Hyperion’s 2028 energization notices and the U-37425 quarterly monitors
- Chapter
- Chapter 14 — The Convergence
One campus, Meta’s Hyperion, run through four possible futures to show how science, power, money and permission meet in the price of an accelerator-hour.
What it names
- Campus Hyperion
Filings that bear on it
- Louisiana Public Service Commission, Order in Docket U-37425, 29 August 2025
Louisiana’s utility commission approved a settlement letting Entergy Louisiana build three combined-cycle generators and transmission for Meta’s Richland Parish data center, with conditions on the customer’s minimum monthly charges, parent guaranty and early termination fee, and quarterly progress reports.
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How to cite this page
Dryburgh, Lee S. “Chapter 14, the campus’s financing.” In The AI Compute Race. DRYBURGH. https://dryburgh.com/vol1/tests/2029-3 (accessed 2026-11-01).
BibTeX
@misc{dryburgh-chapter-14-the-campus-s-financing-2026,
author = {Dryburgh, Lee S.},
title = {{Chapter 14, the campus's financing}},
howpublished = {In \emph{The AI Compute Race}, DRYBURGH},
year = {2026},
url = {https://dryburgh.com/vol1/tests/2029-3},
note = {Accessed 2026-11-01}
}