Issue #23
23 September 2026
Editor's Note
The Generac and Amazon deal is the one worth reading properly this week. Amazon has agreed to buy up to $8 billion of backup generators from Generac, and structured the deal with a warrant that lets Amazon buy up to 1.7 million Generac shares. Generac's stock jumped as much as 40% on the news. This is a hyperscaler taking an equity position in its own power supply chain, not just signing a purchase order. It follows the same logic we have seen with Google acquiring Intersect Power and Chevron signing directly with Microsoft. Owning a piece of the companies that supply your critical infrastructure is becoming a deliberate strategy, not a one-off.
Scotland's data center moratorium is the other story worth sitting with, particularly alongside Nabiax breaking ground in Madrid and NorthC starting construction in Frankfurt in the same week. The contrast is stark. Some European markets are actively pulling back on development while others are accelerating. Where a company chooses to build next is increasingly a policy question as much as a commercial one.
North America
- Generac signs $8bn back up generator deal with Amazon
An equity-linked supply agreement of this scale signals how seriously hyperscalers are now treating their power supply chains. This is vertical integration, not just procurement.
- Google considers data center development in New Mexico
A potential new market entry for Google would extend the push into less established US states with available land and power, a pattern we have seen repeatedly this year.
- Oracle signs 1.7GW of wind energy supply agreements to support operations in Texas
Oracle securing this volume of renewable capacity in Texas shows that even in a market known for gas and nuclear deals, wind remains a serious part of the energy mix for major operators.
EMEA
- NorthC breaks ground on data center in Frankfurt, Germany
Frankfurt remains one of the most in-demand and supply-constrained markets in Europe. NorthC's new development adds to a tight pipeline in one of the FLAPD markets.
- Nabiax breaks ground on 100MW data center in Madrid, Spain
Madrid continues to build its case as one of Southern Europe's most credible markets, with Nabiax's expansion adding to a growing list of operators committing capital there.
- Scotland's parliament backs de facto, temporary, moratorium on new hyperscale data centers
A meaningful policy signal in the opposite direction from most of this week's news. As other markets accelerate, Scotland weighing a moratorium shows how uneven the regulatory landscape across Europe has become.
Asia Pacific
- GreenSquare signs Sharon AI deal for Sydney campus
Another significant AI compute agreement in Australia reinforces Sydney's position as one of APAC's leading primary markets for large scale AI infrastructure.
- Anthropic leases first stage of Queensland data campus
Anthropic continues to secure dedicated capacity outside the US. Australia's growing presence in these deals reflects the country's improving position as a serious market for AI infrastructure.
- Goodman Raises $455M for Hong Kong Data Centre Venture as Tsuen Wan Project Advances
Fresh capital for Hong Kong's data center sector reflects sustained investor confidence in one of APAC's most established but land-constrained markets.
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