Intel stock extends gains after report of possible U.S. government stake
TeraWulf Inc. (WULF) announced the execution of an 80-year ground lease for approximately 183 acres at the Cayuga site in Lansing, New York. The lease provides exclusive rights to develop up to 400 MW of digital infrastructure capacity for high-performance computing and AI data center hosting.
The agreement includes reciprocal purchase and sale options exercisable for $100 beginning in year 50. TeraWulf expects 138 MW of predominantly zero-carbon power to be ready for service in 2026. The site, located on a former coal-fired power plant, features existing electrical infrastructure, an industrial-scale water intake system, and fiber connectivity.
The Cayuga property benefits from Upstate New York’s electricity generation mix, which is nearly 90% zero-carbon sources. Electricity costs average below $0.05 per kilowatt-hour. Plans include a 67 MW solar installation and an 800 MWh battery energy storage system on adjacent parcels.
The transaction required approval from a special committee of independent directors since Cayuga Operating Company LLC is owned by TeraWulf’s Chief Executive Officer. The committee received advice from Reed Smith LLP and a fairness opinion from CBRE Capital Advisors, Inc.
As part of the transaction, Cayuga’s parent company Riesling Power will receive $95 million in TeraWulf common stock based on a 15-day trailing volume-weighted average price, plus $3 million in cash.
"With 138 MW expected to come online in the second half of 2026 and scalable capacity up to 400 MW, Cayuga further reinforces our position as a destination of choice for enterprise and hyperscale customers," said Kerri Langlais, Chief Strategy Officer of TeraWulf.
The information is based on a company press release statement.