Goldman Sachs and Newmark Group are working to raise equity and credit financing for private power projects designed to support AI data centers in Texas, according to a Tuesday media report. The initial funding round is expected to reach several hundred million dollars, with additional capital planned as development expands.
The projects are being developed by GridFree AI, a company incubated by Montauk Capital, and focus on modular natural gas-fired generation serving data centers in south Dallas. Newmark has been appointed as the exclusive marketer and advisor for the South Dallas One data hub.
GridFree AI said land has been secured for two of the three planned locations, allowing initial power delivery in under 24 months after a lease is signed. Each site is expected to generate about 1.5 gigawatts of power using modular 100-megawatt units. The design includes 10 gas turbines for continuous operation and two backup turbines.
The initiative highlights a broader shift among financial institutions toward funding energy and infrastructure projects tied to AI growth. Rising demand for compute-intensive workloads is driving investment in dedicated power solutions for large-scale data centers, alongside commitments such as Anthropic’s $50 billion plan to build custom AI data centers in Texas and New York to expand U.S. compute capacity.
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