New Era Energy & Digital's Texas flagship project has moved closer to shovel-ready status after the company locked in a long-term power supply arrangement with a Vistra Corp. affiliate, giving the Midland-area development contracted electricity through 2047 and laying the groundwork for a multi-phase expansion toward 1.4 gigawatts of total capacity.

A Generating Plant Next Door

The physical proximity of Vistra's generation assets to the Texas Critical Data Center site is central to the deal's structure. Luminant ET Services Company LLC, an affiliate of Vistra Corp., which trades on the New York Stock Exchange under the ticker VST, will draw power from a 1,180 megawatt natural gas-fired generating facility in Odessa, Texas, that sits immediately adjacent to the TCDC site in Midland.

That adjacency underpins the behind-the-meter power approach that New Era describes as core to its development model. New Era Energy & Digital, which trades on Nasdaq under the ticker NUAI, announced the agreement on September 21, 2026.

The deal was executed through its subsidiary TCDC PowerCo LLC and carries an initial 20-year term with automatic one-year renewal periods following expiration.

Under its terms, Luminant has agreed to supply a minimum of 200 megawatts and up to 207 megawatts of power for Phase 1 of the project, with contracted power expected to be available in the third quarter of 2027.

What Contracted Power Changes for the Project

Charlie Nelson, Chairman and Chief Executive Officer of New Era, framed the agreement as a definitional shift in the project's standing.

In a statement accompanying the announcement, Nelson said that holding firm, contracted power in New Era's name is what would convert TCDC from a site with a power plan into permitted powered land.

Nelson said the company now has land secured, construction permits in hand, Phase 1 power contracted for 20 years, and room to expand to multiple phases. He described that combination as an attractive opportunity for quality tenants currently in the market.

The TCDC project occupies a 493-acre site in the Permian Basin and is anticipated to scale to a total capacity of 1.4 gigawatts over time. New Era describes its broader development approach as a modular, phased model designed to serve hyperscale, enterprise, and edge operators.

Equity Stake and Preferential Rights Extend Vistra's Role

The power purchase agreement was accompanied by a separate development framework agreement entered into by affiliates of both companies.

The framework is designed to extend the relationship between New Era and Vistra beyond the immediate Phase 1 power arrangement.

Under the framework's terms, Vistra will receive a 5 percent non-voting interest in the portion of the data center project to which it provides power under the PPA, with that interest taking effect following the commencement of power delivery.

Vistra also receives a right of first refusal on future development opportunities at the TCDC project, and a right of first offer on certain development opportunities at other New Era projects.

Nelson said the company is particularly proud of combining the PPA with what he described as a long-term partnership with Vistra, adding that aligning the two companies' interests is expected to expedite development timelines and give potential tenants greater confidence in the project.

Vistra Cites Growing Demand for Reliable Digital Infrastructure Power

Claudia Morrow, Senior Vice President of Corporate Development and Strategy at Vistra, said demand for reliable power to support digital infrastructure continues to grow across the United States.

Morrow said Vistra is pleased to work with New Era on a long-term power arrangement for the TCDC project and noted that the framework agreement allows the two companies to evaluate additional power opportunities together over time.

New Era's Broader Development Strategy

New Era Energy & Digital describes itself as a developer of next-generation digital infrastructure and integrated power assets focused on large-scale data centers across energy-rich United States markets.

The company states that its data centers are designed to support artificial intelligence training and inference workloads. The company's stated strategy centers on combining large-acreage sites with flexible power solutions, including behind-the-meter power arrangements.

New Era also says it employs best-in-class water efficiency measures and self-generated power to minimize community impact and accelerate time-to-power for its target customer base. The TCDC project in the Permian Basin serves as the company's flagship development.