Advisory and development at the intersection of energy and compute markets.

It depends mostly on transmission headroom near the site, the utility's large-load study process, and whether onsite generation can bridge the gap. Grid service for large loads can take several years in constrained markets, while behind-the-meter generation can sometimes start earlier if fuel and permits are available. We assess these factors together and give you a realistic schedule with the main risks to it.

Many projects use both: onsite generation and storage to start operating sooner, with grid service added later for long-term cost and reliability. The right mix depends on fuel access, air permits, utility rules on onsite generation, the tenant's reliability requirements, and financing. We compare the options on delivered cost, schedule, and risk so you can choose with the numbers in front of you.

Utilities increasingly ask large-load customers for load studies, minimum demand or take-or-pay commitments, contributions to transmission upgrades, and financial security such as letters of credit. Requirements differ by utility, state, and market. Having negotiated with investor-owned, municipal, cooperative, and government-owned utilities, we help you anticipate the terms and negotiate ones your project can carry.

Pricing should reflect the cost and certainty of the power you can deliver, the timing, the infrastructure you provide, and what comparable offers look like to tenants. We have run competitive processes with 50+ behind-the-meter data-center offtakers and can help you structure the package, set pricing, and shortlist counterparties.

That depends on nearby pipeline capacity, whether a lateral is needed, and whether firm transportation is available. We evaluate pipeline and supply options, negotiate laterals and firm transport, and structure supply with appropriate backup fuel.

The technical design belongs with your engineers, but the choice has large commercial consequences: fuel use, maintenance cost, how quickly the plant can follow AI workload swings, permitting, and how lenders and tenants view reliability. We work alongside engineering and permitting specialists to compare configurations on delivered cost, schedule, and financeability, including hybrid designs that pair gas generation with intermittent resources, diesel backup, and battery storage.

A precedent agreement sets the commercial terms under which a pipeline will build or expand capacity for a shipper, usually before construction is approved. It typically covers capacity, rates, term, credit support, and conditions precedent, and it is often a prerequisite for financing gas-fired generation. We help you negotiate terms that match your project schedule and credit position.

Yes. Air permitting can cap the size of an onsite plant or add time and cost, depending on local air quality status and the equipment chosen. We treat permitting capacity as an early siting criterion rather than a late surprise, and coordinate with permitting specialists so the commercial plan reflects what can actually be permitted.

A power purchase agreement sells output at an agreed price and terms. A tolling agreement gives the buyer control of a plant's capacity, with the buyer usually supplying or paying for fuel and variable costs. A memorandum of agreement can set binding terms for a broader relationship, such as land, power, and capacity together. The right structure depends on who should carry fuel, price, operating, and credit risk. We have structured all of them.

Load customers generally focus on delivery schedule, reliability, price certainty, credit support, environmental attributes, and clear remedies if delivery slips. Sellers usually focus on pricing, physical and financial exposure sharing, and credit support. Both counterparties are also expected to understand transmission, tariffs, and regulatory approvals. Cheng played central roles in hyperscaler and large-load agreements covering land, power, capacity, fuel, and transmission.

These terms decide who pays when things go wrong, and they often matter more than the headline price. We help you size letters of credit and guarantees, set liability caps and termination rights, and align them with your financing. Cheng has directed contracting frameworks across more than 40 ISDA, EEI, and NAESB master agreements.

Beyond the financial model, commercial diligence should test the power supply and its timing, interconnection and transmission rights, offtake terms and counterparty credit, fuel supply, tariff and regulatory exposure, and the operating plan. Cheng has supported M&A diligence and ownership transitions for more than 100 projects and portfolios, and supported diligence for a roughly $900 million USD data-center financing in Europe.

We review power prices, capacity values, interconnection timing, fuel costs, and offtake terms against market conditions and our own transaction experience, flag the few assumptions that drive most of the return, identify the key risks and exposures, estimate their impacts, and propose mitigations. This helps an investment committee focus on the items that can change the decision.

Investors look for site control, a credible path to power, contracted or contractible revenue, and a team that has done it before successfully. We help you close the gaps that would stall a raise, frame the investment case, and prepare for investor questions on power, offtake, and risks.

The compute market is evolving rapidly, and futures contracts based on both centralized exchanges and bilateral transactions are being developed. Similar to a power hedge, a compute hedge needs a credible reference price, clear contract terms, and a credit framework so both sides trust settlement. We have worked with lenders, borrowers, and market makers and designed derivative structures for GPU lending and borrowing transactions.

A useful index rests on a transparent methodology, a clearly defined product, enough real transaction data, and governance that market participants trust. We apply lessons from power and gas markets, where indices underpin a large share of traded contracts, to compute.

For many AI workloads, power is the largest controllable input and the main constraint on new capacity. Linking compute and energy pricing lets developers and buyers manage both risks together instead of separately.

Cheng has built large fundamental models from the bottom up and helped software vendors develop capacity expansion modules. He has actively used both fundamental models and option-based models to direct and guide trading and hedging decisions. We help trading firms build and refine their in-house modeling and alpha generation engines.

Cheng has built and led origination functions for more than a decade and has structured and transacted extensively with both the sell side and the buy side. We help you define the product and terms you need, identify credible sellers, and negotiate the transaction.

First customers usually need bankable performance data, a clear commercial structure, and a partner who understands their procurement process. We map target buyers such as utilities, developers, and large energy users, shape offers they can approve, and help negotiate the first offtakes or pilots.

Investors fund scale-up when demand is contracted or credible. We help you build an order book and a capital plan that move together, so manufacturing capacity follows signed commitments rather than forecasts.