Looking for a quick fix for their fast-growing electricity diets, tech giants are increasingly looking to strike deals with power plant owners to plug in directly, avoiding a potentially longer and more expensive process of hooking into a fraying electric grid that serves everyone else.

OpenAI, SoftBank and Oracle will fund the creation of 10 facilities during the initial phase of the Stargate initiative, with the option to increase to 20.

The unit of Blackstone dedicated to investments in the energy industry has agreed to acquire Potomac Energy Center, the asset manager told Reuters on Thursday, in a deal symbolizing the allure to investors of power plants sited near data centers.

The report, based on a survey of 100 data center leaders, also shows that 30% of all sites will be using onsite power by 2030. For reference, McKinsey research estimates that there was 25 gigawatts worth of demand in 2024.