Applied Digital signs a 15-year power purchase agreement with Base Electron for a planned 1,200 MW gas plant in Center, North Dakota

The parties

• Base ElectronSupplier
• Applied Digitalcompany pageBuyer

The source

Applied Digital 10-Q, subsequent events, filed 2026-10-07Regulatory filing

Entered 4 October 2026, with a related credit support agreement. Capacity and energy from an approximately 1,200 MW natural gas-fired generation facility to be developed by Base Electron in Center, North Dakota, intended as dedicated generation for Applied Digital's Polaris Forge 3 campus. 15-year delivery term; fixed monthly payments based on target contract capacity. Base Electron may terminate if financial close for the facility has not occurred by 31 March 2027. Related party: Applied Digital owns about 10% of Base Electron, which is owned and managed in part by Applied Digital officers and directors acting individually; Messrs. Cummins and Zhang are Base Electron's CEO and President. Approved by the board after review by its Base Electron Related Party Transaction Committee. Applied Digital also holds a Base Electron demand promissory note of up to $100.0M ($58.5M principal outstanding at 31 Aug 2026). No contract value stated.

The same parties, other deals

• Applied Digital leases all 210 MW of its Delta Forge 2 campus to an unnamed hyperscaler for about 15 years, about $5.2B$5.2B · 8 Jun 2026
• Applied Digital leases 300 MW at its Polaris Forge 3 campus to an unnamed hyperscaler for about 15 years, about $7.5B$7.5B · 20 May 2026
• Applied Digital leases 300 MW at its Delta Forge 1 campus in Louisiana to an unnamed hyperscaler for about 15 years, about $7.5B$7.5B · 23 Apr 2026
• CoreWeave signs two ~15-year leases for 250 MW at Applied Digital's Ellendale, North Dakota campus, ~$7B$7B · 2 Jun 2025