COMPETITIVE · MARKET STRUCTURE · USA
Plug Power asset monetization tied to Project Gateway site sale
Change
Plug Power executed a definitive agreement to sell its interest in the Project Gateway site in New York to Stream Data Centers for at least $132.5M (up to $142M), with closing targeted on or before end-June 2026 (long-stop June 30, 2026).
Why it matters
Plug’s agreement with Stream Data Centers covers land and associated infrastructure at the Project Gateway site, select substation-related assets, and assignment of certain related agreements. Gross proceeds are set at a minimum of $132.5M, with upside to $142M depending on closing timing and certain asset-removal conditions; Stream will post a $6M deposit. The transaction is expected to close on or before the end of June 2026, subject to customary closing conditions, with a long-stop date of June 30, 2026. Plug frames the sale as part of a broader plan to generate more than $275M in liquidity improvement via asset monetization, release of restricted cash, and reduced maintenance expenses, with two additional initiatives referenced for 2026.
Implications
- • Plug’s liquidity profile changes upon closing via $132.5M–$142M gross proceeds.
- • Final proceeds depend on closing timing and asset-removal conditions, adding variability.
- • Project Gateway-related land/infrastructure and certain agreements transfer to Stream.
- • June 30, 2026 long-stop date creates a defined window for transaction completion.
Who is affected
- • Plug Power (treasury, operations, hydrogen production/fuel cell deployment programs)
- • Stream Data Centers (project development and operations tied to acquired site/assets)
- • Counterparties to assigned Project Gateway-related agreements
- • Plug Power shareholders and creditors monitoring liquidity and asset base
Source
Topics
Business & Markets Mergers & Acquisitions Energy & Power Hydrogen Finance & Banking Capital Markets