Welcome back to Powering Progress, where we explore the legal and commercial frameworks powering the rapid growth of AI infrastructure and data centers.

Behind every major data center development is a sophisticated capital structure. Financing these projects requires balancing construction risk, power availability, long-term operational stability, and the evolving expectations of lenders and investors.

In this episode, Vinson & Elkins' Chief Innovation Officer Aubrey Bishai is joined by Project Development & Finance Partner Eamon Nolan, who works with clients on construction financing, structured finance solutions, and portfolio-level capital strategies supporting large-scale infrastructure projects.

The conversation focuses on how the market is underwriting these developments and what financing structures are emerging as the AI infrastructure landscape continues to evolve.