00:00How do you make a response to that? How do you react to that?
00:03Well, first of all, Ed, thank you for having me on your show. And look, from our perspective,
00:09as infrastructure investors, we have a thesis-driven approach to investing in infrastructure
00:15assets and a longer-term time horizon. And we do believe that AI infrastructure is a significant
00:22investment opportunity for us. Now, you're at Carlisle, we're developing over 20 gigawatts
00:28of data center capacity, primarily hyperscale data center capacity. But we aren't just developing
00:34these assets in isolation. We have taken a much more comprehensive view, where we are looking
00:40across the value chain for AI infrastructure, and we are making sure that we're developing these
00:46assets with that comprehensive lens. So that means absolutely developing data centers, but also
00:52addressing one of the most significant bottlenecks when it comes to data center development, which
00:58is access to power. Look, you had a little bit of a snapshot where you were watching Elon talk about
01:03AI, and he was talking about access to energy being the one most significant bottleneck. The way we are
01:11developing AI infrastructure is that we are building these large-scale energy campuses, where we have
01:18power generation capacity that's co-located next to this data center capacity.
01:23That's copia power, am I right? This is actually something that you formed. I was reading about the
01:29release back in 2021. It was a new portfolio company that's just building out, in terms of a platform
01:34nature, these campuses. The scale is extraordinary. What was interesting was back in 2021, it was all about
01:41sustainable infrastructure. It was all about renewable power sources. Is that realistic now when we think
01:47about the energy necessity? Yeah, I mean, Caroline, you're absolutely right. From an energy perspective,
01:53you need to take an all-of-the-above approach. So absolutely, you need solar and storage, but gas is a
02:00very important part of the solution as well. Look at copia, for example, we think of data center development
02:07as building large campuses. And a campus is basically like a mini city that has multiple gigawatts of power
02:15generation capacity. This includes gas, solar, as well as storage. That capacity is connected onto the grid
02:23and located right next to that power generation capacity are hyperscale data centers that are also
02:29connected to the grid. So I'm not talking about building islands. I'm talking about building a fully
02:35integrated city or a campus, which is a better term for it. And by doing that, you're making sure that
02:41data centers are getting access to power in a more timely manner. Remember, timing is very important
02:48here. And that power is actually cost effective, cost and economics matter a lot here. But more
02:54importantly, it's also more reliable power. Everyone's talking about 5.9 reliability, which is 99.999%.
03:02In order to do that and build long-lived infrastructure assets, that reliability is just a
03:08very important point. So at Copia, for example, we have a site that we're building in Arizona.
03:14It is about two times the size of Manhattan. Once that site is fully built out, you're talking about
03:19$30 billion in capital investment between the power generation assets, as well as the data center
03:25assets. And then Copia has another five campuses in the West behind that. So you want to make sure these
03:33campuses are located close to where there will be demand for compute power. But you also want to make
03:39sure it's going to be cost effective, delivered on time and also reliable.
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