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JERA, Dell and RHAELM sign MoU for $15B+ Chiba AI campus

JERA + Dell Technologies + RHAELM + Apollo Global Management

Primary sourcePress release only2026-10-01
Deal structureMemorandum of understanding / behind-the-meter AI campus development
GeographyChiba Thermal Power Station, 2-1377 Soga-cho, Chuo-ku, Chiba, Japan
Infrastructure layersData centers + power + chips / compute + financing
Disclosed scaleUp to 400 MW behind-the-meter campus at JERA’s Chiba Thermal Power Station; total capital deployment expected to exceed US$15B (¥2.3T) across land, power infrastructure, construction and AI compute; operations targeted around 2028

Why it matters

The strategic read

Places a named 400 MW AI campus next to Japan’s largest generator, with Dell’s AI Factory as the compute standard and Apollo intending to finance RHAELM. The $15B+ figure is expected capital across phases, not a closed construction contract or funded draw, and the 2030s multi-GW ambition is not this project’s capacity.

Source-supported terms

What was disclosed

  1. 01

    JERA, Dell Technologies and RHAELM signed an MoU dated October 1, 2026 for a standardized Japan AI-infrastructure model, with Chiba as the first project.

  2. 02

    The Chiba Project is at JERA’s Chiba Thermal Power Station and is described as behind-the-meter with power capacity of up to 400 MW.

  3. 03

    Expected capital deployment exceeds US$15 billion (¥2.3 trillion) across land, power infrastructure, construction and AI compute; this is an expected envelope, not a disclosed funded close.

  4. 04

    Operations are targeted around 2028. Full 400 MW timing, customer offtake, EPC awards and interconnection filings are not in the release.

  5. 05

    Apollo intends to serve as a strategic investment and financing partner for RHAELM; this is not disclosed as a closed fund commitment.

  6. 06

    Multi-gigawatt capacity across other JERA sites is an ambition for the 2030s, not the Chiba project’s stated size.

Disclosure boundary

What is known—and what is not

Issuer MoU dated October 1, 2026. The $15B+ / ¥2.3T figure is expected capital deployment across phases, not a closed construction contract, funded draw, or disclosed offtake. 400 MW is the behind-the-meter power capacity cited for Chiba; customer names, parcel boundaries, permits, EPC awards and Apollo’s financing documents are not in the release.