Chameleon of the Capstack

Data centers consume massive power, but does that make them ineligible for green financing? This one draws 20+ megawatts daily, making it the single largest power consumer in downtown Kansas City. It still qualified for $100 million in C-PACE.PLG CEO Rafi Golberstein and SVP Robbie Pinkas break down how direct-to-chip cooling, upgraded chillers, and Kansas City's underground chilled water infrastructure made a seemingly unlikely deal fully eligible. They also explain why PACE beat investment-grade bonds for this particular capital stack, including non-recourse structure, 20-year fixed-rate terms, and the flexibility a greener sponsor needed that traditional data center financing couldn't offer.Plus: why PLG now accounts for over a third of Missouri's entire C-PACE production, what makes Kansas City a quietly compelling infrastructure market, and why centrally located data centers may hold more long-term value than the massive isolated complexes dominating headlines.This is Part 2 of the Patmos Data Center breakdown. Listen to Part 1 wherever you found this one.Learn more at paceloangroup.com

A defunct Kansas City printing press. 25 megawatts of untapped grid power. A young developer with vision but limited liquidity. In this episode, SVP Robbie Pinkas walks through how he turned a gut instinct about data centers and C-PACE into a $100 million assessment—structuring retroactive proceeds to fund the property acquisition while financing the remaining build-out. The deal closed in under 12 months, the facility is now over capacity, and there may be room for a subsequent assessment. Robbie and Rafi unpack the sourcing, the creative deal architecture, and why this conversion model could be replicable for entrepreneurial data center developers hunting underutilized power allocations.