KEEL Sharon PA Data Center

Sharon is Keel's 110 MW gross development in western Pennsylvania. The August update reports delivered transformers, completed mining decommissioning and approved zoning and land development. Environmental permits remained in progress, and the company's earliest ready-for-service year was 2027.

Those are meaningful steps toward a data center, but the site should still be described through its development stage. Transformer delivery is not proof that the full campus is energized, and an energized electrical connection is not a completed AI tenant deployment.

The Keel Data Center Tracker connects Sharon with the rest of the portfolio. For the separately dated financial scenarios, see The Price of Patience.

The current physical programme

Keel's Q2 presentation lists Sharon at 110 MW gross on 17 acres and describes the site as its expected first Pennsylvania location ready for service. Transformers had been delivered, while the 80 MW substation expansion remained a development task. Keel Q2 presentation.

The compact footprint makes coordination of buildings, electrical equipment, cooling and access important. It does not, by itself, prove faster customer utilization. Delivery still depends on the system being completed and accepted for the intended tenant's requirements.

Mining closure changes the operating baseline

Keel's quarterly filing states that Pennsylvania mining operations, including Sharon, ceased on June 29, 2026. The site is therefore no longer accurately described as a continuing mining operation alongside an unchanged AI conversion plan. Keel Q2 Form 10-Q.

Closing mining can free the property for redevelopment. It also removes that activity's revenue before the new use begins. The length and financing of the transition are consequently part of the commercial assessment, alongside the technical progress.

Tenant requirements will shape the final facility

The original study assigned specific next-generation GPU and rack configurations to Sharon. Those should not be treated as an installed equipment inventory or a binding tenant specification without a disclosed contract and design. A facility can be engineered for high-density computing while leaving the tenant's eventual hardware choice open.

Similarly, the Vertiv commitment associated with Moses Lake should not automatically be assigned to Sharon. Shared suppliers or design principles do not establish that a particular site is covered by the same procurement agreement.

A lease would change the evidence

The August business update described multiple prospective tenants in negotiations at the priority sites. It did not announce a signed Sharon lease. A completed agreement would add information about the counterparty, capacity basis, timing and allocation of costs. Keel Q2 business update.

The original rental illustration is preserved below. It assumes the entire 110 MW can be monetized at a selected per-kilowatt rate. That is not reported Sharon revenue, and it does not reconcile gross campus power to a tenant's contracted IT load. The illustration belongs to its original date rather than the current operating description.

The next useful milestones are substation completion, remaining permits, a signed lease and tenant-ready delivery. The Keel company page connects this study with the wider research. Reviewed through September 17, 2026.

Historical calculations retained from the original study

The following limited examples are preserved from the original publication. Their assumptions and outputs have not been revised. They are not current operating measurements, a new Northwise forecast or a statement of current contracted prices. The factual discussion above uses the latest reviewed evidence.

The original rental example applies an assumed rate to 110 MW without reconciling the gross site envelope with contracted IT load. It is a dated scenario, not reported rent or a signed lease.

The current lease economics in high-density AI infrastructure reinforce this dynamic. Recent contracts in the PJM market for comparable capacity have been closing at approximately $150 per kilowatt per month. At that rate, a fully leased 110 MW site would generate annual recurring revenue exceeding $190 million. For a company that reported $229 million in total revenue across all operations in fiscal year 2025, a single fully contracted site at Sharon would represent a transformative shift in revenue quality, duration, and visibility.