CleanArc VA1 / Caroline County

FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →

Project status: Construction documented; utility energization, occupancy and productive customer service not verified. Capacity scope: Company-planned 900 MW grid envelope; earlier page says 600 MW+; operating IT MW unverified. How we verify evidence.

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Phase-specific evidence; approximate locality pin. Reviewed October 8, 2026.

The investment takeaway

Our analysis: VA1 adds a large private hyperscale development in Caroline County, extending Virginia coverage beyond the Ashburn cluster and Richmond. Its investment relevance rests on staged delivery and leasing economics. The company’s 900 MW envelope is a long-term plan, not productive computing today. No named hyperscaler tenant, GPU order or project earnings are verified.

One campus, several versions of the plan

This profile covers the former Virginia Bazaar site near Interstate 95 Exit 110 and its connected VA1 expansion. CleanArc’s October 7, 2025 purchase of 87.5 additional acres expanded the planned campus; it is not a separate inventory addition. County scope, company land descriptions and local acreage reports differ. We retain the boundaries and dates rather than combining all reported capacity figures.

Government action and its limits

Caroline County records August 12, 2025 approval of a performance agreement with CADC VA-1 LLC, which it explicitly links to CleanArc. The original agreement scope describes three buildings and possible adjacent buildings requiring further approval. The county explains grandfathered industrial land use. These records support an official economic-development action, not blanket authorization for every later phase or proof of occupancy.

Power arrangements and conflicting delivery targets

The undated operator page says an agreement with Rappahannock Electric Cooperative covers building a first 300 MW substation. It also retains a 200 MW Q3 2026 target. Later dated disclosures instead forecast first 300 MW in Q1 2027, followed by tranches in 2030 and 2033–2035. The page conflict is unresolved; elapsed targets do not prove service. A construction agreement is not an energization record, and planned grid MW is not IT load.

What construction evidence establishes

CleanArc and the state announced a November 20, 2025 groundbreaking. DCD covered that announcement, while subsequent local reporting described preliminary work underway. We classify the campus under construction on that dated basis. We did not verify commissioning, a current occupied hall or delivered customer workloads. Groundbreaking supports development activity and cannot establish the completion of the whole campus.

Incentives and the revenue bridge

County grants are linked to future taxes and building milestones. Its stated September 30, 2027 first-hall operating condition is an incentive deadline, not a guaranteed opening. County fiscal forecasts and the developer’s investment estimates cannot establish operator cash flow. Our analysis: the key bridge is from privately funded construction to accepted electrical service, signed leases and rent commencement.

Risks and what would change the assessment

Delivery slippage, grid constraints, expansion conditions, leasing demand and capital costs can affect returns. A dated utility acceptance record, occupancy authorization, funded phase budget and signed tenant commencement would strengthen readiness. Revised capacity, delayed power or adverse permit conditions would weaken it. No cancellation is inferred from a stale page, and no national supply agreement is assigned to this campus without evidence.

Financial significance

Virginia’s November 2025 announcement describes a $3 billion planned project investment. Earlier local coverage cites $8.8 billion for broader buildout; the amounts are not interchangeable and neither is verified spent or financed. CleanArc names Snowhawk as majority investor and Nuveen/Townsend as minority investors; equity commitments, debt closing, ownership percentages and site returns remain undisclosed. Our analysis: rent requires completed, powered and accepted halls; tax rebates create conditional benefits rather than current revenue.

Sources and claim verification

Structured source and government-record audit → · Reviewed October 8, 2026.

Distinct project-specific documents; repeated releases count once. Company claims remain attributed and do not independently establish delivery.

1. Caroline County Board of Supervisors · publication date not established · reviewed 2026-10-08

   County statement documents August 12, 2025 approval of a performance agreement with CADC VA-1 LLC, verified CleanArc subsidiary; three-building original scope, conditional adjacent buildings, tax-rebate structure and September 30, 2027 first-hall incentive condition. This is an economic-development agreement, not an occupancy or energization certificate.

   Government record →
2. CleanArc · 2025-11-20 · reviewed 2026-10-08

   Company reports groundbreaking and 900 MW planned grid capacity, staged first 300 MW in Q1 2027, next 300 MW in 2030 and another 300 MW in 2033–2035. Names Snowhawk majority investor and Nuveen/Townsend minority investors; no financing close or customer acceptance established.

   Company disclosure →
3. CleanArc · 2025-10-07 · reviewed 2026-10-08

   Separate land-acquisition disclosure reports 87.5 acres added to expand VA1 from an earlier 600 MW plan to 900 MW. Count as one campus, not a new standalone project or 1.5 GW combined total.

   Company disclosure →
4. CleanArc · publication date not established · reviewed 2026-10-08

   Undated campus page still advertises 600 MW+ and up to 200 MW in Q3 2026, conflicting with later dated disclosures. It says Rappahannock Electric Cooperative agreement covers construction of a first 300 MW substation. Neither an elapsed target nor a construction agreement proves energization.

   Company disclosure →
5. DatacenterDynamics · 2025-11-21 · reviewed 2026-10-08

   Specialist coverage identifies VA1 at the former Virginia Bazaar site and discusses staged 900 MW development and investor ownership. Groundbreaking and capacity coverage substantially relies on the company announcement; not independent confirmation of operating load or funding close.

   Independent specialist reporting →
6. Fredericksburg Free Press · 2025-09-10 · reviewed 2026-10-08

   Local civic reporting describes the August agreement, dissenting board vote, incentives and grandfathered land use. Reported $8.8 billion full-buildout investment differs in scope from the later $3 billion announcement; neither establishes actual spend.

   Independent local reporting →
7. Fredericksburg Free Press · 2025-11-26 · reviewed 2026-10-08

   Local business roundup reports preliminary work underway and the prior week’s groundbreaking. Its 605-acre description differs from county and company descriptions; parcel precision and complete current built scope are not established.

   Independent local reporting →
8. Virginia Economic Development Partnership · 2025-11-20 · reviewed 2026-10-08

   State economic-development announcement reports $3 billion planned investment and official groundbreaking. Page last updated September 8, 2026; update date does not establish a new construction milestone. Announcement is not independent financing evidence.

   Government record →