An affiliate of global asset manager TPG filed a motion for a fast-tracked declaratory judgment late Thursday in Delaware’s Court of Chancery. The motion seeks to confirm that Quantum Loophole Inc. was validly removed as the manager of a potential $5 billion “gigawatt” data center project near Frederick, Maryland.
Removal of Quantum Loophole as Manager and Developer
TPG’s filing also requests that TPG RE III Volt Holdings LP be recognized as having lawfully removed a Quantum affiliate as the site developer and terminated the development agreement. A proposed status quo order submitted to the court seeks to designate Volt Holdings as the sole manager of the land development subsidiary. In addition, the order seeks to establish TPG as the sole manager of a subsidiary responsible for fiber-optic data transmission.
TPG Md Data Lawsuit : Background of the Project
TPG and Quantum announced the data center project in 2021, describing it as a “master planned, first-of-its-kind, clean cloud community in Frederick County,” located less than one millisecond by fiber from the heart of Northern Virginia’s internet ecosystem. The project plans called for a 1,000-megawatt transmission capacity, with data center modules ranging from 30 megawatts to 120 megawatts, which could be deployed in less than nine months.
