Japan’s largest power company is betting big on AI infrastructure. JERA, Dell Technologies and UK-based RHAELM signed a memorandum of understanding on October 1.

The first project is a $15 billion, 400-megawatt data centre at JERA’s Chiba Thermal Power Station, financed by Apollo. It will run off the grid, powered directly by JERA’s liquefied natural gas plants. Operations could begin around 2028.

The Financial Times reports the broader ambition could reach $140 billion. JERA chief Yukio Kani said the partners aim to build 3 to 4 gigawatts of AI data centres and gas power within five years, at $35-45 billion per gigawatt. JERA’s official announcement does not attach the $140 billion figure to the expansion.

Japan currently has just 1.7 gigawatts of data-centre capacity, far behind China’s 8.5 and America’s 29.2. “The keyword is speed to power,” Kani said. The government targets $206 billion of public-private AI infrastructure investment by 2035.