Good day, and welcome to the iAccess Alpha Virtual Best Ideas Fall Investment Conference 2026. Our next presenting company is Vulcan Infrastructure and Power. If you would like to ask a question during the webcast, you may do so at any point during the presentation by clicking the Ask Question button on the left side of your screen. Type your question into the box and click Send. I'd now like to turn the floor over to today's host, Jordan Kovler, Chief Executive Officer of Vulcan Infrastructure and Power. Please go ahead.
Thank you very much, and thank you all for attending our presentation today on Vulcan Infrastructure and Power, which was formed to be a power and infrastructure platform focused on acquiring, developing, and operating energized sites, supporting AI and HPC data centers and local electricity grids. For all of us at Vulcan, it's a really exciting time on numerous fronts, and happy to share the next 30 minutes with you to give you some of the updates we've gone through. Before starting there, I would like to just pause at the disclaimer language. I'm sure you've all read the Forward-Looking statements, but I'll pause for a second for those to read all the information. Brief summary of where we are right now. We had a three-step plan, so to speak, to reposition the company. The first step, resolving the debt, fixing the capital structure.
Step two, organic growth, and step three, inorganic growth. As you see at the top part, step one, the main focus was resolving our 2026 debt, where we have $33.1 million due in principle in October of 2026. The $39.4 million raise obviously helped to solve that, but outside of just bringing the money, what we really liked was the idea of it bringing strategic and institutional investors, including Atlas Holdings, Machine Investment Group, and Conversant Capital. With all investors coming into the deal, they collectively had over $30 billion of assets under management, which from our perspective, provides a rare backing to a company of our size. With the debt behind us, we can now move forward with a clean balance sheet and a clear, actionable path to maximizing value for all shareholders. It also allows us to be able to play offense now.
As everyone's seen in the news, AI obviously dominating news, increasingly becoming a part of people's lives at a rapid pace. The biggest gating item that we hear is the growing infrastructure needed for AI and HPC data centers is power. Everyone's searching for additional power as soon as possible. That's one thing that we have. We have power right now, and we produce power at one of our sites, power plants in upstate New York. Power is at the core of everything we do, and that will be one of our key advantages going forward. As you see from the site, we have over 100 MW available for immediate AI HPC opportunities at our plant, which will be huge. Then as we build this out, the next part would be further developing power.
As you see in our overall pipeline of 654 MW, there is untapped power that we could develop down the road, but it starts with first securing clients for these two sites. Once we get through organic growth, then we would want to build through acquisition and development of future sites. Through our strategic investors, Atlas, Machine, and Conversant, we believe we are going to have unique access to opportunities for future pipeline development. To go into a little bit of what is Vulcan Infrastructure and Power now. As you see, we mainly have 104 MW power plants in upstate N.Y., which provides critical energy to the grid with the ability to use 64 MW of existing load behind the meter, which historically has been used for Bitcoin mining.
Revenue currently is derived from a combination of power sales and capacity payments, along with Bitcoin mining, both in self-mining and hosting. With us having a 60 MW interconnection approved and significant utility infrastructure on site, we plan to easily transition from Bitcoin mining data centers to those focused on AI HPC, while still continuing to provide significant power to the grid. Again, a unique advantage of us versus our peers is that we actually run a power plant. In fact, our team converted this power plant that I am sitting in right now from a coal power plant to a natural gas power plant and built the pipeline, which gives us access to cost-advantaged natural gas from the Marcellus Shale region.
Outside of the power plant itself, we also have a 34-acre greenfield site in Mississippi, which is expected to have 40 MW of power by Q3 2027, with site planning and tenant marketing currently underway. Having our debt behind us, reducing it by almost $150 million in the past few years, we can now focus on the clear goal of finding tenants for both sites while also working on further development of power over time. As mentioned a little earlier, our capital raise brings together three investors uniquely positioned to help us grow as we aim to maximize the value of current assets and future assets. Atlas Holdings has over $18 billion of assets under management and 30 portfolio companies with over 300 industrial sites and significant power generation assets.
Machine Investment Group has deployed over $2.5 billion in capital while having significant success in real estate and data center development. Finally, Conversant Capital investment firm with $2.7 billion assets under management, has significant experience in both private, public markets, including the capital markets, real estate, and digital infrastructure development. You put those together with what was formerly known as Greenidge Generation, and that is what created Vulcan Infrastructure and Power to turn this into a platform that can take various power and energy assets and have them used for data centers as well as in the power generation side being used to support local grids. As you can see, it was not just about solving the debt, but that was obviously a huge purpose, but finding the right anchor investors to help us reposition the company as we set on a new course.
All three are well capitalized with significant relevant experience. Having access to sites from these holders gives us another advantage over our peers as we move forward. All three of these holders have board representation, so we can have varied views, and we're really excited about some of the new board members that have just joined the board. We've made a lot of progress with the capital structure. As mentioned, we had over $150 million of debt obligations back in 2023. Outside of this transaction, we also pursued a number of private and public exchanges with our 2026 debt holders that reduced the original public debt from $72.2 million down to the $33.1 million that we had before announcing this deal. Through those actions of private and public exchanges, we've in effect saved the company over $35 million in principal and interest payments over that time.
With PIPE, we completed the final step in solving this problem. Now you'll see where going forward it's going to be pretty much neutral or cash positive. When we look forward, as mentioned before, it's a very easy approach of what we're taking. We're working on our current sites first. We're investing all of our efforts in securing clients and preparing the sites for current and future development. We're trying to find the road to get additional power at these sites, where our total pipeline would go up to 654 MW from the 104 MW that we deem to be immediately available. As we're pursuing that, we're looking at ways to grow our own pipeline. Through our own efforts and also through the three investors mentioned, we have access to a large number of properties that others don't have access to, simply.
To recap on the investment highlights, 104 MW of energized powered land that's available in the near future. Also, when you look at the trading multiples, we have some information in here on how our company trades on enterprise value compared to megawatts in the pipeline. We trade at significant discounts to other public AI HPC data center developers, without even including our pipeline and including our full pipeline. For us, there's significant growth opportunities to position us for a re-rate opportunity in the near future. Mentioned from our own team and from strategic investors, there's a large track record net power asset sourcing, development, and securing leases. Flexibility to acquire and develop assets across the full infrastructure ecosystem, which I'll touch on in the next page.
As well as obviously we have a team that's really focused and knowledgeable in power infrastructure development and operations. Next slide shows how we have a differentiated platform strategy. Obviously, most companies in our space want to follow steps one, two, three, and four. You want to find a property, you want to acquire it, develop it, monetize it. Our advantages are below. In terms of finding those opportunities, we have a wide network, including some holders with board representation that own industrial properties that have access to sites coming across their path. We have a team that's very focused and has done a lot of power due diligence in the past.
In terms of acquiring sites, because of these well-capitalized investors, we will have many more options than other companies in our size to secure the right opportunities and be open, whether it's through a direct, an option, direct purchase, or joint venture opportunities. On the development of sites, on our own side at the previous Greenidge Generation Holdings, we've had significant experience in terms of power infrastructure. Resting on Atlas and Machine Investment Group and seeing their successful development at sites will help us properly navigate that space, as well as connections to the right parties to be able to secure the right avenues to monetize these assets. Another key difference is what types of sites that we will look to in the future once we get through the initial near-term phase of securing leases. For us, I'd say we're agnostic between these five different layers.
One would be similar to what we did in Mississippi. We found a piece of land, we secured power, and we're going to develop that. The second piece would be stranded power. Industrial companies might have access to far more power than they may need, or there could be roads to get additional power. We're trying to use all of our avenues to find any stranded power. In addition to that, you have certain easy value add data centers. When we have the ability to do it, we would look for bolt-on acquisitions of data centers, as well as taking legacy enterprise data centers and repositioning them for their best use case, most profitable use case.
Finally, what we have done before and what we would want to do again, is to find more power generation assets so that we could both be able to provide power to the grid and also use it for our own purposes. Some of the other, as mentioned before, sourcing, we have a unique advantage in that space. Regulatory approvals, partnerships, you've seen there have been lots of hurdles from certain companies in getting development done. We've been through this in New York State, in Mississippi, and we have partnerships with many that can help us along this path. We're really comfortable with forging strong relationships with communities and building deals that work for all constituencies. Obviously, we have huge utility power expertise and the ability to have this being a long duration infrastructure platform.
Our goal is to build this out over time and take it breadth. Mentioned again, power. It's what people want. It's what we have right now. I think that's a key difference between us and a lot of competitors that speak about power that could be coming online at some point in time. I'm sitting at a power plant running right now, and we're in very good position to have 40 MW in Mississippi up and running within a year from now, in Q3 2027. We've done a good deal of work on both of these sites in a parallel path, zero on the debt, and we have a clear focus on getting people in-house there. I think another piece that I wanted to touch on is just this illustration of how it benefits us to have a power plant versus merely having a grid interconnection.
The chart shows the benefit of how we have the plant. If power prices are low, we would use our power plant primarily as a data center load and provide small amounts of power to the grid when it is not needed. Conversely, when power prices are high and there is significant demand for power, we would then shift to having the primary data center load be driven by our interconnection and using almost all or all of our power to help the grid. As you can see over the past few years, our power and capacity revenue has increased substantially, and we will see and continue to see power being a big part of our profile. Looking at our power plants in Upstate New York, sort of want to touch on a few of the advantages we have.
One, as mentioned before, the pipeline that we built has access to cost advantage natural gas in the Marcellus Shale region. Two, when you look at the forward market for both capacity payments and for power prices over the next few years, it is obviously trending upward, and we have been supplying and able to supply more capacity to the market, which results in more megawatts receiving those capacity payments. As the previous slide mentioned, we also have the ability to run behind the meter for data center activities, which would increase the optimal efficiency of the plant. Finally, we are obviously very excited by the previously announced settlement with the New York State DEC on terms for Title V air permit renewal. Since we currently have a Bitcoin mining data center, we do not have any issues with the moratorium in New Yor k.
Looking just at some of the things we have accomplished, think I touched on a few of these. Obviously, our debt obligations have been significantly reduced over the past few years. We also have reduced SG&A by over $13.5 million from 2023 to 2025. Finally, we did sell a site in South Carolina for $18 million last year, a little under a year ago, which also has a potential $18 million contingency payment if additional power is received at the site beyond the 60 MW that we delivered it with. We acquired the aforementioned site in Columbus, Mississippi. We have been really excited about doing everything possible, fix the balance sheet, and secure sites for development, and excited about the road ahead.
Looking forward, as mentioned, through Atlas, Machine, and Conversant, there is a wide number of sites that we are looking at, and we will find the right opportunistic situations to be able to deploy capital in the future. Again, our main focus is secure a lease. Finally, as mentioned, don't have to tell anyone this, but supply of power, structurally capped. We have power, we have it now, and we are really excited about the future. I guess this point, we could turn to Q&A. Okay. As there are no questions, I want to thank you all for your time. If you have any questions in the future, please feel free to reach out to us. Thank you. Have a great day.
Thank you. That concludes Vulcan Infrastructure and Power's presentation. Thank you for joining us today. On behalf of everyone at iAccess Alpha, we sincerely thank our presenting companies, investors, and partners for helping us make this conference possible. Your participation and ongoing support are what make these events successful. We look forward to welcoming you back