Infrastructure, Energy and Real Estate

Rapid growth in AI, cloud computing and digital infrastructure has significantly increased demand for power-intensive facilities such as data centers and advanced manufacturing sites. This demand has placed new pressure on traditional electric grids and accelerated the need for alternative power solutions, new energy infrastructure and more integrated project planning. Industry data suggests that energy availability and grid certainty have surpassed capital costs as the primary constraint on data center development, with interconnection queues stretching years and power procurement strategy now driving site selection before real estate or permitting considerations. As a result, companies now need legal advice that connects land, power, capital and transactions across the full life cycle of these assets – from development and energy sourcing to financing, M&A and platform-level investments.

Cooley advises on complex, capital-intensive infrastructure, energy and real estate projects, including digital infrastructure, energy-intensive real assets and advanced manufacturing facilities. Our work spans the full asset life cycle – from site selection and permitting to financings, joint ventures, operations and strategic transactions – reflecting how these projects are developed, financed and operated.

Hyperscalers and data center operators are increasingly rethinking how power is sourced, structured and integrated into projects. Constraints on traditional grid capacity have accelerated interest in alternative generation, bespoke power arrangements and new infrastructure models that can be deployed more quickly and at scale. Power strategy has become a core driver of site selection, project timing and long term-operational flexibility. Cooley helps clients translate power strategy into execution by advising across siting, energy procurement, regulatory, financing and transactional issues, so projects can move forward on realistic timelines and scale over time. This includes structuring behind-the-meter generation deals, navigating utility tariff approvals, and designing tax-advantaged financing structures, often simultaneously and under compressed schedules.

The Inflation Reduction Act (IRA) and the CHIPS and Science Act have introduced significant tax credits, grants and other incentives that are reshaping capital flows into energy, digital infrastructure and advanced manufacturing. IRA provisions – including production and investment tax credits, tax credit transferability and direct pay mechanisms – have created new financing structures and expanded the universe of participants in energy and infrastructure transactions. Similarly, CHIPS and Science Act incentives are driving investment in domestic semiconductor and advanced manufacturing facilities. Cooley advises clients on structuring transactions to maximize available incentives, navigating eligibility and compliance requirements, and integrating incentive strategies into broader development and financing plans.