X @Tesla Owners Silicon Valley

Project Overview - xAI affiliate CTC Property LLC subleases 552 acres of Memphis and Shelby County Port Commission property to Seven States Power Corp for a 100MW solar farm [1] - The solar farm project includes a 100MW Tesla Megapack site and is expected to be completed by 2028 [1] Financial Details - The project is funded by a $439 million USDA Empowering Rural America program award [2] - The original 21-year lease includes no rent for the first year, then $1654961 annually with 25% increases [3] - CTC has an option to buy the property for $23642293 in 2045 [3] Contractual Agreements - CTC remains the primary tenant, responsible for payments on a 34-year lease [2] - Seven States will maintain the site, pay rent to CTC, and have an option to purchase the land if CTC does not [2] - CTC will build a paved road to the site [2] Regulatory and Environmental Considerations - The project requires USDA environmental clearance [2]