$DELL SIGNS MOU WITH JERA, RHAELM FOR $15B+ JAPAN AI INFRASTRUCTURE PROJECT Dell, JERA and RHAELM plan to build a standardized model for large-scale AI infrastructure in Japan, starting with a 400 MW project in Chiba. The first site is expected to exceed $15B in total investment across land, power, construction and AI compute. JERA will provide behind-the-meter power from its existing plant, RHAELM will develop and operate the site, and Dell will supply the rack-scale AI infrastructure. Apollo $APO intends to serve as RHAELM’s strategic financing partner. Operations are targeted to begin in phases in 2028 and reach the full 400 MW in 2029. The partners are also exploring additional JERA sites, with a broader goal of building multi-gigawatt AI capacity across Japan. The FT estimates the wider infrastructure push could reach roughly $140B.