Plug Power Sells Graham, Texas Hydrogen Site to Stream Data Centers for Up to $76.5M
According to a GlobeNewswire release, Plug Power Inc. has signed a definitive agreement to sell its Graham, Texas green hydrogen project site, comprised of land and 164 MW of grid interconnection assets, to Stream US Data Centers, LLC for up to $76.5 million. The transaction is part of Plug’s previously announced strategic infrastructure optimization initiative targeting more than $275 million in liquidity improvement.
Market Impact
Under the deal, Stream will pay $50 million at closing, expected on or about July 31, 2026, with up to an additional $26.5 million contingent on the load capacity confirmed in a final interconnection agreement with the Texas utility. The sale is also expected to release approximately $14 million of cash collateral currently backing letters of credit tied to the site, bringing total expected liquidity from the Texas transaction to roughly $90.5 million.
Plug is separately restructuring its earlier agreement to sell its New York Gateway Project to Stream, extending the closing timeline for non-land assets to March 31, 2027 while fixing the purchase price at $142 million. Combined, the initial New York closing and the Texas transaction are expected to deliver more than $80 million of near-term incremental liquidity.
“Monetizing these assets was a key part of our strategy this year, coupled with the continued improvements in margin and cash flows to fund the business,” said Jose Luis Crespo, CEO and President of Plug Power, in the release. Stream and Plug are also exploring other opportunities to deploy Plug’s hydrogen products into the data center industry.
The Graham site had originally been planned as a green hydrogen production facility capable of 20 million cubic feet per day, according to Industrial Info Resources. It is the second Plug Power hydrogen site sold to a data center developer in under six months, following the February 2026 agreement covering the New York project, which had been planned as one of North America’s largest green hydrogen plants.
What It Means for Subcontractors
- Grid interconnection and electrical contractors in North Texas should track Stream’s data center buildout plans for the Graham site, since 164 MW of interconnection capacity already exists and typically accelerates permitting and construction timelines versus a greenfield data center project.
- The pivot from green hydrogen to data centers reflects a broader trend contractors should note: sites originally scoped for industrial gas or power projects are increasingly being repurposed for hyperscale data center construction, often with faster timelines once land and grid assets are already secured.
- Subs with pending scopes tied to Plug’s original Graham hydrogen buildout should confirm contract status directly with Plug, as the July 31 closing date could trigger a full scope change once Stream takes ownership.
