For partners

We will screen your shortlist. We will not sell you ours.

August 2026

By Dallin Watts, Terminus X Partners

The call from an operator is almost always the same call. They have a commercial operation date and a geography. They have seen the interconnection queue. They want the ground in the interior West that can take load this decade, and they want it named.

What they are asking for is our position.

That is the one thing we will not license, in any state where we are also the buyer. Not because the work is secret as a posture. Because a principal who originates off-market and then sells the same origination has stopped being a principal. He has become a broker who publishes research. The owner at the gate can tell. Anyone who later sits across from us on a purchase, an option, or a lease can tell. The moment the list is for sale, the list is no longer a position.

The list is the position. The method is the product.

What can be licensed

The screening framework is a method. Power deliverability, pipeline and transmission proximity, water, terrain, hazard, cost basis, and the county’s demonstrated permitting posture — applied the same way to every candidate, so sites are comparable rather than argued for one at a time. County intelligence is a record: ordinances, moratoria, ballot outcomes, conditional-use decisions, each sourced and dated. Independent screening of sites a client already holds, or is already considering, is a second look at ground they brought. It is not a hunt for ground we are trying to control.

Those are public-data products. They do not require us to name a parcel.

What a screen is not

A county score is a screen. It says whether the markers are present and what the county has already said out loud. It does not say whether a given pipeline has spare capacity this year, or whether a given pad will clear. Utilization, headroom, and interconnection reality come from the operator and the county, by telephone, on the record. We do that work for our own account. We will do it against a shortlist you send. We will not sell a dated public-data score dressed as a credit decision.

The practice is screening-grade. Modeled inputs are labeled as modeled. Where a figure cannot be sourced, that is reported rather than filled in. Missing numbers stay missing. That is the only way a score stays honest enough to license.

What we publish

We publish the counties we have scored down, and the reason. A county can have the fuel, the water, and the acreage and still be the wrong place — a setback ordinance, a defeated project, an organized electorate. Knowing where not to go is worth more than another map of places that look good from the air. That is the product an operator can use without sitting on our side of a deal.

Parcel-level rankings, owner identification, and target lists in any geography where we act for our own account are never published. That is not a withheld upsell. It is the condition that makes the rest of the work honest.

What follows

Time-to-power is still the constraint. The interior West is still the geography. None of that changes because someone offered to pay for the names. If you have a shortlist, send it. If you want the framework or the county record, that is a license. If you want us to find the ground for you in a state where we are already looking, the answer is no.

Note. Describes the firm’s commercial boundary as stated on the home page. Screening-grade public-data practice; not a credit decision, not investment advice, and not an offer or solicitation.

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