Beale Infrastructure Cancels Reclaimed Water System Expansion Plans for Tucson
Beale was invited by the City of Tucson to engage in a public-private partnership for the sustainable development of data centers called 'Project Blue.' The city expressed enthusiasm for the transformative impact of Beale's proposed investments to substantially expand reclaimed water infrastructure and invest an initial $3.6B of economic impact and job creation in Tucson's economically disadvantaged southeast area which has been earmarked for industrial development.
On May 30, 2025, it was publicly communicated by the City that the concepts for Project Blue strike the appropriate balance for significant economic development without risking the region's water security. Project Blue concepts have been developed in close partnership with the City of Tucson, engineers at Tucson Water, and Tucson Electric Power (TEP) to maximize principles for sustainable data center design, responsible water use and the pursuit of carbon-free energy resources. At full potential buildout, the concept plans for Project Blue entailed use of a small portion of Tucson's reclaimed water portfolio, which Beale committed to replenish drop-for-drop via investments to develop new water sources, fund PFAS remediation projects, remedy system leaks and other initiatives to be enforced by way of a development agreement.
Beale participated in a series of open information-sharing sessions to engage with the community and answer questions about Project Blue. On August 6, 2025, the City Council voted to discontinue engagement on the proposed annexation, resulting in the cancellation of Beale's plans for reclaimed water system expansions.
Beale supports and actively seeks community feedback for all potential developments and respects the community's input on the proposed use and replenishment from Tucson's water system. Alternative cooling designs have not yet been prioritized for Project Blue based on the City's feedback and desire to see reclaimed water infrastructure expansions, but they are a viable path for data centers to operate in the region with minimal water use. We continue to believe there is a win-win solution to bring this record-breaking investment to Tucson.
'We are disappointed in the decision not to pursue this opportunity for Tucson. We partnered closely with municipal engineering teams and Tucson Water to develop plans directly compatible with Tucson's Climate Action and Adaptation and One Water plans,' stated Brendan Gallagher, Senior Vice President of Development. 'We see it as a missed opportunity for the city, as this project potentially represents tens of millions of dollars in tax revenue, hundreds of millions of dollars in infrastructure to serve the community, and thousands of high-paying local and union jobs.'
Beale thanks the supporters who are engaged on this opportunity, and we will continue to engage with the Tucson community on the dialogue around sustainable data center development standards and the role these projects can play advancing Southern Arizona's economic and technological future. Beale is evaluating community partnerships, clean energy strategies and digital infrastructure investment opportunities throughout the United States, and we look forward to sharing more announcements soon.
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The Company is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity investments by targeting investment opportunities with favorable risk-adjusted returns. The Company seeks to invest primarily in middle-market companies that have annual revenues of at least $50 million and earnings before interest, taxes, depreciation, and amortization of at least $15 million. The Company's investment activities are managed by its investment adviser, CM Investment Partners LLC. To learn more about Investcorp Credit Management BDC, Inc., please visit Forward-Looking Statements Statements included in this press release and made on the earnings call for the quarter ended June 30, 2025, may contain 'forward-looking statements,' which relate to future performance, operating results, events and/or financial condition. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'will,' 'may,' 'continue,' 'believes,' 'seeks,' 'estimates,' 'would,' 'could,' 'should,' 'targets,' 'projects,' and variations of these words and similar expressions are intended to identify forward-looking statements. Any forward-looking statements, including statements other than statements of historical facts, included in this press release or made on the earnings call are based upon current expectations, are inherently uncertain, and involve a number of assumptions and substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. Investors are cautioned not to place undue reliance on these forward-looking statements. Any such statements are likely to be affected by other unknowable future events and conditions, which the Company may or may not have considered, including, without limitation, changes in base interest rates and the effects of significant market volatility on our business, our portfolio companies, our industry and the global economy. Accordingly, such statements cannot be guarantees or assurances of any aspect of future performance or events. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors and risks. More information on these risks and other potential factors that could affect actual events and the Company's performance and financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or discussed on the earnings call, is or will be included in the Company's filings with the Securities and Exchange Commission, including in the 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' sections of the Company's Transition Report on Form 10-KT and Quarterly Reports on Form 10-Q. All forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
