Until two years ago, site selection optimised for land cost, fibre, fiscal incentives and planning runway. Today it is none of those things. Power delivery now governs every other variable — utility load letters, substation timeline, water for cooling, climate envelope, grid stability ratings, neighbouring-load contention. The cheap site becomes the unbuildable site within twelve weeks of due diligence, and the developer discovers it after the option has been exercised.
Developers who continue to scope this gate as a real-estate transaction arrive at FEED with a power contract that does not match the tenant's load profile. Recovery costs nine to fifteen months and rarely closes the gap fully. The discipline that catches it earlier is independent technical underwriting on the site itself, before the option period closes — and it is procured for less than the cost of one month of programme slippage.