H5 Buffalo I & II / former Yahoo Lockport

FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →

Project status: Existing operating data-center campus acquired in sale-leaseback; dedicated AI tenant or completed AI conversion not verified. Capacity scope: Operator reports 409,200 square feet / 43 acres; two substations up to 44 MVA, not 44 MW IT capacity. How we verify evidence.

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Phase-specific evidence; approximate locality pin. Reviewed October 8, 2026.

The investment takeaway

Our analysis: Lockport adds an operating real-estate and colocation transaction to New York coverage. It offers a contrast to the state’s very large proposals: existing infrastructure, a reported purchase price and a continuing tenant. It is included as relevant computing infrastructure, with dedicated AI use unverified. The acquisition changes the property economics; it does not make the old Yahoo campus a newly built AI campus.

Identity across the ownership change

H5’s current materials market Buffalo I and II together at 5319 Enterprise Drive in Lockport. Local reporting identifies the same former Yahoo complex; DCD names Hyscale Data Centers Lockport LLC as an H5 affiliate. We count the connected property once. The Buffalo marketing label is a regional brand, not a second location, and the two facility labels are not two new inventory entries. Source 2 → · Source 4 →

Government evidence is historical

The state Senate announcement dated September 20, 2010 documents the initial phase opening and the then-described NYPA hydropower incentives. It is useful for development history and power context. It does not verify current tariff terms, transfer of allocation to H5, an amended operating permit or an AI upgrade. We preserve its age and phase boundaries rather than representing it as a fresh approval. Source 1 →

Power units change the comparison

H5’s brochure states two substations totaling up to 44 MVA. DCD’s acquisition story describes 44 MW, but the primary document uses apparent power. We retain MVA and do not convert it into real-power MW without a power factor, much less IT load. Historical NYPA allocation numbers also cannot establish present utilization. Operator statements about hydropower are supply context, not proof of hourly carbon-free AI service. Source 2 →

What the sale-leaseback establishes

Buffalo Toronto Public Media reported the $49 million purchase and interviewed the town economic-development official. The report says Yahoo continued its operations and lease while H5 acquired the real estate. The sale reportedly closed after Christmas 2024; an exact deed date was not established. Reported lease continuity is distinct from a new customer award, and full executed lease economics were not available. Source 3 →

Current readiness and the AI boundary

Operating infrastructure is supported by the historical opening, the sale-leaseback reporting and current H5 colocation offering. We have not verified a dedicated AI tenant, GPU installation or conversion milestone. H5’s generic website text includes references to other cities, which we do not use as Lockport-specific evidence. Its existing service offering supports the operating classification without proving every advertised unit is fully occupied. Source 3 → · Source 5 →

What would change the assessment

A verified current lease schedule, electrical service terms, measured IT capacity and dated AI tenant acceptance would sharpen the investment picture. Tenant departure, power-allocation changes or expensive retrofit requirements would alter it. Potential ownership through a broader Novacap joint venture is not assigned without a verified site linkage. No public vendor exposure is invented for a privately held landlord and tenant.

Financial significance

Local reporting puts the real-estate transaction at $49 million; that is a reported acquisition price, not new construction spending or enterprise valuation. Lease rent, debt terms, occupancy, remaining lease duration and site returns are undisclosed. Our analysis: an operating sale-leaseback has different exposure from a greenfield AI forecast, including tenant concentration and renewal risk.

Sources and claim verification

Structured source and government-record audit → · Reviewed October 8, 2026.

Distinct project-specific documents; repeated releases count once. Company claims remain attributed and do not independently establish delivery.

1. New York State Senate — Senator Maziarz disclosure · 2010-09-20

   Historical government announcement records Phase I opening September 2010, 10 MW NYPA hydropower incentive and conditional additional 5 MW after Phase II. Not a current permit, H5 power agreement or operating IT-load measurement.

   Government record →
2. H5 Data Centers — Buffalo I & II brochure · publication date not established

   Primary operator brochure identifies combined 409,200-square-foot / 43-acre campus at 5319 Enterprise Drive, two substations totaling up to 44 MVA and hydropower context. MVA is apparent-power equipment rating, not MW or IT load; no named AI customer.

   Company disclosure →
3. Buffalo Toronto Public Media · 2025-01-22

   Original local business reporting with town economic-development official describes $49 million sale-leaseback closed after Christmas 2024, Yahoo continuing operations/lease and H5 foregoing earlier incentives. Exact deed closing date and full lease terms unverified.

   Independent local reporting →
4. DatacenterDynamics · 2025-01-23

   Specialist synthesis identifies Hyscale Data Centers Lockport LLC affiliate and H5 marketing both facilities. Its 44 MW wording conflicts with operator brochure’s 44 MVA; use primary unit. Suggested Novacap vehicle linkage is speculative and not assigned here.

   Independent specialist reporting →
5. H5 Data Centers — current campus page · publication date not established

   Current operator page markets Buffalo I/II together at the Lockport address, with staffed colocation options. Generic template references to other cities cannot establish Lockport’s customers, power mix or completed AI upgrades.

   Company disclosure →