Jones Day's Digital Infrastructure Forum: Data Centers in a Time of Change
Jones Day hosted a forum on digital infrastructure in Chicago on Wednesday, June 17, 2026, bringing together industry leaders for a discussion on the current state and future of the rapidly evolving data center industry.
We were honored to have Tag Greason, Co-Chief Executive Officer of QTS Data Centers, join the event for a one-on-one chat with Jones Day Co-Client Affairs Partner Michael Gray. Tag and Michael discussed how QTS is not only meeting community needs around energy but also striving to make communities better. The improvements are driven by such values as paying for 100% of data centers' energy costs so that local utility bills are not increased; building data centers that consume no water for cooling once operational; creating good, high-paying jobs in the communities where QTS operates; supporting local community projects; and leading with openness and transparency.
Tag and Michael's conversation capped a day of roundtable sessions on power solutions, permitting and local engagement, capital and risk allocation, and the regulatory dynamics shaping AI-driven data center projects. Below are some key takeaways from these discussions:
The session "Power Solutions: On and Off the Grid" explored the legal complexities of securing reliable power for data center projects, from negotiating power purchase agreements and interconnection agreements to navigating utility regulatory frameworks and on-site generation structures. The takeaway was clear: The constraint today is no longer demand—it's execution. The winners in this space will be those who can actually deliver powered capacity.
"Everything but Power: Permitting, Local Engagement, and the Race to Build" tackled the critical non-power dimensions of data center development, including land use and zoning approvals, site selection, environmental permitting, community benefit agreements, and construction contracting risk allocation. We explored strategies for engaging with local communities and governments and practical approaches to managing permitting-related delays and disputes—challenges that can make or break project timelines. Our conversation reinforced a key theme: Beyond power, the race to build requires navigating a complex web of permitting, community engagement, regulatory frameworks, and construction risk.
"Capital, Risk, and the Search for Certainty" dug into the legal and structural aspects of data center financing, including project finance documentation, joint venture arrangements, equity and debt risk allocation, and credit enhancement mechanisms. We discussed how capital selectivity is shaping the negotiation of loan agreements, intercreditor arrangements, and governance structures among developers, hyperscalers, and financial sponsors. The consensus was clear: Capital is abundant but selective. The question facing the industry is not access to capital but the terms, structure, and risk allocation that will define the next wave of projects.
"Regulatory and Policy Dynamics" surveyed the rapidly evolving global regulatory frameworks affecting AI-driven data center development, spanning energy and environmental regulations, AI-specific policy developments, and data privacy and security compliance obligations. Our discussion also compared U.S. and European approaches. The takeaway was clear: Shifting rules and political climates are reshaping project viability. The edge will go to those who anticipate and mitigate early.