Nvidia is in advanced discussions to make an investment in Cloverleaf Infrastructure, a company that arranges power for data-center projects, according to people familiar with the deal. The transaction could be announced as soon as Friday morning, with Nvidia expected to invest several hundred million dollars.

In recent months, Cloverleaf Infrastructure had been working with JPMorgan Chase on strategic options, including a potential sale of the business. The firm raised $300 million in 2024, the year it was founded, from energy investors NGP and Sandbrook Capital.

Cloverleaf Infrastructure's specialty is signing power agreements with utilities so that developers can build on land with access to reliable power. Over the past two years, it has sold projects comprising more than 7 gigawatts of powered land to data-center developers, including sites in Wisconsin for Oracle and Open AI. The firm has a pipeline of more than 10 gigawatts of power.