Investment Thesis
Pinnacle West Capital (PNW) has been providing energy and utility services in the state of Arizona for 125 years. This is a state that boasts a business-friendly economy, some of the fastest population growth in the nation, and a hub of highly power-consumptive data center buildings. It has also recently drawn other nationally branded businesses like Nike (NKE), which is building a manufacturing facility, RedBull with a new 700,000 square foot facility, and Fairlife with a 300,000 SF building scheduled to begin operating this year.
Pinnacle West enjoys a