Canadian data center operator QScale has secured up to $320 million in financing.

The company this week announced the successful closing of a $170m credit facility, with an additional uncommitted accordion of up to $150m, bringing the total potential availability to $320m.

The syndicate of lenders includes Desjardins Group, Scotiabank, and Export Development Canada (EDC). Desjardins Group acted as the administrative agent, sole lead arranger, and bookrunner for the Facility.

The company said the financing will allow it to expand its infrastructure.

“This $320 million facility enhances our ability to accelerate growth and continue delivering sustainable and innovative infrastructure solutions to meet the growing demand for AI,” said Pierre Labbé, EVP of finance at QScale. “We deeply value the trust and confidence shown by our financial partners in supporting QScale’s long-term strategy, especially as we expand our Q01 Campus.”

QScale was founded in 2018 by Vincent Thibault, Dany Perron, and Martin Bouchard, with the aim of providing infrastructure for AI and high-performance computing. Bouchard previously founded software company Copernic as well as 4Degrés data centers, which was sold to Videotron in 2015 before Vantage bought the facilities in 2019.

Last year QScale took investment from US operator Aligned Data Centers to help it build out its portfolio. Existing QScale investors include the government of Québec through Investissement Québec, and Desjardins Capital.

Construction started on the company's first campus (known as QScale Q01) in Lévis, Quebec in 2021, and construction of the second building started in September 2022. The site is expected to have 142MW of IT capacity at full build-out. HPE is a customer at the campus.

The company has previously announced plans for a second facility in the Ecoparc de Saint-Bruno-de-Montarville, Montreal.