Irish-headquartered developer and operator Echelon Data Centres has closed an initial €1.7 billion ($2bn) loan financing provided by Morgan Stanley.

The company has eight campuses across Europe totaling 1.2GW of capacity, of which 400MW is operational or under development. The news was first reported by Business Post.

“Ireland is one of Europe’s most important and supply-constrained data center markets, and we have established the leading position in the Irish market through the delivery of large-scale campus developments supported by innovative power solutions developed in partnership with customers, regulators, and grid stakeholders," David Smith, deputy CEO of Echelon Data Centres, said.

“Over the past 15 months, we have expanded into Spain - in [a] joint venture with Europe’s largest utility, Iberdrola - and into Italy, extending our development model into new strategic markets.

The loan will be used to continue to fund the company's data center buildout. Terms of the deal were not disclosed.

Echelon was advised by A&O Shearman and Arthur Cox.