US data center firm EdgeCore has secured new financing to fuel its build-out in Virginia.

The company this week announced the completion of two financial transactions totaling $1.5 billion to fund the construction of two single-tenant, hyperscale data centers in Northern Virginia, AS01 and AS02.

The debt financing is comprised of two limited-recourse senior secured term loans, led by a consortium of coordinating lead arrangers, including Apterra Infrastructure Capital, Global Infrastructure Partners, and ING Capital.

“Today’s financial announcement is especially exciting for EdgeCore as it is directly related to our accelerated growth plans throughout the Commonwealth of Virginia in support of the AI revolution,” said Lee Kestler, CEO of EdgeCore Digital Infrastructure.

“EdgeCore’s community investment and controlled real estate development roadmap expands the economic benefits of digital infrastructure to Culpeper and Louisa County, Virginia, providing our hyperscale customers with access to gigascale capacity, reliable power availability, and inter-dependent compute within a two-hour drive of Ashburn.”

Financing for the AS01 loan was structured as a Green Loan. ING Capital LLC served as the sole Green Loan Structuring Agent.

The company first announced plans for the campus back in 2018. At full build-out, EdgeCore’s AS01 and AS02 data centers in Sterling, Loudoun County, offer a combined 114MW of critical load across 685,000 square feet (63,640 sqm) of space.

After breaking ground in February 2025, EdgeCore topped out AS01 in September. The campus is located on 45831 Maries Road and 1501 Moran Road in Sterling, covering 608,000 sq ft (56,485 sqm). AS01 is scheduled to go live in November 2026, while AS02 will follow in July 2027. Power for both data centers will be provided by Dominion Energy.

Launched in 2018, EdgeCore was acquired by Partners Group in 2022 with plans to invest up to $1.2 billion to fund the acquisition and build-out of existing and future data center sites, and has been on a rapid expansion spree.

The company currently operates facilities in Silicon Valley and Greater Phoenix. Its facility in Reno, Nevada, is set to be delivered in 2026.

The company is also developing multiple sites in Virginia. The company also has plans for a 216MW site in Culpeper County, and lists plans for a 1.1GW campus in Louisa County.

In March 2025, the company secured more than $2bn in financing to fuel its build-out, and EdgeCore secured $235m in asset-backed securitization the following July

Apterra and ING served as administrative agents. Davis Polk & Wardwell LLP served as borrower’s/sponsor’s counsel, and Milbank LLP served as underwriters’ counsel.