US data center firm Novva has secured financing for the next phase of its campus outside Salt Lake City, Utah.
First reported by the Wall Street Journal and since confirmed by Novva, JPMorgan Chase and Starwood Property Trust are providing a $2 billion loan for the build-out of Novva's West Jordan campus.
The funds will allow Novva to complete the second and third phases of construction of its 100-acre data center campus - adding two buildings and 144MW.
“Our Salt Lake City center is the first facility where we were able to fully showcase Novva’s vision for future-proof data center facilities that put sustainability, innovative technology, and client needs first, and we’re proud to continue that legacy with this second and third phase of construction,” said Novva CEO Wes Swenson. “Above and beyond the sustainability and technological sophistication our facilities bring, the Salt Lake City campus offers our clients some of the lowest total cost of ownership in the industry in a strategic location that offers low-cost power, low disaster risk, low latency, dense long-haul fiber, proximity to an international airport, no sales tax on equipment purchases and a high-altitude cold desert climate.”
Phase two of the project began construction in December 2023 and will feature the campus’s second 318,000 sq ft (29,543 sqm), 75MW data center. It is expected to be fully complete by 2026.
The third phase started construction in January 2024 and will also feature a 318,000 sq ft (29,543 sqm) data center offering 72MW, which is also expected to be complete in 2026.
Novva was launched in 2020 by former C7 CEO Wes Swenson with $95 million from CIM. The company has data centers in operation or development in West Jordan, Utah; Colorado Springs, Colorado; Las Vegas and Reno, Nevada; San Francisco, California; and Phoenix, Arizona.
The company says its West Jordan campus, at 6477 West Wells Park Road, spans 100 acres with 1.5 million sq ft (139,354 sqm) of data center space across four planned buildings. It is connected to a 200MW substation. The first phase launched in 2023.
“This significant financing is further validation of the potential we saw in Novva’s proprietary data center design and its experienced and forward-thinking management team when we invested in the company five years ago,” said Avi Shemesh, co-founder and principal, CIM Group. “As demand for AI and data center capacity grows, we believe Novva continues to be strongly positioned as one of the most innovative and fastest-growing data center companies in the US developing sustainable, highly efficient data centers at low cost.”
The company was recently given the greenlight by local officials for its Mesa project in Phoenix.
