US data center developer Rowan Digital Infrastructure has secured $1.2 billion in financing to fund its data center build-out.

The company has secured $925 million in new financing for the third phase of its flagship Bauxite campus in Maryland, bringing total debt raised for Bauxite to more than $3.1bn. Led by SMBC, MUFG, Mizuho, and Societe Generale, the financing was the first issued under Rowan’s newly established Green Finance Framework.

Rowan also closed a $300m corporate credit facility for investment in early-stage development projects, consisting of a term loan and letter of credit facility. The oversubscribed facility was led by Apterra and other institutional investors.

“These major milestones reflect the market’s confidence in Rowan’s ability to deliver both financial and sustainability performance at the scale our hyperscale customers need right now,” said Charley Daitch, CEO of Rowan. “These accomplishments reflect the continued conviction from Rowan’s customers that our unique approach to hyperscale data center development is shaping the future of this industry.”

“We are proud to partner with Rowan to support the next phase of its growth and sustainability strategy,” added Ralph Cho and Michael Pantelogianis, co-CEOs of Apterra. “These financings highlight Apterra’s ability to deliver tailored, scalable solutions that meet the capital needs of leading infrastructure developers, while advancing the energy transition and digital economy. Rowan’s momentum demonstrates the type of impact our platform seeks to enable across critical infrastructure sectors.”

Set up in 2021 by Quinbrook Infrastructure Partners and Birch Infrastructure, Rowan (formerly known as Rowan Green Data) is developing three campuses within TPG’s Quantum Frederick Park in Maryland.

Rowan is also developing a 300MW campus in Temple and San Antonio, Texas, and a four-building campus in Oregon.

University Pension Plan Ontario is an investor in the company.

“Our ability to close multiple financings in consecutive weeks from leading institutions speaks to Rowan’s differentiated financial strategy and the growing demand for our sustainable digital infrastructure,” said Kevin Mammel, CFO of Rowan. “The close of our ‘first of its kind’ corporate credit facility demonstrates the strength of our balance sheet and provides a solid foundation for Rowan’s continued expansion in the months and years ahead.”