Rowan Digital Infrastructure has secured new financing to fuel build-out at its data center campus being developed outside San Antonio, Texas.

The Quinbrook-backed company this week announced the successful financial close of approximately $550 million of construction financing for Cinco, the company’s 300MW data center development in Medina County, Texas.

Completed under Rowan’s new Green Loan Framework, the financing will support the first development phase at Cinco, which broke ground in September 2025.

“Securing this financing under our new Green Loan Framework - and with such a sophisticated group of partners - is an important validation of Rowan’s development strategy and high-quality project portfolio,” said Kevin Mammel, CFO at Rowan. “Cinco demonstrates our ability to execute at scale, to raise capital in a disciplined and credible way, and to align our growth with high-integrity financing standards.”

Rowan broke ground on the Cinco project in August. The 440-acre site is expected to be fully operational in 2027. The first 60MW phase is due online this year. Up to $900 million could be invested in total.

Rowan has raised more than $4 billion of debt funding in the last 18 months from more than 40 lenders, including more than $3 billion in financing for its flagship Maryland campus and a $300 million credit facility.

This latest transaction was led by TD and Mizuho as co-structuring agents, coordinating lead arrangers, and joint bookrunners, with Huntington National Bank and ICBC acting as coordinating lead arrangers and joint bookrunners. Lloyds Bank participated as the joint lead arranger in collaboration with another institution. TD served as green loan advisor.

Rowan is also developing in Maryland, Oregon, and has a second Texas site near Temple. The University Pension Plan Ontario is an investor in the company.