Data center developer Rowan Digital Infrastructure has closed $975 million of construction financing to build out its upcoming campus in Maryland.
Announced this week, the financing will be used to build the first phase of a hyperscale data center campus in Maryland at the TPG-owned site in Frederick County. Phase one of construction is well underway, with additional phases in advanced development.
The financing was led by MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation (SMBC) as co-structuring agents. MUFG, SMBC, Mizuho, and Bank of Nova Scotia (Scotiabank) served as coordinating lead arrangers and joint bookrunners. Thirteen lenders in all participated in the financing.
“Rowan appreciates our lenders’ support for this critical hyperscale project,” said Kevin Mammel, Rowan’s chief financial officer. “With the scale and pace of Rowan’s development pipeline advancing rapidly, strong financing partners are critical to supporting Rowan in delivering sustainable, energy-efficient data centers that meet the timing demands of our hyperscale customers. With over 1.5GW of contracted grid capacity secured and multiple hyperscale data center projects in development across the US, our engagement with our financing partners is set to deepen as we continue to expand the business.”
Set up in 2021 by Quinbrook and Birch Infrastructure (and formerly known as Rowan Green Data), Rowan broke ground on the project last year. Known as Bauxite I, the 300MW site will total four single-story buildings totaling 777,150 sq ft (72,200 sqm).
The campus is part of the wider data center park owned by TPG Real Estate being built on the site of a former aluminum plant. The company is developing a 2,100-acre, 2GW data center park for other developers to build data centers in. Quantum Loophole was previously involved in the project until TPG had the company removed.
It is also developing two further campuses in the same park – known as Bauxite II and Bauxite III; Bauxite II will span 822,620 sq ft (76,400 sqm) on a 111.5-acre site, while Bauxite III will span 591,913 sq ft (54,990 sqm) on a 55-acre site.
“Our hyperscale data center campuses provide the critical infrastructure needed to power cloud, AI, and advanced computing,” said Charley Daitch, CEO of Rowan Digital Infrastructure. “Rowan’s focus is on delivering energy-efficient, sustainable data centers that are the foundation of the digital economy and the ‘picks and shovels’ of emerging technologies. Data center capacity is expected to grow by more than 20% annually over the next decade and Rowan is helping to meet this incredible demand by designing and building world-class facilities utilizing a team of industry veterans expert in hyperscale campuses and the evolving needs of our customers.”
Rowan is also developing a 300MW campus in Temple, Texas, and a four-building campus in Oregon.
