In a most recent illustration of continued thawing of the capital market for data center providers, Arizona provider Phoenix NAP announced a new credit facility from Bank of America. The company did not mention size of the capital that has become available to it, but did say it would fund an 8MW capacity expansion at its Phoenix facility.

The expansion will bring the facility's total capacity to 12MW. Phoenix NAP launched its data center in June 2010.

In a statement, Phoenix NAP president Ian McClarty said the new funding was a big impetus for the company's continued growth and hinted on the company's upcoming foray into the market for cloud-based services.

"As the IT climate changes and evolves, we are going to be in a position to help small- , medium- , and enterprise-sized businesses meet their needs, be it through a straight colocation space and power scenario, or a different type of cloud-based solution which we will be releasing in the next few months," he said.

Click here to see our recent interview with McClarty on Phoenix NAP's strategy for competing in the Phoenix market

Availability of expansion capital has been growing for data center providers since a nearly complete freeze during the recent economic downturn. Still, investors are cautions about the market and companies with existing tenants and good credit are more likely to secure capital than newly formed entities with speculative builds.

Read our recent feature on the state of investment in data center industry

In addition to expanding power capacity, Phoenix NAP said it would use the new credit facility to complete the build-out of the first floor of the two-story facility, as well as to continue expansion onto the second floor. The data center's current tenants include Make-A-Wish Foundation, Unicorn Media, Net Fusion Services, Slickdeals and Village Voice Media, among others.