Rowan Digital Infrastructure has secured more than a billion dollars to fuel the build-out of its data center campus in Maryland.
The company this week announced it closed a further $1.24 billion of construction financing to build the second phase of its flagship hyperscale data center campus at TPG's Quantum Frederick site in Maryland.
The financing was led by Sumitomo Mitsui Banking Corporation (SMBC) and MUFG Bank, Ltd. (MUFG) as co-structuring agents. SMBC, MUFG, Mizuho, and TD Securities served as coordinating lead arrangers and joint bookrunners.
Fourteen lenders took part in the financing, with additional banks expected to join through a secondary syndication in March.
“Rowan is grateful for our lenders’ continued support for phase two of our flagship campus,” said Kevin Mammel, Rowan’s chief financial officer.
“Repeat participation from our existing financing partners, including the lead banks from the phase one financing, underscores their confidence in Rowan’s vision, execution, and ability to deliver at scale. The addition of four new lending relationships also reflects the growing appeal of our platform. As our development pipeline surpasses 2,500MW, deepening these trusted relationships is critical to ensuring we can continue delivering sustainable, energy-efficient data centers that meet the timing demands of our hyperscale customers.”
Set up in 2021 by Quinbrook Infrastructure Partners and Birch Infrastructure, Rowan (formerly known as Rowan Green Data) broke ground on the Maryland project last year. Known as Bauxite I, the 300MW site will total four single-story buildings across 777,150 sq ft (72,200 sqm).
The company secured $975 million in financing to fund Bauxite I’s build-out last month. MUFG , SMBC, and Mizuho were also involved in that financing. The Quinbrook-owned company has now secured $2.2 billion for the project.
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 an 111.5-acre site, while Bauxite III will span 591,913 sq ft (54,990 sqm) on a 55-acre site.
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 in Frederick County. 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.
Rowan is also developing a 300MW campus in Temple, Texas, and a four-building campus in Oregon.
