DataBank to support expansion with new $725 million financing facility
DataBank announced on April 9 that it has established a new $725 million credit facility which will be used to finance data center construction projects. The company reports that the capital source is long-term and scalable and will be used for ongoing and future projects.
Funding will go towards expanding in existing markets and is supported by a group of 14 digital infrastructure banks, with TD Securities acting as the administrative agent and joint lead arranger.
DataBank president and CEO Kevin Ooley said in a press release, “New and emerging AI applications have created unprecedented demand for DataBank’s data center capacity. This new credit facility will allow us to meet that demand more quickly by shortening financing and construction timelines across all our campuses, but especially as we ramp up activity in the new ones we’ve announced in Northern Virginia and Atlanta.”
Following a February 2024 green bond, this new financing vehicle marks DataBank’s second green financing, meaning the financed facilities must meet specific sustainability, carbon emission, and Power Usage Effectiveness (PUE) criteria.
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Hayden Beeson
Hayden Beeson is a writer and editor with over seven years of experience in a variety of industries. Prior to joining Lightwave and Broadband Technology Report, he was the associate editor of Architectural SSL and LEDs Magazine.