DataBank Secures USD 725 Million Credit Facility to Fuel Data Center Expansion

This marks DataBank's second green financing, following closely after the February 2024 Green Bond issuance. The new capital will fund ongoing expansion and future data center construction projects across key markets.

Highlights

  • DataBank secures USD 725M credit facility for expansion projects.
  • Focus on sustainability with second green financing initiative.
  • Meeting increasing demand from emerging AI applications.

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DataBank Secures USD 725 Million Credit Facility to Fuel Data Center Expansion
Edge colocation and managed cloud services provider DataBank announced the securing of a new USD 725 million credit facility. The new capital will fund ongoing expansion and future data center construction projects across key markets. This includes the expansion in existing markets on its campuses in New York, Denver, Minneapolis, Salt Lake City, and Dallas, as well as the establishment of new campuses in Northern Virginia and Atlanta.

Also Read: DataBank Raises USD 533 Million to Fund Data Center Expansion




Green Financing Focus

Supported by a consortium of 14 digital infrastructure banks, with TD Securities as the Administrative Agent and Joint Lead Arranger, the facility provides an attractively priced, long-term solution to meet the escalating demand for capacity within DataBank's footprint, the company said.

This marks DataBank's second green financing, following closely after the February 2024 Green Bond issuance. To qualify as a green loan, the funded facilities must adhere to sustainability criteria focused on water conservation, carbon emissions reduction, and low Power Usage Effectiveness (PUE). These efforts align with DataBank's goal of achieving carbon neutrality by 2030.

Accelerating AI Demand

"New and emerging AI applications have created unprecedented demand for DataBank's data center capacity," said DataBank. "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."

Also Read: DataBank Acquires Leased LAS1 Data Center in Las Vegas

Recent DataBank Acquisitions

In November 2023, DataBank acquired an 85-acre campus in Culpeper, Virginia, capable of supporting up to 192 MW and 1.4 million gross square feet of data center space. This acquisition was swiftly followed by the purchase of a 95-acre campus in Atlanta, capable of accommodating another 120 MW and 1 million gross square feet of data center space.

DataBank said, once fully operational, these facilities will nearly double its current portfolio, which spans over 65 facilities across 27 metros.

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