Wholesale data center developer EdgeCore Digital Infrastructure has announced the successful completion of a USD 1.9 billion capital raise to advance its hyperscale data center development. According to the official release, this is the second capital raise led by Partners Group for EdgeCore and will propel the development of EdgeCore's portfolio.
Also Read: EdgeCore Secures USD 1.9 Billion Financing for Mesa Data Center Campus
Previous Fundraising Milestones
EdgeCore said this is the third fundraising transaction for it in the last seven months. The first was announced in January 2024, the second in March 2024, bringing the total financial investment in the company to USD 4.24 billion for the year 2024.
"The capital raise was significantly oversubscribed and conducted in conjunction with multiple global co-investors, anchored by a sizeable contribution from Partners Group," said EdgeCore.
"The financial requirements for building data centers designed to meet the density specifications of artificial intelligence are staggering and demand the right combination of industry expertise and investment," said Lee Kestler, CEO of EdgeCore Digital Infrastructure. "EdgeCore executed our 2023 forecast well ahead of plan, and we are prepared to utilise this USD 1.9 billion investment to continue meeting the exploding demand for high-density data center space required by our hyperscale customers."
Also Read: EdgeCore Secures USD 440 Million Financing for Silicon Valley Campus Expansion
Use of New Funds
EdgeCore stated that the USD 1.9 billion in new funds will be directed towards expanding its portfolio, including the development of a new data center campus in Culpeper, Virginia.
The initial USD 1.2 billion investment from Partners Group, made in conjunction with its acquisition of EdgeCore in November 2022, had already been fully committed to developing data center campuses in Santa Clara, California (January 2023); Ashburn, Virginia (March 2023); Mesa, Arizona (April 2023); and Reno, Nevada (August 2023) by the end of 2023.
