EdgeCore Locks In $235M for Data Center Projects
A Phoenix facility backs the financing.
EdgeCore Digital Infrastructure has completed a $235 million asset-backed securitization deal. The move will help refinance construction loans and fund upcoming green data center projects.
The ABS package is the first in an expected series of similar fundings meant to help the company expand their footprint. The transaction also includes green bonds, with the first two tranches of notes receiving S&P ratings of A- and BBB-.
The company’s PH01 data center, a 200,880-square-foot facility with a 26-megawatt capacity, backs the loan. The building is currently fully leased to a single hyperscale tenant.
That property is EdgeCore Digital Infrastructure’s flagship data center in metro Phoenix, where the company owns a three-building campus designed to deliver more than 450 megawatts. In May, the firm purchased 44 acres for the expansion of the campus that also has two facilities underway, expected to come online in by the end of next year.
The main anchor of EdgeCore’s raised capital is Partners Group, which acquired the company in 2022. The firm initially invested $1.2 billion to fund the acquisition and support its existing and planned data center developments.
Expanding in the hyperscale data center sector
The news comes as the company plans its third development in Virginia. Last month, EdgeCore purchased 697 acres for a 3.9 million-square-foot data center campus designed to include 1.1 gigawatts of capacity at full build-out. The $17 billion data center investment will expand the company’s portfolio to more than 1.6 gigawatts.
In September last year, EdgeCore landed $1.9 billion in equity, backing its data center projects currently underway in Reno, Nev., Silicon Valley, and Culpeper, Va. The Virginia one is a 1.4 million-square-foot campus designed to include 432 megawatts of power.
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