EdgeCore Secures $1.5B for NoVa Data Center Developments

EdgeCore Digital Infrastructure has secured $1.5 billion in financing, including a green loan, to fund construction of two single-tenant hyperscale data centers in Northern Virginia. At full build-out, the AS01 and AS02 campuses in Sterling, Va., will be able to support a combined 114 megawatts of critical load.

The financing package consists of two limited-recourse senior secured term loans. The transactions were led by a consortium of coordinating lead arrangers including Apterra Infrastructure Capital LLC; Global Infrastructure Partners, a part of BlackRock; and ING Capital LLC. The AS01 note was structured as a green loan, with ING serving as the sole green loan structuring agent.

Apterra and ING served as administrative agents. Davis Polk & Wardwell LLP served as counsel for the borrower/sponsor and Milbank was the underwriters’ counsel.

Two under-construction campuses in Northern Virginia

Construction is underway on both AS01 and AS02. The Loudoun County sites are located in an area known as Data Center Alley because of the large number of data centers. Located less than 2 miles from one another, the properties total more than 17 acres and will have a combined total of 608,000 square feet.

At full build-out, AS01 at 45831 Maries Road will support 72 megawatts and AS02 at 1501 Moran Road will support 42 megawatts. They will be engineered to exceed high-density AI and cloud requirements. Initial occupancy for AS01 is slated for November and AS02 is expected to be ready for occupancy by July 2027. Power for both data centers will be provided by Dominion Energy.

---

READ ALSO: The Power-First Era: How 2026 Will Remap US Data Center Real Estate

---

“EdgeCore deploys equity capital to preposition large land parcels, energy delivery assets and construction labor resources where we anticipate strong customer demand,” EdgeCore CEO Lee Kestler told Commercial Property Executive.

He said the $1.5 billion in financing will enable the firm to acquire additional land, procure long-lead energy and construction materials, hire and contract local labor to initiate early-stage site work, and expand its apprenticeship program to recruit local talent.

Closer look at financing deals

The transactions are the latest in a series of planned financings across the EdgeCore portfolio and were conducted in conjunction with its owner, Partners Group, acting on behalf of its clients.

Since having been acquired by Partners Group, EdgeCore had committed more than $5.9 billion in equity capital and debt as of January to its expansion. The company is further backed by $16.1 billion of planned investment to fund additional hyperscale and AI-ready data center campuses.

In January 2024, EdgeCore obtained its first green loan, $1.9 billion in financing, to fund further development at its Mesa, Ariz., campus.

More recently, the data center developer completed a $235 million asset-backed securitization that was backed by its fully stabilized PH01 data center in Greater Phoenix. The ABS was comprised of designated green bonds and proceeds were used to refinance construction loans and fund future green data center development.

Expanding its Virginia and U.S. footprint

In addition to Ashburn and Phoenix, EdgeCore has properties or is developing data center assets in Reno, Nev., Silicon Valley in California and two more markets in Virginia—Culpeper and Louisa County. The firm’s portfolio now totals approximately 7 million square feet of capacity and offers customers capacity of up to 1.2 gigawatts on a single campus.

The Louisa County project, revealed in June, will be a $17 billion, 3.9 million-square-foot high-density data center campus on 697 acres in Shannon Hill Regional Business Park. That facility could support more than 1.1 gigawatts of power.

Elsewhere in Virginia, EdgeCore is developing a 1.4 million-square-foot campus in Culpeper. At full build-out, the campus will be able to support up to 432 megawatts.