STACK Infrastructure Secures $1.3B for Global Expansion
This financing came on the heels of another $3.3 billion obtained in April.
Denver-based STACK Infrastructure has raised $1.3 billion in financing for its ongoing global data center development strategy. Funds also include green construction debt refinancing for the expansion of its large-scale shell and turnkey campuses, several being located in the U.S.
To date, STACK has secured more than $12 billion in financing to expand its global footprint of scalable data center campuses.
Plans for the new financing
Three Virginia campuses will see multimillion-dollar expansions with proceeds from this latest financing. Some $350 million in green financing will be used for the expansion of a 150 MW campus in Manassas. Another $301 million will support further development at a 200 MW campus in Loudoun County and $100 million will refinance construction debt that encumbers a 420 MW campus in Prince William County.
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STACK currently has several scaling opportunities, including five in the U.S. and one in Toronto, where a 19-acre campus with an 8 MW data center has 48 MW in expansion capacity. U.S. projects feature:
- A 48 MW data center in Santa Clara, Calif., with immediately available space, 12 MW of turnkey capacity and committed power from Silicon Valley Power, a not-for-profit municipal electric utility owned and operated by the city of Santa Clara
- A 55-acre, 200 MW campus in Portland, Ore., with 24 MW of available capacity
- A 48 MW build-to-suit opportunity in the Dallas-Fort Worth area, with abundant power and connectivity options
- A 58 MW data center campus in New Albany, Ohio, with immediately available capacity and build-to-suit expansion opportunities
- A 250 MW campus in central Phoenix, with a dedicated on-site substation.
STACK also plans to use $560 million in green financing to expand its footprint in the APAC region, including the development of a 180 MW campus in Melbourne, Australia. In addition, a campus in Milan, Italy, will see some of the funding as $60 million in construction financing will be used to expand its power capacity to 25 MW.
Previous round of financing
The previous round of financing for STACK closed in April, when the firm raised $3.3 billion. That green funding included $1.4 billion to expand its Silicon Valley presence by developing water and energy-efficient digital infrastructure and other regional investments.
It also earmarked $750 million for STACK facilities in Loudoun County, Va., to integrate cutting-edge cooling stations and incorporate low-carbon materials into the design such as green concrete and recycled steel.
The company also allocated $1.2 billion of the green financing for Milan campuses to support water-efficient infrastructure and enhance power usage among other initiatives.
Silicon Valley growth
In March, STACK announced a groundbreaking and expansion of its 100 MW campus in San Jose, Calif., known as SVY01, with a 60 MW data center addition that will provide critical capacity and scale in one of the largest and most desirable data center markets in the world. The expansion includes two data centers, an advanced manufacturing facility and parking structure.
The expansion is expected to meet the growing demand for cloud and high-density workloads. STACK is also collaborating with PG&E to develop new power infrastructure in the area, to help provide a more reliable, safe and scalable grid for public and private use.
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