Rowan Digital Infrastructure has secured over USD 1 billion to advance the development of its Maryland data centre campus. The company announced this week that it closed an additional USD 1.24 billion in construction financing to support the second phase of its flagship hyperscale facility at TPG’s Quantum Frederick site.
Image Source: Rowan Digital Infrastructure
The site (Frederick, Maryland) was once home to the Alcoa Eastalco Works aluminium smelter, which was sold to Quantum Loophole and TPG in 2021 for redevelopment into a modern data centre campus.
“Rowan is grateful for our lenders’ continued support for phase two of our flagship campus. Repeat participation from our existing financing partners, including the lead banks from the phase one financing, underscores their confidence in Rowan’s vision, execution, and ability to deliver at scale. The addition of four new lending relationships also reflects the growing appeal of our platform. As our development pipeline surpasses 2,500MW, deepening these trusted relationships is critical to ensuring we can continue delivering sustainable, energy-efficient data centers that meet the timing demands of our hyperscale customers,” said Kevin Mammel, Rowan’s chief financial officer.
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The financing was jointly led by Sumitomo Mitsui Banking Corporation (SMBC) and MUFG Bank as co-structuring agents, with SMBC, MUFG, Mizuho, and TD Securities acting as coordinating lead arrangers and joint book runners. A total of 14 lenders participated in the deal, with more expected to join through a secondary syndication in March.
Established in 2021 by Quinbrook Infrastructure Partners and Birch Infrastructure, Rowan (formerly Rowan Green Data) broke ground on its Maryland development last year. The first phase, known as Bauxite I, is a 300MW campus comprising four single-story buildings with a total footprint of 777,150 sq ft (72,200 sqm).
Just last month, the company secured USD 975 million in financing for Bauxite I, with MUFG, SMBC, and Mizuho among the participating lenders. With this latest round, Rowan has now raised a total of $2.2 billion for the Maryland project. The company is also advancing two additional campuses within the same park, Bauxite II, spanning 822,620 sq ft (76,400 sqm) across 111.5 acres, and Bauxite III, covering 591,913 sq ft (54,990 sqm) on a 55-acre site.
The campus forms part of a larger 2,100-acre, 2GW data centre park in Frederick County, Maryland, owned by TPG Real Estate and developed on the site of Alcoa Eastalco aluminium plant. The park is designed to host multiple developers building data centres at scale. Quantum Loophole was initially involved in the project but was later removed by TPG. Beyond Maryland, Rowan is also advancing a 300MW campus in Temple, Texas, and a four-building development in Oregon.
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