Rowan Digital Infrastructure, a developer of large data center campuses backed by Quinbrook and Blackstone Inc., added more than $1.5 billion of corporate borrowing capacity to pay for the earliest and riskiest stage of building for AI customers.
The Denver company expanded its holding company term loan by $600 million in a deal led by Apterra Infrastructure Capital, taking a facility first closed in September 2025 at $300 million to $900 million. It also signed a new $590 million revolving credit line and a $355 million letter of credit facility, both led by Citibank. The revolver and letter of credit lines can be expanded to as much as $2 billion and $1 billion, respectively.
Paying for land, power and equipment
Most data center debt is raised project by project, once a tenant signs and construction is ready to start. Rowan is raising money at the parent level so it can move before that point, locking up land and grid connections and ordering transformers and other long-lead equipment across a 5.5-gigawatt pipeline. The letter of credit facility lets the company meet utility interconnection deposits and supplier collateral demands without posting cash.
The bank group for the revolver includes Mizuho, MUFG, Goldman Sachs, Societe Generale, Sumitomo Mitsui Banking and Huntington National Bank. Several of those lenders also led the nearly $3 billion financing for its 300-megawatt Temple campus earlier this year.
Eight billion and counting
Rowan says it has more than 1.2 gigawatts contracted to large technology companies and has raised more than $8 billion from over 40 lenders in the past 18 months. Earlier deals include $925 million for a campus in Frederick County, Md., and $550 million for the Cinco campus in Medina County, Texas.
The financing adds to the flow of private and bank credit into AI infrastructure, from Torus and its $500 million raise for modular inference sites to the cooling suppliers now drawing takeover interest, such as Modine.
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