Rowan adds more than $1.5 billion in data center financing

Rowan Digital Infrastructure has added more than $1.5 billion in corporate financing for its data center pipeline, through a term-loan upsize and two new bank facilities.

The package was announced on November 12. A $600 million increase in the holding-company term loan is led by Apterra Infrastructure Capital. Citibank, N.A. is lead arranger on a new $590 million revolving credit line and a new $355 million letter of credit.

The money is for early site work. The facilities are available for general development of a 5.5 gigawatt pipeline across several U.S. markets. Rowan can use the capital to secure land and power and to order equipment with long lead times.

The term loan now stands at $900 million. The company expanded a corporate facility it closed with Apterra in September 2025. That line began as a $300 million term loan and letter of credit for early development.

Borrowers can draw the revolver more than once. The $590 million line can be drawn, repaid, and drawn again as new sites move forward. The $355 million letter of credit covers collateral such as utility interconnection deposits and equipment-vendor obligations without a cash posting. An accordion may lift the revolver to as much as $2 billion and the letter of credit to as much as $1 billion, subject to terms.

Seven banks sit on the new syndicate. With Citibank are Mizuho Bank, MUFG Bank, Goldman Sachs Bank USA, Societe Generale, Sumitomo Mitsui Banking Corporation, and Huntington National Bank. SMBC, Mizuho, and MUFG also helped lead the Temple campus financing earlier this year. The 18-month total stands above $8 billion, from more than 40 lenders.

More than 1.2 gigawatts is already under contract. Chief executive Charley Daitch said the company has "more than 1.2 GW already contracted to world-class technology leaders." Earlier deals include nearly $3 billion in May 2026 for the 300 megawatt Temple campus, $550 million in February for the Cinco campus in Medina County, Texas, and $925 million for Bauxite Phase III in Frederick County, Maryland. Those three projects total $4.4 billion under the company's Green Finance Framework.