Rowan Lines Up $1.5 Billion in Credit for 5.5 GW Data Center Push

Rowan Digital Infrastructure has secured about $1.5 billion in corporate credit to fund work across its 5.5 GW US data center pipeline, marking the company's first move from project-by-project borrowing to financing at the holding level. The package, announced Thursday, combines a $600 million term-loan upsize with Apterra Infrastructure Capital and Rowan's first syndicated bank facilities: a $590 million revolving credit facility and a $355 million letter of credit facility, both led by Citibank.

The Apterra upsize takes Rowan's term loan to $900 million, from the $300 million first arranged in September 2025. Citibank serves as left lead arranger, bookrunner and administrative agent on the syndicated facilities, with Mizuho, MUFG, Goldman Sachs Bank USA, Societe Generale, SMBC and Huntington National Bank joining the syndicate.

Why corporate credit rather than project loans?

Rowan's earlier financings each backed a single campus. The new facilities sit at the company level, which changes how quickly the developer can commit to new sites. According to Rowan, the revolver supplies money to start development without returning to the market for each project, while the letter of credit facility covers collateral such as utility interconnection deposits and equipment vendor commitments — two cash demands that arrive early in a data center build.

Accordion features give the package room to grow. The revolver can rise to $2 billion and the letter of credit facility to $1 billion, subject to terms.

For a build-to-suit developer serving hyperscale cloud and AI customers, that flexibility matters. Interconnection deposits and vendor commitments precede revenue by years. A facility that stands behind them removes a recurring constraint.

What stands behind the loan?

Rowan reports more than 1.2 GW contracted to large technology companies, which it does not name, within its 5.5 GW pipeline. The company says it has raised more than $8 billion from more than 40 lenders over the past 18 months.

Its project financings include:

• Nearly $3 billion in May for the 300 MW Temple campus.
• $550 million in February for the 300 MW Cinco campus in Medina County, Texas.
• $925 million for the third phase of the Bauxite campus in Frederick County, Maryland.

Rowan was founded in November 2020 and is backed by Quinbrook and Blackstone. A four-year-old company with $8 billion raised and 40 lending relationships is not a common sight, even in a sector as hungry for capital as this one.

What do the lenders say?

Apterra's co-chief executives, Ralph Cho and Michael Pantelogianis, pointed to the wider market in a joint statement: "Demand for digital infrastructure financing continues to accelerate."

That demand is visible in the structure of this deal. A term-loan upsize tripling an existing facility, plus a seven-bank syndicate on first-time revolver and letter of credit lines, signals lenders competing for exposure to hyperscale-adjacent credit rather than rationing it.

What comes next?

The accordion features are the forward indicator. If Rowan draws the revolver toward its $2 billion ceiling and lifts the letter of credit facility toward $1 billion, the 5.5 GW pipeline is converting into construction. The unnamed hyperscalers holding 1.2 GW of contracts will decide the pace.