Rowan Secures $1.545 Billion for 5.5 GW Data Center Pipeline

By Grace Kim

Rowan Digital Infrastructure secured $1.545 billion of new corporate financing capacity to advance an approximately 5.5-gigawatt hyperscale data center pipeline across the United States. The Denver-based developer said the package combines a $600 million holding-company term loan expansion with two Citibank-led facilities totaling $945 million.

Rowan said the capacity adds financing flexibility to secure land, obtain power commitments, purchase equipment and fund early-stage work across the portfolio. Major technology customers have contracted more than 1.2 gigawatts of capacity.

The transactions bring Rowan’s total secured financing to more than $8 billion from more than 40 lenders over the past 18 months. Rowan pairs corporate credit with project-specific capital as it develops campuses ranging from roughly 300 megawatts to more than 1 gigawatt.

How is the $1.545 billion structured?

• $600 million term loan expansion: Apterra Infrastructure Capital served as lead arranger, lifting Rowan’s existing holding-company facility to $900 million from $300 million. Rowan established the original facility in September 2025 for early-stage development.
• $590 million revolving credit facility: Citibank served as lead left arranger and administrative agent. Rowan can draw, repay and redraw the facility, reducing the need for separate financing at every new site.
• $355 million letter of credit facility: Citibank also served as lead left arranger and administrative agent. The facility supports utility interconnection deposits, equipment vendor commitments and other collateral requirements without requiring equivalent cash immediately.

The added term-loan capacity can cover work that comes before a campus reaches construction financing: land acquisition, infrastructure planning, engineering, permitting and coordination with electricity providers, Rowan said. The company said early development can require significant capital before construction begins.

Subject to applicable conditions, Rowan may increase the revolver to as much as $2 billion and the letter of credit facility to $1 billion. Those options are not part of the initial $945 million.

The lender group includes Citibank, Mizuho Bank, MUFG Bank, Goldman Sachs Bank USA, Societe Generale, Sumitomo Mitsui Banking Corporation and Huntington National Bank. Several have previously supported Rowan’s project-level financings.

The immediate gain from the Citibank package is $945 million in committed corporate credit and collateral support; the larger increases remain options.

What does the 5.5 GW pipeline contain?

Rowan’s portfolio spans multiple U.S. markets and uses build-to-suit infrastructure for hyperscale operators requiring substantial computing capacity. The campuses are intended to support rapid, cost-effective customer expansion and require extensive electrical infrastructure, specialized cooling and significant spending on equipment and construction, Rowan said.

Power availability and the speed of delivering operational capacity have become increasingly important factors in data center development, the company said. Rowan emphasizes strategic locations and infrastructure coordination designed to meet customer requirements.

• Approximately 5.5 GW planned: Hyperscale campuses across multiple U.S. markets.
• More than 1.2 GW contracted: Commitments from major technology customers.
• 300 MW to more than 1 GW: The range of Rowan’s active campus sizes.

Rowan intends to use the new resources to accelerate facilities while maintaining capital access across multiple projects. Its strategy is supported by investment partnerships with Quinbrook and Blackstone.

Charley Daitch, CEO of Rowan Digital Infrastructure, said:

“Rowan has been built on the thesis that speed to power and deep community engagement will define the next era of digital infrastructure. With more than 1.2 GW already contracted to world-class technology leaders, Rowan maintains an expansive portfolio of strategic locations to continuously scale support for our hyperscale partners.”

“Securing corporate financing from banks of this caliber is a milestone in Rowan’s growth and a reflection of the team and platform we’ve built.”

The new money targets the gap between Rowan’s 5.5 GW pipeline and the 1.2 GW already contracted.

Which projects have already drawn funding?

• May 2026: Rowan secured approximately $2.9 billion for its 300-megawatt Temple data center campus. It ranked as the largest financing in the company’s history and closed under its Green Finance Framework.
• February 2026: Rowan obtained $550 million in construction financing for the 300-megawatt Cinco campus in Medina County, Texas.
• $925 million financing: The third phase of the Bauxite development in Frederick County, Maryland, marked the first issuance under the Green Finance Framework.

Rowan said its Green Finance Framework supports financing for qualifying sustainable digital infrastructure. Morningstar Sustainalytics assigned the Bauxite financing a Strong assessment. Across three projects, Rowan has secured approximately $4.4 billion under the framework.

Rowan said the transactions demonstrate its ability to attract major financial institutions for large-scale development projects.

The 2026 deals bring Rowan’s corporate and project-level financing to more than $8 billion from more than 40 lenders over 18 months, the company said. Banks in the new corporate group have also backed prior project-level transactions.

Rowan said its financing mix pairs project-level capital for individual campuses with corporate lines for earlier development work.

Who is behind Rowan?

Founded in November 2020, Rowan is backed by Quinbrook, an investment firm focused on energy and digital infrastructure transitions, and Blackstone, a global alternative asset manager. Rowan said its mix of corporate credit and project-specific capital lets it fund early development while pursuing construction financing for individual campuses.

The company said the financing reflects continued institutional lending interest in digital infrastructure supporting cloud computing, artificial intelligence and other data-intensive applications.

Ralph Cho and Michael Pantelogianis, Co-CEOs of Apterra Infrastructure Capital, said:

“Rowan has set a high bar in hyperscale data center development, and we are pleased to build on our relationship through this financing. Demand for digital infrastructure financing continues to accelerate, and Apterra is well positioned to support leading developers as they scale.”

Saad Zaman, Managing Director at Citibank, said:

“Citi is honored to serve as left lead arranger, bookrunner and administrative agent on Rowan’s inaugural syndicated corporate credit facilities, a milestone in the company’s evolution that provides scalable relationship capital to support future growth.”

The next test for Rowan is whether the corporate facilities can move campuses from early development into construction while it works through a 5.5 GW pipeline and more than 1.2 GW of customer commitments.