DataBank has raised $533 million of capital to build new data centers, through a combination of debt and equity.
The company said it needed the money to meet the capacity demands of AI applications.
The new finance consists of two separate transactions: $188m in equity raised from existing and new investors, plus a $345m construction loan for a new data center being developed in Atlanta.
For the first transaction, $138m came from existing investors in a pre-emptive rights offering, with the remaining $50m provided by new equity investors.
The $345m loan provided for the construction of DataBank's ATL4, expected to open in the third quarter of 2024.
ATL4 will have 100 percent load-following renewable power through Georgia Power's solar-based Renewable Energy Certificates.
First Citizens, MUFG, and CoBank acted as joint lead arrangers and joint bookrunners for the debt transaction, with First Citizens as the administrative agent. Jones Day served as legal counsel.
"This new financing will allow us to continue bringing important capacity to market to meet extremely high demand for data center space and power," said Kevin Ooley, DataBank's President & CFO.
"The favorable loan terms, and the pre-emptive rights participation of existing equity investors so soon after our recapitalization, reflect the ongoing confidence of our investment partners and their willingness to seize the growth opportunity of the AI era ahead of us."
Earlier this month, DataBank bought 85 acres of land in Culpeper, Virginia, for a new 192MW data center campus.
Last month, the company sold its French portfolio to Etix Everywhere for €63m ($69m).