Stack Infrastructure has raised $3 billion to fund data center developments at a trio of locations in the US with a total capacity of 900MW.
The data center developer has not disclosed the source of funding, describing it simply as “green financing.”
It will use the cash to finance upcoming and ongoing data center building projects in Prince William County, Virginia; Phoenix, Arizona; and Atlanta, Georgia.
"Our clients prioritize minimizing environmental impacts, which parallels our mission to advance a sustainable digital future," said Brian Cox, CEO of Stack Americas. “Securing this financing is an added example of Stack’s efforts to combine sustainable development with responsible growth."
Stack said the projects will “aim to minimize environmental impact” through “water conservation, responsible resource utilization, and energy efficiency.” It claims they will include zero potable water usage for cooling, construction with low-carbon materials including recycled content in concrete, and high-performance design features for optimal Power Usage Effectiveness (PUE).
Though it has not disclosed which projects the money will be used for, the company acquired a new parcel of land in Prince William County last year, which will enable it to expand its existing Virginia campus.
In November 2022, it announced it was developing a five-building campus in Phoenix, and in Atlanta, it has filed for permission to build two data centers at 808 Factory Shoals Road. The buildings will span 146,380 sq ft (13,600 sqm).
This latest financing comes after the company secured $1.3bn in June to develop its portfolio, and $3.3bn in green financing in April for data center developments across California, Milan, and Loudoun County.
DCD reported in March that Stack had received $240m in green securitized notes and had accumulatively raised $2.83bn in notes. 2023 saw Stack issue $290m in securitized notes in November, $250m in August, and $250m in March.
In total, Stack’s data center portfolio is 4GW of built and under development space.
