Vantage Data Centers has secured a loan to build out its data centers in Québec, Canada.
Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) announced it has entered into an agreement to provide US$75 million in senior financing to Vantage to support the expansion of its Québec City QC2 campus.
This new investment will finance the construction of the third building at the site and will add an additional 16MW of capacity.
“The rise of data-intensive technologies and the adoption of cloud services are transforming the North American digital infrastructure market. Vantage Data Centers is uniquely positioned to seize this opportunity with its extensive experience in developing and operating data centers, as well as its long-standing client relationships,” said Marc Cormier, SVP and head of fixed income at CDPQ. “This new investment in Vantage leverages CDPQ’s global experience financing critical digital infrastructure to support the delivery of this important local project.”
The campus will have four buildings in total at full build-out, spanning 86,000 sqm (925,000 sq ft) and offering 86MW. Pomerleau Inc. is the construction company leading the expansion project.
Vantage entered Canada in 2019 after acquiring 4Degrees Colocation from Videotron Ltd., a Quebecor Media Inc. (QMI) subsidiary, in January 2019. At the time it took over a campus in Québec and another in Montreal. The company has since announced a second site in Montreal as well as an expansion to the two existing sites.
“The rise of data-intensive technologies and the adoption of cloud services are transforming the North American digital infrastructure market. Vantage Data Centers is uniquely positioned to seize this opportunity with its extensive experience in developing and operating data centers, as well as its long-standing client relationships,” said Marc Cormier, SVP and head of fixed income at CDPQ. “This new investment in Vantage leverages CDPQ’s global experience financing critical digital infrastructure to support the delivery of this important local project.”
“CDPQ’s investment is instrumental in our expansion in Québec City and in strengthening our ability to deliver high-quality digital infrastructure in the region,” said Maxime Guévin, Senior Vice President and General Manager of Canadian Operations, Vantage Data Centers. “We look forward to inaugurating this new facility in spring 2025 and strengthening our partnership with CDPQ, which will allow us to meet the growing demand for advanced cloud computing in Eastern Canada.”
The total credit facility of US$130 million was structured and underwritten by Société Générale.
“We are pleased to partner with CDPQ to provide a tailored financing solution to support the growth of Vantage Data Centers in Québec City,” said Valtin Gallani, head of digital infrastructure financing and advisory, Societe Generale.
CDPQ has previously invested in Vantage’s EMEA operations and Canadian operator eStruxture, as well as CoreWeave.
