Rowan raises $1.5bn corporate credit for data center pipeline

Rowan Digital Infrastructure secured more than $1.5 billion of new corporate financing this week.

The package includes a $590 million revolving credit facility, a $355 million letter of credit and a $600 million increase to a holding-company term loan. Rowan said the facilities are available for general pipeline development. Private Equity Wire, citing a Bloomberg report, said the proceeds will fund land acquisition, power infrastructure and equipment procurement.

For infrastructure debt allocators, the revolver and letter of credit are corporate rather than project debt, and Citibank's Saad Zaman said they were Rowan's first syndicated corporate credit facilities. Pricing and tenor were not disclosed. A holdco revolver and letter of credit can fund early-stage work across the pipeline without tying the debt to a single campus.

Chief executive Charley Daitch tied the raise to demand, saying the company has "more than 1.2GW already contracted to world-class technology leaders." Private Equity Wire said Denver-based Rowan is building about 5.5 GW of capacity for hyperscale tenants, including two 300 MW facilities in Texas, a 600 MW campus in Maryland and a 300 MW development in Oregon. Data Center Dynamics said Rowan has sites in Maryland, Oregon and Texas, near Temple and San Antonio.

Data Center Dynamics said Quinbrook Infrastructure Partners and Birch Infrastructure set the company up in 2021. Private Equity Wire said Quinbrook founded it in 2020. Both reported a Blackstone stake taken this year, which Private Equity Wire dated to April 2026. The company was formerly called Rowan Green Data.

Citibank led the revolver and letter of credit, with a group that also includes Mizuho Bank, MUFG Bank, Goldman Sachs Bank USA, Societe Generale, Sumitomo Mitsui Banking Corporation and Huntington National Bank. Apterra Infrastructure Capital led the term-loan upsize. Its co-CEOs, Ralph Cho and Michael Pantelogianis, said demand for digital infrastructure financing "continues to accelerate." Mizuho, MUFG and SMBC also helped lead Rowan's $2.9 billion Temple 1 financing earlier this year.

Private Equity Wire said the financing lands alongside growing regulatory uncertainty while Rowan said hyperscale demand is strong. As Private Wealth Daily previously reported, 13 states attempted data center moratoriums in 2026, with statewide bans in New York, Oregon and Texas. Rowan has disclosed sites in Oregon and Texas.