Data Center View - March 17, 2025 - Rowan secures $1.24 billion

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NEWS ROUNDUP

FINANCING: Rowan secures $1.24 billion. Rowan Digital Infrastructure has secured an additional $1.24 billion in construction financing for the second phase of its flagship data center campus in Maryland. This latest round of financing builds on the $975 million raised for the project’s first phase, bringing the total debt secured for the campus to $2.2 billion. The financing was led by SMBC and MUFG Bank, which served as co-structuring agents. Additional support came from Mizuho and TD Securities, which acted as coordinating lead arrangers and joint bookrunners. In total, 14 lenders participated in the financing, with further banks expected to join through a secondary syndication in March. Rowan’s Kevin Mammel and Charley Daitch expressed great enthusiasm for the project.

DEVELOPMENT: CenterPoint adds $500 million to 10-year CAPEX plan. CenterPoint Energy has increased its long-term capital expenditure plan by $500 million to strengthen its electricity grid in response to surging power demand from new data centers. The Houston-based utility now plans to invest $47.5 billion through 2030 to improve grid resilience as data center development accelerates across its service territory. "Like our peers, we have experienced an unprecedented level of interest in connecting to our grid," said CenterPoint CFO Christopher Foster during a conference call.

DEVELOPMENT: Arizona Land Consulting acquires 160-acres for data center bet. Arizona Land Consulting has acquired 160 acres in Buckeye, Arizona, for nearly $22 million as it expands its investment in the booming data center sector. The site has the potential to support up to 3.5 million square feet of data center development and is located near an ongoing Tract data center project. The company, led by CEO Anita Verma-Lallian, expects to begin construction in the coming years, with projected development costs ranging from $1 billion to $5 billion. This latest purchase follows Arizona Land Consulting’s aggressive push into the data center space, having acquired 600 acres last year for similar projects and currently in the process of acquiring another 2,000 acres in Phoenix.

DEVELOPMENT: Meta exploring plans for $200 billion data center campus. Meta is reportedly considering a massive AI data center campus that could cost over $200 billion. The company has allegedly been in discussions with developers and is exploring potential locations in Louisiana, Wyoming, or Texas, with senior executives recently visiting sites.

PEOPLE MOVES: Flour shuffles executive team. Fluor Corporation announced that Jim Breuer will take over as CEO on May 1, succeeding David Constable, who will transition to executive chairman. However, company executives emphasized that the leadership change will not alter Fluor’s strategic priorities. Data centers are a central focus for Fluor’s growth, with the company recently signing a master agreement with a major technology provider and beginning initial work under the deal. Breuer noted that Fluor is in discussions or has agreements with the top four data center developers and sees the sector as a significant driver of its growth strategy.

READ: Data center firms turn to JVs to fund growth.

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