Data Center View - March 26, 2025 - CIM Group and Novva secure $2 billion

Good morning. This is Data Center View, and it looks like everyone is getting in on the game.

→ We are here to serve the owners, brokers, and users who are interested in data center real estate. Do us a favor, and forward this email to your favorite data center pro. They can sign up here.

Now, let’s get to it.

NEWS ROUNDUP

FINANCING: CIM Group and Novva secure $2 billion. CIM Group and Novva have announced the closing of a $2 billion financing package from J.P. Morgan and Starwood Property Trust to support the continued development of Novva’s flagship 175MW Salt Lake City data center. The capital will fund Phases 2 and 3 of the 100-acre campus located in West Jordan, Utah, expanding what is set to become one of the largest and most sustainable direct-to-chip cooled AI data centers in the world. “This significant financing is further validation of the potential we saw in Novva’s proprietary data center design and its experienced and forward-thinking management team when we invested in the company five years ago,” said Avi Shemesh, Co-Founder and Principal at CIM Group. “Our Salt Lake City center is the first facility where we were able to fully showcase Novva’s vision for future-proof data center facilities,” said Wes Swenson, CEO of Novva.

PARTNERSHIP: Amazon and GE Vernova sign partnership deal. GE Vernova has signed a new agreement with AWS to support the tech giant’s expanding data center operations across North America, Europe, and Asia with cleaner, more reliable energy solutions. Under the agreement, GE Vernova will supply AWS with a broad suite of energy solutions, including technologies to electrify and decarbonize data center operations. “GE Vernova is well positioned through its broad portfolio of energy products and services to help AWS obtain reliable, cost-effective, and more sustainable electricity for its data centers,” said Pablo Koziner, Chief Commercial Officer at GE Vernova.

DEVELOPMENT: STACK files for $10 billion data center campus in Virginia. STACK Infrastructure and Silver Companies are partnering on a massive $10 billion data center development in Fredericksburg, Virginia. While specific design details and capacity specs have yet to be disclosed, officials estimate the site could support 8 to 12 data centers. The full buildout is subject to final zoning entitlements, water service agreements, and transmission power delivery by Dominion Energy.

DEVELOPMENT: FCL completes 210,000-SF data center in Illinois. FCL Construction has officially completed a 210,000-square-foot data center for Edged, a sustainable infrastructure provider, in Aurora, Illinois. Designed by Ware Malcomb, with development led by Seefried Industrial Properties, the new facility is part of a 65-acre campus that will ultimately offer 96 megawatts of renewable energy-powered capacity. The data center includes 13,000 square feet of office space, housing a lobby, conference room, and break room.

ENERGY: LGE & KU propose $3.7 billion plan. Kentucky Utilities (KU) and Louisville Gas and Electric (LG&E) have submitted a proposal to the Kentucky Public Service Commission (PSC) seeking approval to invest $3.7 billion in new energy infrastructure to meet surging demand from data centers and the upcoming BlueOval SK Battery Park—a major electric vehicle battery manufacturing facility backed by Ford and SK On.. The proposed investment includes:

• Two 645-MW natural gas-fired units

• A 400-MW / 1,600-MWh battery storage project

• A selective catalytic reduction (SCR) system for an existing coal-fired unit

READ: DFW cities are turning data center MWs into commercial district dollars.

DATA CENTER PROPERTY FOR SALE 

Click on each photo for more information.

Development Site | 153 Acres | Price: $21,750,000

DATA CENTER PROPERTY FOR LEASE 

Click on each photo for more information.

5MW Available Immediately | Additional 5MW Can Be Available Within 6 Months | Two 2,500 kVA Transformers On-Site

ONE MORE THING

→Try our resources for data center pros:

Search Properties | Data Center Real Estate News | Comps | Professional Network | Advertise Listings | Share a Closing Announcement