Rowan secures $1.24B construction financing for Bauxite phase two at Quantum Frederick

Frederick, Maryland, September 22, 2025

News Summary

Rowan Digital Infrastructure closed an additional USD 1.24 billion in construction financing to fund phase two of its Bauxite campus at TPG’s Quantum Frederick site in Frederick, Maryland. The deal was co‑structured by SMBC and MUFG, with SMBC, MUFG, Mizuho and TD Securities as coordinating lead arrangers and 14 initial lenders participating. The financing follows prior tranches for other Bauxite phases and an oversubscribed USD 300 million corporate facility, and highlights investor support tied to Rowan’s growth and Green Finance Framework as the campus expands hyperscale capacity and local economic impact.

Rowan Digital Infrastructure closes additional USD 1.24 billion for Bauxite phase two at TPG’s Quantum Frederick site

Lead

Rowan Digital Infrastructure has secured an additional USD 1.24 billion in construction financing for the second phase of its flagship Bauxite hyperscale campus at TPG’s Quantum Frederick site in Frederick, Maryland. The transaction, arranged by major Japanese and global banks and backed by a syndicate of lenders, follows a run of recent financings that push the Maryland project financing into the billions.

Key financing details

The USD 1.24 billion facility was co-structured by Sumitomo Mitsui Banking Corporation (SMBC) and MUFG Bank. SMBC, MUFG, Mizuho, and TD Securities served as coordinating lead arrangers and joint book runners. Fourteen lenders initially participated, with plans for a secondary syndication to add more lending partners in March. Rowan reported that this deal includes repeat participation from banks involved in the first phase and the addition of several new lending relationships.

Other recent financings

Rowan closed a USD 975 million financing for Bauxite I last month, and separate reporting also shows a USD 925 million package for the third phase led by several of the same banks plus Societe Generale. In addition, the company closed an oversubscribed USD 300 million corporate credit facility—a combined term loan and letter of credit facility—led by Apterra alongside other institutional investors. The USD 925 million tranche was issued under Rowan’s newly established Green Finance Framework, while the corporate facility was highlighted as supporting early-stage development investments.

Aggregate totals and differing figures

The recent rounds have produced different aggregate totals in various reports. One statement notes a cumulative USD 2.2 billion raised for the Maryland project after the latest close, while another account places total debt raised for Bauxite at more than USD 3.1 billion. These differing figures reflect overlapping announcements for separate phases, follow-on financings, and varying ways of counting on- and off-balance-sheet facilities.

Project and site background

The campus sits on land in Frederick, Maryland, formerly the site of the Alcoa Eastalco Works aluminium smelter. The property was sold for redevelopment in 2021 and is now part of a larger 2,100-acre, 2GW data centre park owned by TPG Real Estate. The park is designed to host multiple developers building data centres at scale and is sometimes referred to as TPG’s Quantum Frederick site. Quantum Loophole was initially involved but was later removed by the park owner during early stages of redevelopment.

Campus phases, capacity and approvals

Bauxite I is a 300MW campus made up of four single-story buildings totaling 777,150 sq ft (72,200 sqm). Bauxite II will occupy a 111.5-acre site with a planned footprint of 822,620 sq ft (76,400 sqm), and Bauxite III will sit on 55 acres with 591,913 sq ft (54,990 sqm) of building area. Bauxite II and Bauxite III are adjacent to phase one and were approved by the local planning commission with votes of 6-0-0 and 5-0-1 respectively. Timelines for construction starts on phases II and III have not been published.

Economic and regulatory context

Planning materials show the campus is expected to generate substantial tax revenue during construction, with estimates of around USD 19 million in annual local tax revenue for Frederick County and roughly USD 57 million annually for the state during the construction period. Frederick County is not traditionally a major data centre market, and the local community and regulators have recently introduced measures to limit data centre siting and diesel generator deployment, a background that influenced earlier developer decisions on the site.

Company structure, leadership and wider pipeline

Rowan Digital Infrastructure was formed in 2021 by Quinbrook Infrastructure Partners and Birch Infrastructure and was previously known as Rowan Green Data. University Pension Plan Ontario is among the investors in the business. Leadership includes CEO Charley Daitch, who recently succeeded the prior CEO, CFO Kevin Mammel, and director of government and community affairs Tim Alborg. Rowan describes an active development pipeline that surpasses 2,500MW in various stages, and it is advancing additional 300MW campuses in Temple and San Antonio, Texas, plus a four-building campus in Oregon.

Sustainability and market signal

Rowan has positioned part of its financing under a green framework and frames the mix of financing as evidence of market confidence in its ability to deliver at scale while meeting sustainability goals. The repeat involvement of major bank lenders and the oversubscription of certain facilities were cited by company officials as validation of their financial strategy and development pipeline.

Next steps

With planning approvals in place for phases II and III, the company will move to finalize construction schedules and expand its lender syndicate. Exact timetables for further builds have not been disclosed, and additional financing and syndication rounds are expected as the project progresses.

Frequently asked questions

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Key features at a glance

Deeper Dive: News & Info About This Topic

Additional Resources

• ALCircle: Former Alcoa site in Maryland to be transformed into Rowan’s data centre hub
• Wikipedia: Rowan Digital Infrastructure
• Data Center Dynamics: Rowan Digital Infrastructure secures financing to fund data centre build-out
• Google Search: Rowan Digital Infrastructure Bauxite Frederick financing
• IREI: Rowan Digital Infrastructure locks in $1.2B for hyperscale expansion & sustainability initiatives
• Google Scholar: Rowan Digital Infrastructure
• Data Center Dynamics: Rowan’s two data centre projects in Maryland get approval
• Encyclopedia Britannica: Quantum Frederick
• Capacity Media: Datacloud USA keynote — Financing the digital boom
• Google News: Rowan Digital Infrastructure Bauxite

Author: Construction CA News

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