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

Rowan secures an additional USD 1.24 billion to fund Bauxite phase two at TPG’s Quantum Frederick site

Rowan Digital Infrastructure has closed an additional USD 1.24 billion in construction financing to back the second phase of its flagship Bauxite hyperscale campus at TPG’s Quantum Frederick site in Frederick, Maryland. The new financing was arranged by major international banks and involved a broad lender group, moving the Maryland project deeper into multi‑billion dollar funding territory.

Key financing details first

The USD 1.24 billion package 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 participated in the deal and more were expected to join through a planned secondary syndication in March. Rowan’s finance team noted repeat participation from banks involved in the first phase and the addition of four new lending relationships.

Other recent financings and credit lines

The new close follows several large moves for the Bauxite campus and Rowan more broadly. Last month Rowan secured USD 975 million for Bauxite I. Another financing round reported in the company materials showed USD 925 million raised for the third phase, with that deal led by SMBC, MUFG, Mizuho and Société Générale. Separately, Rowan closed an oversubscribed USD 300 million corporate credit facility — a package of a term loan and a letter of credit facility led by Apterra and other institutional investors — aimed at early‑stage development investments.

The company has reported varying aggregate figures across different briefings and documents. One statement cited a total of USD 2.2 billion raised for the Maryland project after the latest close, while other materials listed total Bauxite debt exceeding USD 3.1 billion. Rowan’s finance team has highlighted that the series of financings reflects demand for the company’s sustainable approach and a development pipeline that exceeds 2,500 MW.

What the money will build

The Bauxite campus forms the core of Rowan’s Maryland work. Bauxite I is a 300 MW campus made up of four single‑story buildings totaling 777,150 sq ft (72,200 sqm). Bauxite II is planned to span 822,620 sq ft (76,400 sqm) across a 111.5‑acre site. Bauxite III will cover 591,913 sq ft (54,990 sqm) on a 55‑acre site. Both Bauxite II and Bauxite III sit adjacent to the first phase and were approved by the Frederick County Planning Commission, with Bauxite II approved unanimously and Bauxite III approved with one abstention. Timelines for constructing phases two and three have not been shared.

Site history and park context

The campus is being developed on the former Alcoa Eastalco Works aluminium smelter site in Frederick. TPG Real Estate purchased the broader property in 2021 with plans to redevelop the area into a modern data centre campus. The project is part of a larger 2,100‑acre, 2 GW data centre park owned by TPG Real Estate and designed to host multiple developers building at scale. The location is commonly referred to as TPG’s Quantum Frederick site. Quantum Loophole was an initial partner on the project but was later removed from the development by TPG.

Local and regulatory setting

Frederick County is not a traditional major data centre market, and the site’s history has included regulatory and market challenges. Earlier plans by other operators stalled or shifted after state limits on diesel generator counts and other local regulatory changes. The county recently introduced bills that would restrict where data centres can be located. Planning materials say the campus projects are expected to generate roughly USD 19 million in annual tax revenue for Frederick County and about USD 57 million for the state of Maryland during the construction period.

Green finance and sustainability aims

Rowan has positioned parts of its funding program around sustainability. The USD 925 million financing was issued under Rowan’s newly established Green Finance Framework, and the company says recent financings support both build‑out and sustainability strategy. The corporate credit facility has also been described as intended to support early‑stage sustainable development work.

Broader pipeline and other projects

Beyond Maryland, Rowan is advancing campuses in Texas — including a 300 MW site in Temple and activity in San Antonio — and a four‑building campus in Oregon. The company says its active construction and advanced development footprint across the U.S. approaches nearly 2 GW in some statements and is described as surpassing 2,500 MW in others.

Leadership and corporate background

Rowan was set up in 2021 by Quinbrook Infrastructure Partners and Birch Infrastructure and was formerly known as Rowan Green Data. It is described as a developer of sustainable hyperscale data centres. Recent leadership changes include a new chief executive taking over last month; Rowan’s finance team and government and community affairs director are overseeing the project’s funding and permitting engagement. University Pension Plan Ontario is identified as an investor in the company.

What’s next

Rowan expects to continue syndicating the USD 1.24 billion deal to additional lenders in March. The company has not published detailed construction timelines for phases two and three beyond planning approvals. Observers will watch whether additional financing rounds close and how local regulatory decisions shape final project siting and timing.