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 secures additional USD 1.24 billion for Bauxite phase two at TPG’s Quantum Frederick site
Rowan Digital Infrastructure has closed an additional USD 1.24 billion in construction financing to support the second phase of its flagship hyperscale facility at the TPG-owned Quantum Frederick site in Frederick, Maryland. The deal was co-structured by Sumitomo Mitsui Banking Corporation (SMBC) and MUFG Bank, with SMBC, MUFG, Mizuho and TD Securities serving as coordinating lead arrangers and joint book runners. Fourteen lenders participated in the transaction, and more were expected to join through a secondary syndication planned for March.
Why this financing matters
The new financing follows recent rounds that funded other phases of Rowan’s Bauxite campus. Last month Rowan closed nearly USD 975 million for Bauxite I, while separate reports list USD 925 million for a different phase. Rowan also closed an oversubscribed USD 300 million corporate credit facility aimed at early-stage development, and leadership framed these moves as evidence of investor support for the company’s growth and sustainability strategy. The USD 925 million facility was reported as the first issued under Rowan’s new Green Finance Framework.
Aggregate totals and reporting differences
Reporting within the project materials contains varying aggregate totals: one passage indicates Rowan has raised USD 2.2 billion for the Maryland project, while another states total debt raised for the Bauxite campus now exceeds USD 3.1 billion. The different figures reflect multiple financing instruments and rounds tied to distinct phases and facilities across the campus.
Project site and campus overview
The site sits on the former Alcoa Eastalco Works aluminium smelter in Frederick, Maryland. TPG Real Estate purchased the Alcoa site and redeveloped it into a modern data centre park spanning 2,100 acres with up to 2GW of capacity. The park is intended to host multiple developers building hyperscale facilities at scale and is commonly referred to as TPG’s Quantum Frederick site. Quantum Loophole was initially involved in the project but was later removed by TPG.
Bauxite campus phases, footprints and approvals
Bauxite I is a 300MW campus made up of four single‑story buildings with a total footprint of 777,150 sq ft (72,200 sqm). Adjacent plots have been approved for Bauxite II and Bauxite III by the Frederick County Planning Commission. Bauxite II covers 822,620 sq ft (76,400 sqm) across a 111.5‑acre site and received a unanimous 6‑0‑0 approval. Bauxite III covers 591,913 sq ft (54,990 sqm) on a 55‑acre site and passed with a 5‑0‑1 vote. Timelines for construction starts on phases II and III have not been disclosed.
Economic and capacity impacts
The Bauxite campus is intended to contribute more than 600 megawatts of hyperscale capacity to Rowan’s portfolio. Project materials note the campus projects would generate approximately USD 19 million in annual tax revenue for Frederick County and about USD 57 million in annual state tax revenue during the construction period. Rowan’s wider development pipeline was described by company finance leadership as surpassing 2,500MW, while other materials place the firm’s active construction and advanced development close to 2GW.
Financing structure and lender interest
The most recent USD 1.24 billion arrangement included repeat participation from lenders that backed the phase one financing, and it added four new lending relationships. Rowan framed the consecutive financings — including the 975/925 million tranches and the 300 million corporate credit facility — as evidence of investor confidence in its delivery and sustainability credentials. The corporate facility was described by deal participants as oversubscribed and intended to support early‑stage development and balance‑sheet flexibility.
Green finance and sustainability positioning
One reported financing was identified as the first under Rowan’s Green Finance Framework and other facilities were tied to sustainability and energy‑efficiency objectives. Company leadership highlighted that financing appetite was linked to the firm’s ability to meet hyperscale customers’ timing demands while pursuing energy‑efficient data centre design and delivery.
Company background and leadership
Rowan Digital Infrastructure, established in 2021 by infrastructure investors Quinbrook and Birch, was formerly known as Rowan Green Data. Leadership changes were recently reported, with a new chief executive taking over in the prior month and an established chief financial officer and director of government and community affairs named for the company. Institutional investors, including a major pension plan, are listed among Rowan’s backers.
Other projects and local market context
Outside Maryland, Rowan is reported to be advancing 300MW campuses in Temple and San Antonio, Texas, and a multi‑building campus in Oregon. Local context in Frederick County notes that the area is not a traditional data‑centre market and that previous plans by other operators were affected by state limits on back‑up diesel generators and recent county rules aimed at restricting data‑centre locations. One earlier proposal for the site by a different operator was paused amid regulatory constraints before later developments resumed under the current campus vision.
What remains uncertain
Key open items include precise construction timelines for Bauxite II and III, final aggregate debt tallies across all instruments and the ultimate lender syndicate that will join through secondary placement. The overlapping and differing reported totals for cumulative financing point to ongoing aggregation across multiple transactions and disclosure formats.
FAQ
What did Rowan finance today?
Rowan closed an additional USD 1.24 billion in construction financing for phase two of the Bauxite campus at the Quantum Frederick site.
Who led the USD 1.24 billion financing?
SMBC and MUFG acted as co‑structuring agents. SMBC, MUFG, Mizuho and TD Securities were coordinating lead arrangers and joint book runners, with 14 lenders participating and more expected in a secondary syndication.
How does this round relate to past financings?
This round follows recent financings reported at about USD 975 million and USD 925 million for other phases, and an oversubscribed USD 300 million corporate credit facility for early‑stage projects. Different documents provide differing aggregate totals for the project.
Where is the project located and who owns the site?
The campus sits in Frederick, Maryland, on the former Alcoa Eastalco Works site redeveloped into a 2,100‑acre park owned by TPG Real Estate and intended for large‑scale data centre development.
What approvals have been granted?
Frederick County’s planning commission approved Bauxite II (6‑0‑0) and Bauxite III (5‑0‑1). Bauxite I has been built as a 300MW, four‑building campus.
How large will the Bauxite campus be?
Bauxite I is 300MW across 777,150 sq ft. Bauxite II is planned at about 822,620 sq ft on 111.5 acres, and Bauxite III at about 591,913 sq ft on 55 acres. The full campus is expected to deliver more than 600MW of hyperscale capacity.
Is this financing tied to sustainability goals?
Yes. One of the recent financing tranches was reported to be the first issued under Rowan’s Green Finance Framework, and other facilities were positioned to support sustainable development and energy‑efficient designs.
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Key features at a glance
| Feature | Detail |
|---|---|
| Latest financing | USD 1.24 billion in construction financing for Bauxite phase two |
| Lead banks | SMBC and MUFG (co-structuring); SMBC, MUFG, Mizuho, TD Securities (lead arrangers) |
| Participating lenders | 14 initial lenders, with additional lenders expected via secondary syndication |
| Other recent financings | ~USD 975M (Bauxite I), USD 925M (reported for another phase), USD 300M corporate credit facility |
| Site | TPG’s Quantum Frederick site, former Alcoa Eastalco Works, Frederick, Maryland |
| Bauxite I footprint | 300MW, four single-story buildings, 777,150 sq ft (72,200 sqm) |
| Bauxite II footprint | 822,620 sq ft (76,400 sqm) on 111.5 acres — approved 6-0-0 |
| Bauxite III footprint | 591,913 sq ft (54,990 sqm) on 55 acres — approved 5-0-1 |
| Projected capacity | Campus to deliver >600MW; company pipeline cited above 2,500MW in some materials |
| Economic impact (construction) | Estimated USD 19M annual county tax revenue; USD 57M annual state tax revenue (construction period) |
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
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