Rowan Digital Infrastructure has secured more than $1.5 billion in new corporate financings, giving the Blackstone-backed data center developer capital to push a 5.5-gigawatt project pipeline across multiple U.S. markets. Citibank led a new revolving credit and letter of credit package, while Apterra Infrastructure Capital led a $600 million term loan increase, the company announced Thursday.

The package breaks down into three components. Apterra led a $600 million increase to Rowan's holding company term loan. Citibank led a new $590 million revolving credit facility and a separate new $355 million letter of credit facility — a bank guarantee instrument that lets the company post collateral, such as utility interconnection deposits and equipment vendor obligations, without tying up cash.

What does the new capital buy?

Rowan said it can draw on the facilities to move its entire pipeline forward, from site and power acquisition to orders for long-lead equipment. The Denver-based company has projects in Texas, Maryland and Oregon.

The term loan increase expands a facility Rowan originally closed with Apterra in September 2025 as a $300 million term loan and letter of credit package, bringing it to $900 million. The agreements carry expansion headroom: Rowan may raise the revolving credit facility to as much as $2 billion and the letter of credit facility to as much as $1 billion, subject to certain terms and conditions.

The lender group on the revolving and letter of credit facilities includes Citibank, Mizuho Bank, MUFG Bank, Goldman Sachs Bank USA, Societe Generale, Sumitomo Mitsui Banking Corporation and Huntington National Bank. Rowan said it has raised more than $8 billion from more than 40 lenders over the past 18 months.

How much capacity is already contracted?

More than 1.2 gigawatts of Rowan's capacity is contracted to technology customers, CEO Charley Daitch said in a statement. "Rowan has been built on the thesis that speed to power and deep community engagement will define the next era of digital infrastructure," Daitch said.

The financing closed before the U.S. midterm elections, according to Bloomberg. Since then, industry concerns have grown that new laws could slow data center development. Texas Governor-elect Gina Hinojosa, who takes office in January, has pushed more than once for an immediate moratorium on data center development.

Does political risk threaten the pipeline?

Chief Financial Officer Kevin Mammel said he is not concerned about disruptions to advanced projects, though early-stage work without key permits faces more risk, according to Bloomberg. "Hyperscaler tenants still have strong appetite for additional capacity," Mammel said, referring to the largest cloud and technology operators that lease data center space.

The midterm results have fueled opposition to data center projects. Governors who campaigned on pausing new projects won in Texas, Ohio and Georgia, according to Bloomberg. The Texas stakes are material: the state holds nearly 30% of U.S. data center capacity due online in 2028, Bloomberg reported.

For Rowan, the $1.5 billion package converts a 5.5-gigawatts pipeline from planning documents into purchasable land, power contracts and equipment orders — before the political window narrows further.