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

Rowan Digital Infrastructure has secured an additional USD 1.24 billion in construction financing to support the second phase of its flagship Bauxite hyperscale facility at the site in Frederick, Maryland. The financing was co-structured by two major banks and included a syndicate of 14 lenders, with more participants expected through a secondary syndication in March. The deal added four new banking relationships alongside repeat participation from lenders that backed the first phase.

Key lenders and syndication

The USD 1.24 billion package was co-structured by SMBC and MUFG Bank. SMBC, MUFG, Mizuho and TD Securities served as coordinating lead arrangers and joint book runners. The financing featured 14 participating lenders at close, and Rowan plans further distribution to additional lenders later this year. Company finance leadership described the mix of repeat and new participants as evidence of strong market interest in the platform.

How this fits into Rowan’s broader fundraising

This latest close follows a flurry of recent capital raises for the Maryland campus. Last month Rowan secured USD 975 million for Bauxite I. The company has also been reported to have captured USD 925 million for a third phase of the campus, a tranche that was the first issued under Rowan’s newly established Green Finance Framework. Separately, Rowan closed an oversubscribed USD 300 million corporate credit facility focused on early-stage development investments, led by Apterra and other institutional investors. Different statements in the materials list varying aggregate totals for the project to date, including reports of roughly USD 2.2 billion raised for the Maryland project and another figure indicating total Bauxite debt above USD 3.1 billion.

Project scope and approvals

The Bauxite campus sits in Frederick on land that was once the Alcoa Eastalco Works aluminium smelter. The property was sold in 2021 for redevelopment into a large-scale data centre campus and is now part of a planned 2,100-acre, 2GW data centre park owned by TPG Real Estate. The park is intended to host multiple developers building at scale; the site is commonly referred to as TPG’s Quantum Frederick site. Quantum Loophole was originally involved in the deal but was later removed by TPG.

Phase one, Bauxite I, is a 300MW campus composed of four single-storey buildings with a combined footprint of 777,150 sq ft (72,200 sqm). Bauxite II and Bauxite III sit adjacent to Bauxite I and were approved by the county planning commission. Bauxite II is planned to cover 822,620 sq ft across a 111.5-acre site; Bauxite III is planned at 591,913 sq ft on a 55-acre site. The planning commission votes were unanimous for Bauxite II and recorded one abstention for Bauxite III. Timelines for building out Bauxite II and III have not been shared.

Economic and community notes

County materials estimate the campus projects would generate about USD 19 million in annual tax revenue for Frederick County during the construction period and roughly USD 57 million annually for the state of Maryland over the same period. Company community affairs leadership described the planning approvals as milestones following extended public processes and collaboration with local officials and stakeholders.

Company profile and leadership

Rowan Digital Infrastructure was established in 2021 by Quinbrook Infrastructure Partners and Birch Infrastructure and was formerly known as Rowan Green Data. The company is developing sustainable hyperscale data centres and counts institutional investors including University Pension Plan Ontario. Leadership includes the recently appointed CEO who took over from the prior chief executive last month, a CFO overseeing the finance strategy, and a director for government and community affairs guiding local engagement.

Green finance and pipeline

The green-labelled financing for one phase and the corporate credit facility have both been positioned to accelerate Rowan’s sustainability strategy and early-stage development pipeline. Company finance leadership describes the development pipeline as exceeding 2,500MW while other material notes the portfolio is nearly 2GW in active construction and advanced development. The recent financing activity has been framed as aligning capital with energy-efficient design and delivery timelines sought by hyperscale customers.

Other Rowan projects and regional context

Outside Maryland, Rowan is advancing 300MW campuses in Temple and San Antonio, Texas, and a four-building campus in Oregon. Frederick County is not traditionally a major data centre market; the redevelopment follows earlier attempts by other developers, regulatory shifts and community debate. One previously planned operator paused then later revisited its plans after state limits on on-site diesel generator counts and related regulatory adjustments. Local policy makers have also introduced measures to restrict where data centres can be located within the county.

What comes next

Rowan’s next steps include completing the secondary syndication for the USD 1.24 billion facility, advancing approvals and construction for the remaining Bauxite phases, and deploying capital from the corporate credit facility to early-stage projects. No public construction timelines for phases two or three have been provided.

FAQ

{
“@context”: “https://schema.org”,
“@type”: “FAQPage”,
“mainEntity”: [
{
“@type”: “Question”,
“name”: “What did Rowan recently close for the Frederick site?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Rowan closed an additional USD 1.24 billion in construction financing to support phase two of the Bauxite hyperscale facility at the Quantum Frederick site.”
}
},
{
“@type”: “Question”,
“name”: “Who led the USD 1.24 billion financing?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The package was co-structured by major international banks with several coordinating lead arrangers and joint book runners; 14 lenders participated at close and further syndication is expected.”
}
},
{
“@type”: “Question”,
“name”: “How does this relate to other Rowan financings?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Rowan recently secured multiple financings for the Maryland project, including USD 975 million for Bauxite I, a reported USD 925 million tranche linked to its Green Finance Framework, and an oversubscribed USD 300 million corporate credit facility for early-stage development.”
}
},
{
“@type”: “Question”,
“name”: “Where is the Bauxite campus located and what was the site previously?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The campus is in Frederick, Maryland, on land formerly occupied by the Alcoa Eastalco Works aluminium smelter. The property is now part of a larger 2,100-acre data centre park.”
}
},
{
“@type”: “Question”,
“name”: “Have Bauxite II and III been approved?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Both phases were approved by the county planning commission. Bauxite II received a unanimous vote; Bauxite III was approved with one abstention. Timelines for construction have not been released.”
}
}
]
}

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 NY News

NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at constructionnynews.com, your go-to source for actionable local news and information in New York and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the New York Build Expo, infrastructure breakthroughs, and cutting-edge construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of New York State and the Building Trades Employers' Association, plus leading businesses in construction and real estate that power the local economy such as Turner Construction Company and CMiC Global. As part of the broader network, including constructioncanews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.