A $1.5 billion financing package has been secured to support the construction of two hyperscale data centers in Northern Virginia, marking a major expansion of capacity in one of the world’s most active digital infrastructure markets. The funding will back the development of AS01 and AS02, twin facilities in Sterling designed to support high-density AI and cloud workloads, with a combined critical load of 114 MW across 685,000 square feet of planned space.
EdgeCore Digital Infrastructure has completed $1.5 billion in debt financing to support the construction of two hyperscale data centers, AS01 and AS02, in Sterling, Virginia, marking a major expansion of its footprint in one of the world’s most active data center markets.
Financing structure
The financing, structured as two limited-recourse senior secured term loans, will directly fund the development of facilities designed to support high-density AI and cloud computing workloads. Once fully built, AS01 and AS02 will deliver a combined 114 MW of critical IT load across approximately 685,000 square feet of space.
AS01 is scheduled to begin initial operations in November 2026, followed by AS02 in July 2027. Both facilities will be powered by Dominion Energy and are being developed within EdgeCore’s broader expansion strategy across Northern Virginia.
The transactions form part of a broader financing program across EdgeCore’s portfolio and were completed alongside its owner, Partners Group, acting on behalf of its clients.
Financing for AS01 includes a green loan component aligned with internationally recognized Green Loan Principles and EdgeCore’s 2025 Green Finance Framework. ING Capital LLC served as the sole green loan structuring agent.
The deal was led by a consortium of coordinating lead arrangers including Apterra Infrastructure Capital, Global Infrastructure Partners (GIP), part of BlackRock, and ING Capital LLC.
EdgeCore said the investment supports accelerating demand for AI and cloud infrastructure capacity in Virginia, where proximity to Ashburn has made the region a global data center hub.
This financing follows a wave of major hyperscale data center investments across the United States, including the recent $2 billion financing secured for the Red Oak Data Center Campus construction in Texas, underscoring accelerating capital deployment into AI and cloud infrastructure.
Factsheet: EdgeCore Secures Financing for AS01 and AS02 Data Centers in Northern Virginia
Overview
- Total financing: $1.5 billion
- Structure: Two senior secured, limited-recourse term loans
- Purpose: Construction of two hyperscale data centers in Northern Virginia
- Assets funded: AS01 and AS02 data centers
- Location: Sterling, Virginia, USA
Project Details
- AS01 & AS02 type: Hyperscale data centers
- Total capacity: 114 MW (combined critical IT load at full build-out)
- Total space: 685,000 sq ft
- Use case: AI and cloud computing infrastructure
- Power provider: Dominion Energy
Development Timeline
- AS01 initial occupancy: November 2026
- AS02 initial occupancy: July 2027
Strategic Purpose
- Expand hyperscale data center capacity in Northern Virginia
- Support rising demand for AI-driven compute infrastructure
- Strengthen regional cloud and digital infrastructure ecosystem
- Enable high-density workload deployment
Financing Structure
- Includes green loan component (AS01)
- Aligned with Green Loan Principles and a 2025 green finance framework
- Structured for long-term infrastructure funding stability
Lenders
- Apterra Infrastructure Capital (coordinating lead arranger, admin agent)
- Global Infrastructure Partners (GIP) – part of BlackRock (coordinating lead arranger)
- ING Capital LLC (coordinating lead arranger, green loan structuring agent, admin agent role)
Legal Advisors
- Borrower/Sponsor counsel: Davis Polk & Wardwell LLP
- Lenders’ counsel: Milbank LLP
Market Context
- Northern Virginia is one of the world’s largest and most established data center hubs
- Located near Ashburn, a major global connectivity and cloud infrastructure node
