EdgeCore, a prominent US-based data center company, has successfully secured $1.5 billion in financing to advance the construction of two hyperscale data centers in Northern Virginia. The funding, announced this week, marks a significant milestone in the company's expansion efforts in the region.
The financing comprises two limited-recourse senior secured term loans. A consortium of coordinating lead arrangers, including Apterra Infrastructure Capital, Global Infrastructure Partners, and ING Capital, facilitated the transactions. Notably, the AS01 loan was structured as a Green Loan, with ING Capital LLC taking on the role of sole Green Loan Structuring Agent.
"Today’s financial announcement is especially exciting for EdgeCore as it is directly related to our accelerated growth plans throughout the Commonwealth of Virginia in support of the AI revolution", said Lee Kestler, CEO of EdgeCore Digital Infrastructure.
The two data centers, AS01 and AS02, are part of EdgeCore’s campus in Sterling, Loudoun County, and will offer a combined 114MW of critical load across 685,000 square feet of space upon completion. After breaking ground on the campus in February 2025, the company topped out AS01 later in September. AS01's operations are slated to begin in November 2026, while AS02 is expected to become operational by July 2027. Dominion Energy will supply power to both facilities.
EdgeCore’s CEO highlighted the broader economic and technological benefits of the company’s initiatives in Virginia. According to Kestler, "EdgeCore’s community investment and controlled real estate development roadmap expands the economic benefits of digital infrastructure to Culpeper and Louisa County, Virginia, providing our hyperscale customers with access to gigascale capacity, reliable power availability, and inter-dependent compute within a two-hour drive of Ashburn."
The data center company has been pursuing rapid growth in Virginia. In addition to the Sterling campus, EdgeCore is also working on a 216MW site in Culpeper County and a 1.1GW campus in Louisa County. These projects align with its broader vision of providing advanced digital infrastructure across the state.
Founded in 2018, EdgeCore has seen continued growth and significant investment. Following its acquisition by Partners Group in 2022, the company has received substantial financial backing for its ongoing projects. In March 2025, it secured more than $2 billion in financing, followed by an additional $235 million in asset-backed securitization later that July.
EdgeCore already operates data centers in Silicon Valley and Greater Phoenix, with a facility in Reno, Nevada, expected to be delivered in 2026. Its ambitious plans for Virginia further cement its position as a major player in the hyperscale data center industry.
Apterra and ING served as administrative agents for the latest transactions, with Davis Polk & Wardwell LLP acting as borrower’s/sponsor’s counsel and Milbank LLP as underwriters’ counsel. These collaborations underscore the robust financial and legal support behind EdgeCore’s expansion plans.
With its latest financing secured, EdgeCore is poised to significantly contribute to the technological infrastructure of Northern Virginia while addressing the growing demands of hyperscale customers and supporting advancements in artificial intelligence technologies.
