Montreal-based eStruxture Data Centers earned a financial vote of confidence for its ambitious pace of industrial real estate projects across Canada, as the eight-year-old firm says it's secured $1.35 billion in financing for its construction projects.
The financing agreement represents a step forward for eStruxture Data Centers, a company launched in 2017 by President and CEO Todd Coleman with $15 million and 20 employees. The operation has since built 15 data centres and grown to 150 employees. Currently completing projects in Alberta, eStruxture is also active with upcoming projects in Ontario and another in British Columbia.
“This groundbreaking financing marks a watershed moment for eStruxture and the Canadian digital infrastructure sector as access to strategic, low-cost capital becomes imperative to building digital infrastructure at scale,” Coleman said in a statement.
EStruxture’s upcoming data centre construction projects include its largest-yet, a $750 million, 90 megawatt operation, five kilometres north of Calgary in Rocky View County and a short distance from its CAL-2 data centre. It would be the company's third data centre in Alberta, Coleman told CoStar News in an interview in November.
The injection of financial support was organized through a variety of funds controlled by Fengate Asset Management as well as from such institutional investments from Pantheon and Partners Group, as well as the Laborers' International Union of North America Pension Fund of Central and Eastern Canada. Guggenheim Securities, Scotiabank and National Bank also played roles in putting the financing deal in place.
Fengate Asset Management is an alternative investment firm that focuses on infrastructure, private equity and real estate and its portfolio includes other data centre investments.
“The tidal wave of data being generated by artificial intelligence and cloud computing, coupled with a growing focus on data sovereignty, is creating unprecedented demand for onshore data storage capacity, and eStruxture is well positioned to meet that demand,” George Theodoropoulos, managing partner at Fengate, said in a statement.