STACK Infrastructure Lands $4B for Data Center Expansion
Denver-based STACK Infrastructure has secured $4 billion in green financing for a new 1 gigawatt campus in Stafford, Va. The funds will also finance expansions at the firm’s Portland, Ore., and Toronto, Canada, sites.
Stafford Technology Center is slated to be a multi-phase development with 5.5 million square feet at full build-out. STACK is planning to build up to 19 data centers, although documents filed with the county suggest it could be up to 24, and six 300 megawatt substations from Dominion Energy. The first phase is expected to break ground this year and be completed by 2027.
STACK announced the STC development in January, after acquiring more than 500 acres from Peterson Cos. The previous owner secured rezoning approvals for the land in September from the Stafford County Board of Supervisors, making it the largest data center campus in the Northern Virginia county to date.
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The campus will rise on the east side of Richmond Highway across from Sage Lane, south of State Shop Road and along both sides of Eskimo Hill Road. The development will also include the construction of a connector road between Richmond Highway and Eskimo Hill Road, according to Fredericksburg Free Press. Peterson Cos. has agreed to fund $58 million in capital improvement projects for Stafford County, including adding water and sewer infrastructure in the region, the paper reported.
Stafford Technology Center will generate more than $80 million in annual tax revenue, create hundreds of high-quality jobs and support more than 1,000 skilled trade positions at peak construction.
STACK’s portfolio
STACK provides a suite of campus, build-to-suit, colocation and powered shell solutions in the Americas, EMEA and APAC regions. Since 2019, the firm has obtained a total of $9 billion in financing for its developments in Virginia and $20 billion in debt capital to grow its global footprint.
The company’s portfolio includes 4.0+ gigawatts of capacity built or under development, with an additional 6.0+ gigawatts of planned and potential development worldwide. The assets include hyperscale campus developments across 22 key data center markets, with multiple 500+ megawatt campuses slated to be announced this year.
One of those projects is a 144 megawatt campus to rise in the Greater Ashburn, Va., data center cluster. The complex is set to include two two-story buildings and deliver scalable, long-term capacity. It will be designed with advanced cooling capabilities to support multiple deployment models for artificial intelligence, machine learning and cloud workloads, including closed-look water cooling systems. The campus will utilize 100 percent renewable energy and draw power from an on-stie substation.
Scaling opportunities
In addition to the Stafford County site, the latest green financing will be used to fund expansions at its Portland and Toronto campuses. The 19-acre campus in Toronto has an 8 megawatt data center with 48 megawatts in expansion capacity. The 200 megawatt campus in Portland spans 55 acres with 24 megawatts of available capacity and 96 megawatts of future expansion.
STACK has other scaling opportunities in the U.S., including:
- A 500 megawatt south Dallas campus, spanning 100 acres that can accommodate both shell and turnkey deployments;
- A 48 megawatt Santa Clara, Calif., data center featuring immediate available space, 12 MW of turnkey capacity and rare committed power from Silicon Valley Power, the city-owned electric utility;
- A 48 megawatt build-to-suit opportunity in the Dallas/Fort Worth area that has abundant power and connectivity options;
- A 250 megawatt campus in central Phoenix with a dedicated on-site substation.
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