At a glance
- SV01 is a two-story, 255,200 sq ft building with 36MW of IT capacity, on a campus planned for 72MW across 540,000 sq ft at full build-out.
- For allocators with Partners Group exposure, the securitization funds growth by tapping stabilized, leased assets rather than only the up-to-$1.2 billion Partners Group earmarked at acquisition to buy EdgeCore and build out its sites.
- Proceeds will refinance construction loans and fund future data center development.
EdgeCore Digital Infrastructure closed a $521 million asset-backed securitization of designated green bonds secured by SV01, its Santa Clara, California data center, Data Center Dynamics reported.
SV01 is a two-story, 255,200 sq ft building with 36MW of IT capacity, on a campus planned for 72MW across 540,000 sq ft at full build-out. EdgeCore broke ground in January 2023 and launched the building in September 2025.
For allocators with Partners Group exposure, the securitization funds growth by tapping stabilized, leased assets rather than only the up-to-$1.2 billion Partners Group earmarked at acquisition to buy EdgeCore and build out its sites. It also concentrates repayment risk in the SV01 lease, because the bonds are repaid from a building fully leased to one tenant.
Proceeds will refinance construction loans and fund future data center development. It is EdgeCore's second ABS; the first, last year, raised $235 million against PH01, a fully stabilized 26MW facility in Phoenix, Arizona. On the disclosed numbers, the new deal raises about $14.5 million per megawatt of IT capacity versus roughly $9.0 million for PH01, though only the SV01 proceeds are described as also funding new development rather than refinancing alone.
MUFG was sole structuring advisor, with MUFG and ING acting as joint book-running managers.
Both ABS pools are leased to the same high investment-grade hyperscale tenant, so the second issue spreads one counterparty's credit across two sets of bonds rather than diversifying it.
The second ABS raised far more per megawatt
EdgeCore's two data center securitizations: IT capacity, proceeds per MW and use of proceeds
SV01, Santa Clara
$521M ABS
- IT capacity
- 36MW
- Proceeds per MW
- $14.5M
- Use of proceeds
- Refinance and new build
PH01, Phoenix
$235M ABS
- IT capacity
- 26MW
- Proceeds per MW
- $9.0M
- Use of proceeds
- Refinancing only
Show as table
| SV01, Santa Clara | PH01, Phoenix | |
|---|---|---|
| Figure | $521M ABS | $235M ABS |
| IT capacity | 36MW | 26MW |
| Proceeds per MW | $14.5M | $9.0M |
| Use of proceeds | Refinance and new build | Refinancing only |
Reported by the Fundraising desk from Data Center Dynamics and Private Wealth Daily archive. Published . Corrections