EdgeConneX is working to syndicate roughly $3 billion in loans to build a 1-gigawatt data center campus in New Albany, Ohio, purpose-built for Meta Platforms. The project, called Prometheus, represents one of the largest single-site data center financing efforts to date and introduces a financial structure the industry hasn’t really seen before: bundling the facility construction and its dedicated power assets into one package.
Banks including Natixis, MUFG, and Societe Generale began marketing the debt in early April 2026. The deal underscores a broader reality reshaping the data center industry: it’s no longer enough to just build the buildings. You need to finance the electricity too.
A new financing playbook for a power-hungry industry
The traditional approach to funding data centers treats the real estate and the energy supply as separate problems. EdgeConneX is merging them. By integrating off-grid power assets directly into the loan structure, the company is effectively telling lenders that the data center and its power source are a single, inseparable investment.
For Meta, the arrangement supports its aggressive AI infrastructure strategy. The company needs enormous compute capacity for training and running large language models, and a 1-gigawatt campus is the kind of facility that can deliver it.
EdgeConneX, backed by private equity firm EQT Infrastructure, has been on a growth tear. The company operates over 90 data centers globally and has tripled its capacity since EQT acquired it in 2020.
Why power is the new land grab
Multi-billion-dollar power-related costs have become a defining feature of new hyperscale projects. Wholesale electricity prices have climbed steeply in key data center markets, and grid connections can take years to secure.
EdgeConneX has also demonstrated interest in sustainability-linked financings in the past. Whether the Prometheus deal carries explicit green covenants hasn’t been detailed, but the company’s track record suggests environmental commitments remain part of its financing strategy even as the sheer scale of energy consumption grows.
What this means for the infrastructure investment landscape
The $3 billion Prometheus financing could become a template. If lenders are comfortable underwriting bundled data center and power assets as a single credit, it opens the door for other developers to replicate the structure, representing a broader industry trend of integrating funding for real estate and energy assets to expedite data center development.
The syndication process itself will be closely watched. How quickly the banks can place $3 billion in data center debt will reveal a lot about lender appetite for this type of exposure.