DataBank secures $2 billion financing for Red Oak data centres in Dallas

DataBank has secured $2.0 billion of construction financing for the first three data centres at its new Red Oak campus south of Dallas, Texas. The financing will support construction of DFW9, DFW10 and DFW11 as part of a larger multi-building digital infrastructure program.

The milestone covers the first three facilities at a new campus planned for up to 480MW of capacity. It is a significant project financing event in the U.S. data centre market, where power access, preleasing, and delivery speed are increasingly shaping project execution.

Red Oak Campus – Project Background

According to DataBank, the Red Oak campus is located about 21 miles south of Dallas and is planned as an eight-building development across 292 acres. The site is designed for up to 480MW of power capacity, with Phase 1 centred on four buildings and a 400MW substation.

That wider campus context is important because the financing is tied to the front end of a larger phased program rather than a single standalone facility. In practical terms, the project sits within the same delivery logic now shaping other large-scale digital infrastructure developments: utility alignment, committed customer demand, and accelerated construction sequencing.

$2.0 billion financing - Milestone Details

DataBank states that the new debt package will fund construction of the first three data centres on the Red Oak campus. Those facilities, DFW9, DFW10 and DFW11, are already leased and will deliver a combined 600,000 square feet of data centre space and 180MW of power capacity.

DataBank said the transaction is its largest construction financing to date. MUFG Bank, Ltd. acted as Administrative Agent, Coordinating Lead Arranger, and Sole Bookrunner. The financial close was also supported by a wider syndicate of digital infrastructure banks and institutional lenders, while Davis Polk advised DataBank.

The company said the financing aligns with its Green Financing Framework, which includes criteria linked to Power Usage Effectiveness, water conservation, and carbon emissions reduction.

Kevin Ooley, DataBank’s President and CFO, said: “This financing, combined with existing power commitments, accelerates DataBank’s construction and delivery timelines for this campus by approximately 18 months. It ensures our customer will be able to bring critical capacity to market on time and further solidifies Dallas as a core metro for Internet and A.I. infrastructure.”

Red Oak Delivery Profile – Construction Implications

The financing package is relevant because it brings together debt funding, committed power, leased capacity, and active campus development in a single milestone. That indicates the first phase of Red Oak is moving forward with both customer demand and core project inputs already in place.

On a program of this scale, delivery risk sits across several interfaces at once: utility infrastructure, substation timing, long-lead electrical equipment, contractor coordination, and commissioning alignment with customer occupation dates. If those interfaces tighten during execution, issues can quickly flow into construction claims and significant project delays and broader questions contract management.

U.S. Data Centre Outlook

The Red Oak financing reflects a broader U.S. pattern in which large data centre developments are moving forward through structured debt packages tied to power availability, preleased capacity, and accelerated delivery schedules. In that market, financing is not just a capital event. It is often a direct enabler of construction timing.

That pattern is also visible in New Era’s $290 million Macquarie-backed financing for a Texas critical data center campus and in the delivery scale seen in CoreWeave’s multi-billion-dollar AI data centre campus in Pennsylvania. Taken together, these projects point to a market where power, capital, and contractor sequencing are increasingly being assembled in parallel rather than in a slower linear sequence.

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