Echelon secures €1.7bn loan financing for European expansion
Author: Joe Peck
Echelon Data Centres, an Irish-headquartered developer and operator of large-scale data centre infrastructure, has announced the successful closing of an initial €1.7 billion (£1.4 billion) in loan financing provided by investment bank and financial services company Morgan Stanley.
The data centre operator says the financing “further strengthens [its] capital base to continue its planned expansion across Europe.”
Echelon now has eight campuses across Europe, totalling 1.2 GW of capacity, of which 400MW is operational or under development.
The company notes that this “new multi-billion-euro financing facility enhances [its] ability to scale [its] development pipeline, invest in enabling power infrastructure, and grow [its] campus portfolio across Ireland, the UK, Spain, and Italy.”
David Smith, Deputy CEO of Echelon Data Centres, comments, “Ireland is one of Europe’s most important and supply-constrained data centre markets, and we have established the leading position in the Irish market through the delivery of large-scale campus developments supported by innovative power solutions developed in partnership with customers, regulators, and grid stakeholders.
“Over the past 15 months, we have expanded into Spain – in joint venture with Europe’s largest utility, Iberdrola – and into Italy, extending our development model into new strategic markets.
“We are incredibly proud of the growth Echelon has achieved over the past several years and [we are] excited for the opportunity ahead.
“Demand for digital infrastructure across Europe is substantial and long term, and our ambition is to continue expanding our platform to support the growth of our customers in key strategic markets.”
Continuing growth
Charlie Etheridge, Head of Investments at Echelon Data Centres, adds, “This €1.7 billion financing strengthens our capital position and provides the flexibility to execute on our pipeline at scale and at pace.
“It reflects the quality of our platform and the strong institutional support behind our strategy. We are pleased to continue our valued partnership with Morgan Stanley as we advance the next phase of our European expansion.”
Echelon was advised by A&O Shearman and Arthur Cox.
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