STACK Infrastructure’s $6B Green Investment Milestone Drives Sustainable Data Center Growth
So far in 2025, STACK Infrastructure has secured over $6 billion in green financing to support its sustainable data center developments across North America. These initiatives highlight STACK's commitment to environmentally responsible growth and strengthen its position as a leading provider of hyperscale digital infrastructure with a focus of sustainability.
At this point the funding represents three significant project areas, as outlined below.
Manassas
In January, STACK obtained $900 million in green financing to fully develop its NVA05 campus in Manassas, Virginia. This 62-acre, 200MW facility is strategically located adjacent to existing utility infrastructure, ensuring reliable power access. The campus is designed with efficient, low-water-use systems and will be powered entirely by renewable energy, reflecting STACK's commitment to sustainability.
Tim Hughes, Chief Development Officer, STACK Americas, identified the importance of this funding effort to proving STACK’s operational mode, saying:
Completing the financing of this campus not only demonstrates our ability to secure capital but also reinforces our dedication to STACK’s Development Principles. By fully funding this project, we reassure our clients and partners of our ability to deliver digital infrastructure that supports their growth with speed, scale, and certainty.
Stafford, Portland and Toronto
In March, STACK secured $4 billion in green financing to support the development of over 1 gigawatt of new data center capacity. The funds are allocated for projects in Stafford, Virginia; Portland, Oregon; and Toronto, Canada.
The Stafford campus alone is expected to generate over $80 million in annual tax revenue and create thousands of jobs during peak construction. This latest investment brings the total investment by STACK in Virginia hyperscale projects to over $9 billion, with new funding being for the Portland and Toronto regions to meet hyperscale demand.
Commenting on the importance of a significant presence in these data center regions and the funding for this area, Matt VanderZanden, President, STACK Americas, said:
STACK’s footprint in Virginia reflects our ability to support our clients’ growth in the most integral data center market in the world. With strong access to capital and a proven record of delivering at the highest level, we remain committed to providing strategic digital infrastructure solutions across the globe.
Further North American Expansion
In May, STACK announced the successful closing of a $1.4 billion green financing facility backed by a diversified pool of 10 fully stabilized, revenue-generating data centers across North America. This transaction attracted strong interest from banks and institutional capital providers, reflecting confidence in STACK's strategic execution and asset quality.
The additional liquidity will enhance STACK's financial flexibility, supporting continued platform growth and innovation in key markets. On the importance of this funding availability, Heather Paduck, Chief Financial Officer, STACK Americas, said:
This financing demonstrates STACK’s differentiated market position and our ability to attract scale capital across the development cycle. It enhances our ability to move with agility in the current environment, while reinforcing our long-term alignment with hyperscale clients and institutional partners.
2025 Data Center Project Announcements
STACK’s 2025 development roadmap reflects a deliberate expansion strategy focused on both scale and market adjacency. With a suite of new and ongoing projects spanning North America and the Asia-Pacific corridor, the company is deepening its footprint in hyperscale hubs while establishing competitive positions in high-growth international markets.
Major announcements have included:
- A flagship data center development, the 1+GW Stafford Technology Campus (STC) in Stafford County, Virginia. The 500 acre development in NoVa represents 19 data centers, four sub-campuses, six 300 MW substations and a significant economic investment in the county.
- A 220 MW data center campus in Johor Bahru’s Iskandar Puteri in Malaysia, expanding the company’s presence in the largest market in the region
- Expansion of STACK's Loudoun County, VA footprint with a 144 MW hyperscale data center campus, located in the greater Ashburn data center cluster.
- A 36 MW data center campus in Elk Grove Village (Chicago) Located in proximity to the company’s existing Chicago data center the facility will have a local ConEd substation to deliver the 36 MW critical capacity to the two story, 263,000 sq ft building.
Other existing, in-process development projects include:
- A 500 MW south Dallas campus, spanning 100 acres, strategically engineered to accommodate both shell and turnkey deployments.
- A 56 MW Toronto campus, spanning 19 acres, includes an existing 8 MW data center and 48 MW expansion capacity, all supported by committed power.
- A 250 MW campus in Central Phoenix with a dedicated on-site substation.
- A 200 MW campus in Portland spanning 55 acres with 24 MW of available capacity and 96 MW of future expansion.
- A 48 MW build-to-suit opportunity in the Dallas/Fort Worth area, offering significant power and connectivity options.
These developments show that the North American market will be the primary focus of STACK’s efforts, especially after the sale of the company’s European colocation business, and its seven data centers, to Apollo Global Management’s infrastructure portfolio, that we had previously reported on.
APAC Focus
STACK is, however, continuing to put significant focus on the rapidly eveloving APAC data center market, looking for approximately AU$1.3 billion (US$833 million) in financing to expand its data center footprint in Australia. Over AU$500 million of funding is tagged as green funding to support sustainable development initiatives.
The region is seeing a significant growth in demand for data center services to support cloud computing and AI service delivery. Expansion plans include developing a 180 MW campus in Melbourne, which is part of a broader strategy to establish a significant presence in Australia's major data center markets. This includes existing operations in Canberra and Melbourne, with the Melbourne campus featuring two 36 MW facilities, and the Canberra site offering 28 MW of IT capacity.
The funding and development will give STACK better positioning in competing with Blackstone, the largest of the alternative asset management companies, who most recently spent AU$24 billion to acquire hyperscale data center operator AirTrunk at the end of 2024. Data center competition in Australia also includes NextDC, a rapidly growing, homegrown company.
Sustainability as a Capital Strategy: The Emerging Financial Blueprint for Hyperscale
STACK Infrastructure’s green financing achievements in 2025 may signal a broader transformation in how capital is accessed and allocated in the hyperscale data center sector. As the financial markets increasingly reward operational transparency and climate-aligned infrastructure, STACK’s model offers a case study in the convergence of sustainability and capital strategy.
The growing use of green financing instruments—structured to meet rigorous environmental, social, and governance (ESG) benchmarks—marks a decisive shift in the financial underpinnings of digital infrastructure. STACK’s ability to attract billions in capital across multiple financing rounds indicates a new level of market maturity, where sustainability is not an adjunct but a prerequisite to growth.
“Financiers today are not just underwriting real estate and power access—they are underwriting climate resilience, efficiency commitments, and stakeholder alignment,” noted an infrastructure capital markets executive familiar with the transactions. “STACK’s model reflects a proactive alignment with these expectations.”
By leveraging green bonds and sustainability-linked credit facilities, STACK has increased its agility in competitive markets while reinforcing trust with hyperscale clients under increasing pressure to decarbonize their digital supply chains. The company's disciplined execution—backed by a diversified asset base, committed power arrangements, and long-term client contracts—has enabled it to deploy capital with precision while meeting increasingly stringent ESG criteria.
Moreover, the financial flexibility unlocked through these instruments allows STACK to accelerate build schedules, pursue regional diversification, and invest in energy-efficient technologies at scale. From low-water cooling systems in Virginia to potential on-site renewables in Australia, STACK is embedding sustainability into its development DNA—not merely to meet investor mandates, but to optimize total cost of ownership for clients over the long term.
This strategic synthesis of capital formation, sustainable design, and hyperscale readiness may well become a model for competitive advantage in the next phase of global data center expansion.
About the Author
David Chernicoff
Voices of the Industry
