The Daily Dig
EdgeCore Digital Infrastructure has closed $1.5 billion in construction financing for two hyperscale data centers in Sterling, Virginia. Both AS01 and AS02 are single-tenant facilities, fully leased ahead of delivery.
At full build-out, the two facilities will deliver a combined 114 megawatts of critical load across 685,000 square feet. Dominion Energy will supply power to both sites. AS01 is scheduled for initial occupancy in November 2026, with AS02 following in July 2027.
The financing was structured as two limited-recourse senior secured term loans. Coordinating lead arrangers were Apterra Infrastructure Capital, Global Infrastructure Partners (a part of BlackRock), and ING Capital. Apterra and ING served as administrative agents. Davis Polk and Wardwell represented the borrower and sponsor; Milbank represented the underwriters.
The AS01 loan was structured as a Green Loan under the Green Loan Principles published by the Loan Market Association, Asia Pacific Loan Market Association, and the Loan Syndications and Trading Association, consistent with EdgeCore's 2025 Green Finance Framework. ING Capital served as sole Green Loan Structuring Agent on that tranche.
EdgeCore is backed by Partners Group, which reports more than $185 billion in assets under management globally. The company currently has over 1.4 gigawatts of capacity under development across Northern and Central Virginia, with its broader portfolio reaching 1.8 gigawatts delivered or under development across roughly seven million square feet.
Snapshot:
Project Names: AS01 and AS02
Developer / Owner / Operator: EdgeCore Digital Infrastructure
Financial Backer: Partners Group
Location: Sterling, Virginia
Sector: Hyperscale / Wholesale Data Center
Tenant Structure: Single tenant, fully leased ahead of delivery
Combined Critical Load Capacity: 114 MW
Total Square Footage: 685,000 sq ft
Power Provider: Dominion Energy
Construction Financing: $1.5 billion (two limited-recourse senior secured term loans)
Lead Arrangers: Apterra Infrastructure Capital; Global Infrastructure Partners (a part of BlackRock); ING Capital LLC
Administrative Agents: Apterra Infrastructure Capital; ING Capital LLC
Green Loan Structuring Agent (AS01): ING Capital LLC
Borrower / Sponsor Counsel: Davis Polk & Wardwell LLP
Underwriters' Counsel: Milbank
AS01 Initial Occupancy: November 2026
AS02 Initial Occupancy: July 2027
EdgeCore VA Capacity Under Development: 1.4+ GW
EdgeCore Total Portfolio: 1.8 GW delivered or under development; approx. 7 million sq ft
TheJobWalk Thoughts
Both sites are fully leased and funded, which removes the speculative risk that typically keeps subcontractors on the sidelines. The occupancy dates are on the schedule now, not contingent on lease-up, and that gives the construction timeline real teeth. GCs and subs not yet in conversation with the project team should treat the procurement window as closing.
At 685,000 square feet delivering 114 MW of critical load across two buildings, the MEP and structural scopes are significant. High-density AI builds at this scale require above-standard cooling infrastructure, layered power distribution redundancy, and tightly sequenced commissioning. Specialty contractors with hyperscale experience carry a meaningful edge in these conversations.
EdgeCore's CEO specifically called out Culpeper and Louisa County as part of the company's Virginia expansion roadmap. Subcontractors and suppliers who build relationships on AS01 and AS02 are getting ahead of a multi-site, multi-county pipeline that is actively moving.
