APAC data center firm DayOne has secured new financing to fund its projects in Finland.

The company last week announced that it has secured a mezzanine financing facility of €500 million ($582.7m), expandable up to €1 billion ($1.16bn) upon mutual agreement, from global investment firm Brookfield and an unnamed “global sovereign investor.”

The borrowing will be secured by DayOne’s Finland platform, with proceeds of the facility used to support its developments in Lahti and Kouvola.

“The Brookfield facility strengthens DayOne’s long-term capital base and supports the continued build-out of our global platform,” said DayOne CEO Jamie Khoo. “It aligns with the scale and pace of digital infrastructure our customers require and reflects the confidence our investors, including Brookfield, have in our strategy and execution. With Finland as the initial borrower, it marks another important step in advancing our development across multiple markets.”

Mezzanine financing is a hybrid of debt and equity that allows lenders to convert debt into equity in case of default.

“Brookfield is uniquely positioned to provide flexible, large-scale financing solutions for high–quality operators like DayOne that are enabling the global shift toward AI and cloud-driven data demand, given our experience in digital infrastructure. We’re delighted to support DayOne’s expansion with this milestone transaction,” added Sean Robertson, infrastructure debt SVP, Brookfield.

DayOne was formed from the international unit of Chinese data center firm GDS. Formerly GDS International, the unit changed its name in January of this year and launched as an independent company following the completion of a Series B funding round.

The company’s portfolio currently comprises more than 500MW of data center capacity in service and under construction, and more than 500MW held for future development across sites in Hong Kong, Singapore, Malaysia (Johor), Indonesia (Batam), and Japan (Tokyo). The company recently broke ground on a site in Thailand and another in Singapore.

DayOne CEO Jamie Khoo outlined the company’s future plans to DCD in an interview earlier this year. Read it here now.