European data center operator Maincubes has secured nearly €2.5 billion ($2.9 billion) in debt financing, aimed at scaling its digital infrastructure to meet rising demand.

The financing will comprise of €1.77 billion ($2.06bn) of committed facilities and an additional €700 million ($815.2m) uncommitted accordion, totaling €2.47 billion. The financing is being provided by a consortium of eleven banks and one institutional fund.

Frankfurt-based Maincubes, which is majority owned by investment group DTCP, currently operates one data center in Amsterdam and three in Frankfurt.

The company said the funds will be used to refinance its existing portfolio and fund the development of new data center projects, such as the construction of a fourth Frankfurt data center, and the development of a 200MW data center campus in Berlin.

“This financing marks a major milestone for maincubes. It provides us with financial strength and ability to accelerate our growth, bringing large-scale developments to market for our core customer base,” said Oliver Menzel, founder and CEO of Maincubes. “It also underscores our position as Germany’s leading data center operator for cloud and AI workloads for a truly international customer base and the public sector.”

Waldemar Maurer, partner at DTCP, added: “This successful financing clearly demonstrates how far maincubes has developed in recent years. We are grateful to both existing and new lenders for their trust and support, and we are fully committed to continuing to nurture and grow the platform together with the management team.”