European data center firm Pure DC has secured new financing to fuel development of its new Finnish campus.

The company announced this week that it has secured €1.3 billion ($1.48bn) of committed senior debt for Phase I development of its Seinäjoki AI campus (SJK01).

Senior project financing was secured across SMBC, ABN AMRO, Citi, Societe Generale, and Natixis CIB.

The first phase of development at SJK01 will see more than €1.5bn ($1.71bn) invested in building a 110MW AI facility. At full build-out, the site could scale to 550MW and see more than €7.5 billion ($8.6bn) invested.

Seinäjoki is a city and the regional capital of South Ostrobothnia, in western central Finland. The company purchased a 22.3-hectare plot of land for €3.86 million ($4.55m) from the city earlier this year, with three data center buildings set to be built on the site.

Phase I is already fully leased – reportedly to Microsoft. The substation for the first data hall is constructed and live, and all planning permissions and power requirements secured.

“This latest financing marks another important milestone for Pure DC as we accelerate delivery of one of Europe’s largest AI infrastructure campuses in Seinäjoki. The confidence shown by leading global lenders reflects the strength of our platform, the quality of our customer relationships and the scale of the opportunity ahead. With more than $4.2 billion secured over the past 12 months, we are building the financial capacity and operational momentum to support the next phase of AI and hyperscale growth across Europe and the Middle East,” said Gary Wojtaszek, executive chairman & interim CEO, Pure DC.

Mike Schwartz, Pure DC CFO, added: “Securing €1.3 billion of committed senior debt for Phase 1 of SJK01, alongside the expansion of our MLA group to five institutions, demonstrates both the quality of this asset and the depth of appetite for Pure DC’s growth strategy. The speed and discipline of this execution, aligned to the full leasing of Phase 1, further strengthens our funding base and gives us greater flexibility to advance our pipeline at pace.”

Pure’s financing now totals more than $4.2bn. In May, the company secured $2.7bn in financing, including a $2.15bn facility secured against its Dublin and Amsterdam campuses, alongside an increase in its corporate-level financing to $550 million.

Pure was established in 2015 and is backed by funds managed by Oaktree Capital Management. The London-based company currently has more than 500MW of IT capacity in operation or development in markets across Europe, Asia, and the Middle East.

The company has projects live and in development across London, Paris, Amsterdam, Dublin, Abu Dhabi, Madrid, Jakarta, and Seinäjoki.