Scotiabank and National Bank of Canada lead a further $170m into eStruxture Data Centers
Canada’s data centre market is continuing to grow with Toronto alone projected to generate revenues of $565m by 2024, up from today’s $316m.
Canadian operator eStruxture Data Centers has secured an expanded $170m credit facility with a group of Canadian banks led by Scotiabank and National Bank of Canada to expand its operations.
The company will use the new cash source to both expand existing facilities and acquire new ones from the market.
With a focus on clean energy to power its facilities, eStruxture said it will expand “within a variety of metropolitan areas across Canada”.
Data Economy has requested further information on what locations the company is sourcing to expand.
Within its existing portfolio, the company will use the credit facility to complete facility expansions such as its MTL-2 data centre that will boast over 180,000 sqf and 30MW of power.
Moreover, eStruxture has recently undertaken the expansion of its flagship Vancouver data centre (VAN-1) and is in the process of building out a second facility (VAN-2) in the Greater Vancouver Area.
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Todd Coleman , President and CEO of eStruxture, said: “We consider this additional debt financing very important to our long-term growth strategy of becoming Canada’s leading provider of data centre and connectivity services.
“We welcome the strengthening of our relationship with these premier Canadian financial institutions. We have worked with many of these banks since the very early days of launching eStruxture and are pleased and honoured to have those same banks continue to support and expand their financial commitment around our long-term strategy.”
Canada’s data centre market is continuing to grow and more companies within both the colocation and hyperscale spectrums are expected to invest in the country.
According to data released by Structure Research focusing on the Toronto market, Toronto is forecasted to grow at a CAGR of 12.3% up to 2024, to $564.7m.
MW-wise, today the market amounts to 121MW operated from 68 facilities owned by 40 different providers. In five years, at a CAGR of 12.1%, this will have grown to 213.2MW.
By 2023/24, Structure expects a new wave of data centre builds to start taking shape in the city. Today, retail colocation amounts to 72% of the market, with wholesale covering the remaining 28%.