flexiblefullpage -
billboard - default
interstitial1 - interstitial
Currently Reading

Data center provider Aligned links new financing to sustainability performance

Data Centers

Data center provider Aligned links new financing to sustainability performance

One goal: 100% renewable energy consumption by 2024.

By John Caulfield, Senior Editor | September 17, 2020

Construction continues on Aligned's data center in Ashburn, Va. New financing will help the company deliver its current building contracts. Images: Aligned

The Dallas-based data center provider Aligned recently completed a $1 billion senior secured credit facility that it claims is one of the largest private debt raises in this sector’s history, and the first of its kind that links financing to sustainability.

In addition to the lower interest rates, the sustainability-linked aspect of the financing is closely tied to the needs of Aligned’s customers, explains Andrew Schaap, Aligned’s CEO, in an email response to BD+C’s questions.

“Having an operator that is a good steward of the environment, [and] who offers sustainable options for power, cooling and growth, is table stakes,” says Schaap. “When it comes to investors, sustainability-linked loans are among, if not the, industry’s fastest growing subset(s). With accelerated digital transformation and technology use, the industry has seen unprecedented investor demand. With this being the first-ever financing deal of its kind for a data center company in the U.S., investors are seeing an attractive return on investment, coupled with a powerful and unprecedented impact on championing sustainability in this space.”


Aligned’s sustainability-linked financing is tied to the Company’s core environmental, social and governance (ESG) objectives, and Key Performance Indicators (KPIs), including:

Renewable Energy: A commitment to match 100% of Aligned’s annual energy consumption to zero-carbon renewable energy by 2024. 

Sustainability Reporting: Transparency and continuous improvement across sustainability best practices. This target aligns the Company’s ESG reporting efforts with a leading global standard, maximizing consistency in ESG disclosure for Aligned stakeholders.

Workplace Safety: A commitment to having / reporting on an industry-leading Total Recordable Incident Rate (TRIR).

“Essentially, it means Aligned is putting our money where our mouth is,” says Anubhav Raj, Aligned’s CFO. “If we deliver on our commitments, we benefit from discounted interest rates; if we don’t, the rates either stay the same or go up (depending on the actual performance).”

Raj adds that, from a lender/investor perspective, given that the interest-rate reduction requirements are transparent, although investors would receive lower interest rate payments, they can place them in a sustainability bucket, “which can have different return thresholds.”

The credit facility consists of a $650 million term loan, a $100 million delayed draw term loan, and a $250 million revolving credit facility. Aligned engaged TD Securities as the administrative and collateral agent; Goldman Sachs Lending Partners LLC as the syndication agent; and ING Capital LLC as the sustainability structuring agent. TD Securities, Goldman Sachs Bank USA, Citizens Bank, N.A., Deutsche Bank AG, New York Branch, and Nomura Securities International, served as joint bookrunners and joint lead arrangers for the facility.

Aligned's innovative cooling technology, the Delta 3.


Schaap notes that ING created the sustainability linked loan concept in 2017. As Aligned’s sustainability structuring manager, ING was instrumental in helping the company structure the sustainability components of financing, and advising on ESG performance targets that would be viewed as industry-leading.

“Between Macquarie, ING, and several other Aligned capital partners, our investors are among the industry’s leading lenders when it comes to sustainability and sustainability-linked financing,” says Schaap.

Aligned is a private company, and does not disclose specifics about how it would use this credit facility. Raj did confide that Aligned plans to leverage the bulk of the financing—about $$750 million—to refinance existing debt and deliver on current contracts. The rest will be used for further expansion, both stateside and abroad. The term of the facility, inclusive of extension options, is five years.

Related Stories

Data Centers | Feb 15, 2022

Data center boom: How two AEC firms plan to meet unprecedented demand for data center facilities

Ramboll's Jim Fox and EYP Mission Critical Facilities' Rick Einhorn discuss the recent joining of their companies at a time of unprecedented data center demand. BD+C's John Caulfield leads the discussion with Fox, Ramboll's Managing Director for the Americas, and Einhorn, EYP Mission Critical Facilities' Managing Director.

Data Centers | Nov 1, 2021

Construction begins on Facebook’s Mesa Data Center

The project represents Facebook’s first major investment in Arizona.

Data Centers | Sep 22, 2021

Wasted energy from data centers could power nearby buildings

A Canadian architecture firm comes up with a concept for a community that’s part of a direct-current microgrid.

Giants 400 | Aug 30, 2021

2021 Giants 400 Report: Ranking the largest architecture, engineering, and construction firms in the U.S.

The 2021 Giants 400 Report includes more than 130 rankings across 25 building sectors and specialty categories.

Giants 400 | Aug 26, 2021

2021 Data Center Giants: Top architecture, engineering, and construction firms in the U.S. data center facilities sector

Corgan, Holder Construction, Jacobs, and Whiting-Turner top BD+C's rankings of the nation's largest data center facilities sector architecture, engineering, and construction firms, as reported in the 2021 Giants 400 Report.

Contractors | Jul 23, 2021

The aggressive growth of Salas O'Brien, with CEO Darin Anderson

Engineering firm Salas O'Brien has made multiple acquisitions over the past two years to achieve its Be Local Everywhere business model. In this exclusive interview for HorizonTV, BD+C's John Caulfield sits down with the firm's Chairman and CEO, Darin Anderson, to discuss its business model.

Data Centers | Mar 20, 2021

Japan’s NTT pushes U.S. data center expansion

Two new facilities opened last month, with several others under construction.

Data Centers | Mar 16, 2021

Greener data centers can also be more profitable

A new white paper explores revenue-enhancing ways for data centers to reduce their greenhouse gas emissions.

Data Centers | Feb 18, 2021

Arcari Cimini Architettura designs Data Center Floating Island

The concept looks to create an entire floating city centered around a data center.

Data Centers | Jan 21, 2021

The Weekly show, Jan 21, 2021: Data centers in a pandemic world, and LGBT certification for AEC firms

This week on The Weekly show, BD+C editors speak with AEC industry leaders about LGBT certification for architecture, engineering, and construction firms, and the current state of data centers in a pandemic world.

boombox1 - default
boombox2 -
native1 -

More In Category

halfpage1 -

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021


Magazine Subscription

Get our Newsletters

Each day, our editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.


Follow BD+C: