Power is the asset. We underwrite it that way.

Two questions decide a US data center financing: is the interconnection agreement executed, and is the lease signed. With both, the market is deep. Stabilized assets leased to investment-grade hyperscalers finance through data center ABS and single-asset CMBS, where 2025 issuance priced around 65 percent initial LTV against DSCR covenants of roughly 1.30 to 1.35 times. Construction capital for pre-leased build-to-suit runs 55 to 65 percent of cost. Vacant powered shell with secured power is an asset-coverage story, not a cash-flow one: it is a bridge or a structured equity trade, and it prices accordingly. Agency and HUD cannot finance data centers at all, a point that surprises sponsors more often than it should.

European execution turns on the grid. Interconnection queues in the major markets run to several years, which is why behind-the-meter generation, fuel cells, and on-site storage now appear in almost every business plan we see, from London and Dublin through Frankfurt, Madrid, and the Nordics. Capital follows the same logic as the US but with a shorter lender list: infrastructure funds, the UK clearing banks, the European branches of North American lenders, and a growing set of specialist digital-infrastructure debt providers. Sovereign wealth and pension capital increasingly writes direct equity checks alongside the infrastructure managers rather than only committing to their funds.