Mayer Brown’s global energy team advises data center developers, operators, and tenants through all stages of power sourcing, supply, and regulation. From securing sustainable energy supply deals to navigating complex grid regulations and executing strategic transactions, we provide end-to-end legal solutions to energize data center growth.

Mayer Brown advises clients across a range of energy sources, including traditional oil and gas projects, nuclear power, and renewable sources. We have become a go-to firm for a wide range of technologies—onshore wind, offshore wind, utility scale and distributed solar energy, battery storage, fuel cell, geothermal, nuclear, carbon capture and biomass, to name just a few. As leading global investors continue to fuel the growth of infrastructure as an asset class, investors need a law firm that is qualified to deliver world-class advice and client service. Mayer Brown is that firm.

Power Supply

We help clients structure complex power supply strategies to guarantee reliable, cost-effective energy for data center operations. Our team negotiates power purchase agreements (PPAs), hedge agreements, capacity contracts, and wheeling arrangements that secure long-term price stability and sustainability. We structure innovative behind-the-meter solutions—from on-site generation to microgrids—aligning with clients’ business objectives and carbon reduction goals. Our lawyers have in-depth commercial and technical experience, a key component of our energy offering.

Regulatory/Transmission & Interconnection

Our regulatory lawyers also advise clients on Federal Energy Regulatory Commission (FERC) and state utility commission proceedings that affect the cost, sourcing, and terms of power supply in the United States. In addition, we help our clients navigate complex interconnection processes. Our team has a deep understanding of the regulatory and technical requirements for transmission and interconnection.

Power Development & M&A

As data center power needs evolve, we stand at the forefront of power asset development and M&A transactions for the industry. We advise clients on asset acquisitions, platform investments, and joint ventures aimed at securing dedicated energy resources for data centers. Our project development experience spans from greenfield power projects to integrating renewable assets, and we provide insight into risk allocation and financing structures. With a proven record in high-value energy M&A and joint venture structuring, we help clients capture growth opportunities while minimizing risk.

Experience

• We have represented Microsoft in several state utility regulatory proceedings related to the supply of power to Microsoft data centers. Among other proceedings, we represented Microsoft before the Wyoming Public Service Commission in obtaining approval of a large power contract service tariff for the support of power to a data center campus in Cheyenne, Wyoming, and before the Arizona Corporation Commission in obtaining approval of a power supply arrangement for a data center in Arizona.
• We represented Blackstone Energy Transition Partners in its acquisition of the Potomac Energy Center, a 774 MW natural gas power plant in Virginia, including pre-signing regulatory and power supply diligence involving proposed co-located data center.
• We represented ConocoPhillips in a three-party incorporated joint venture (JV), which would develop greenfield behind-the-meter natural gas-powered generation facilities to serve new data centers in the ERCOT (North Texas) region, northern Louisiana, and/or MISO region (North Dakota), as well as in gas-fired power generation projects to provide behind-the-meter power to data center operators.
• We advised Chevron in the development of conventional and renewable generation projects to supply power to data centers.
• We advised ACS Digital on agreements with a Virginia electrical cooperative for the construction of power substations and interconnection facilities and both the temporary and long-term supply of a new 300MW data center in Virginia. We also advised the client on regulatory proceedings before the Virginia State Corporation Commission concerning the utility’s rates and collateral requirements.
• We represented Basalt Infrastructure Partners in its acquisition of AEP OnSite Partners, the distributed generation business of American Electric Power, including detailed diligence review of OnSite’s existing power sales arrangements and FERC and state regulatory compliance as well as representing Basalt before FERC in connection with required regulatory approval.

Contacts

• Chad Richards
• Cameron Sabin
• Gabriel Salinas
• John Tormey

We advise clients in the drafting of the emission control policies and emission and ESG public disclosures. Our emission controls and ESG team advises clients in a wide range of industries, including financial services, finance, corporate, environmental, human rights, litigation, government relations and trade, and provides integrated advice addressing the range of ESG risks and opportunities. We approach emissions control and ESG holistically by leveraging cross-practice and cross-office teams.

Furthermore, our firm’s leading New Energies team regularly advises clients in carbon capture, utilization and storage projects, and other carbon-management projects. 

Experience

• We represented a consortium of sponsors in relation to the development, financing and operation of a 178,000 green hydrogen project in Oman, using approximately 4.5GW of wind and solar energy coupled with battery storage and an approximately 2.5GW electrolyser. The produced hydrogen will be supplied to an ammonia plant to be built in the Salalah Free Zone and set to produce 1 mtpa of green ammonia. The Project is being developed by the Sponsors on the basis of a project development agreement between the Sponsors and Hydrogen Oman LLC.
• We advised Apollo Global Management Inc., a leading provider of alternative asset management and retirement solutions, on the acquisition of approximately $11.1 million of Inflation Reduction Act investment tax credits (ITCs) from OPAL Fuels Inc., a company specializing in renewable natural gas (RNG) and renewable power.
• We represented Constellation Energy, the operator of the largest fleet of nuclear power projects, on the development of an industrial scale ‘pink hydrogen’ project intended to utilize nuclear energy to produce hydrogen. We are advising on the full range of development matters, including equipment supply, construction, real estate, and offtake matters.
• We represented Storegga in connection with its CCUS projects across the United States, including negotiations for joint venture formation documents, operating agreements, CO2 offtake agreements with several major LNG producers and other emission sources, and pore space lease and surface use agreements with several major LNG producers and other emission sources.

Contacts

• Massimo Amoruso
• Gabriel Salinas
• Débora Yanasse
• Anne Wicks

Mayer Brown’s Real Estate group advises clients across the full lifecycle of complex development projects for data centers—from early-stage strategy and site selection through acquisition, entitlements, construction, financing, leasing, and disposition. In early stages, when it comes to land acquisition for a development project, our integrated approach ensures that site assembly, diligence, and title/permitting pathways are aligned with the project’s commercial objectives and delivery schedule from the outset.

We regularly lead site selection and acquisition projects, coordinating land assemblages, access and easement packages, development and air rights, and the resolution of third-party and title issues. Our team structures and negotiates purchase and sale agreements, ground leases, options and rights of first offer/refusal, and joint venture arrangements tailored to project phasing and capital deployment. We also manage pre-acquisition diligence and risk allocation—covering zoning conformity, environmental conditions, utilities and capacity, entitlements status, subdivision requirements, and off-site improvement obligations—to position projects for timely approvals and efficient build-out.

We represent owners and developers in every facet of project delivery. We negotiate development agreements, construction contracts, and architect and consultant engagements, and we align procurement strategies with risk, schedule, and pricing objectives. We draft and implement development-related covenants, including reciprocal easement agreements, owner association documents, restrictive covenants, utility and recapture agreements, and subdivision and impact fee agreements that support long-term operations and value. Throughout implementation, we advise on change management, delay and force majeure claims, bid and performance security, insurance and indemnity frameworks, and lien matters, working closely with clients and counterparties to keep projects on track.

Land use and zoning are also central to our practice. We appear frequently before planning commissions, zoning boards, and related agencies guiding projects through comprehensive plan consistency, rezoning, variances, special uses, site plan approvals, subdivision approvals, and development agreements.

Experience

• We represented a large real estate investment trust on several acquisitions, including a 130,000-square-foot building in London that will become one of the preeminent data centers inside the M25; a portfolio of five data centers in California, Arizona and Virginia totaling approximately 919,000 square feet for $725 million; and another in Virginia that will be further developed and then leased back to the seller.
• We represented a large real estate investment trust in the negotiation and documentation of a joint venture agreement to which the joint venture acquired seven buildings on approximately 70 acres in Texas for redevelopment into data centers, and also represented this client in a joint venture for the acquisition and data center development for a property in Seattle, Washington.
• We represented ACS Digital in the ground lease of a large data center site in Caroline County, Virginia, and in the acquisition of three large parcels in Fort Worth, Texas, to support development of a $2 billion data center.
• We represented American Tower in the acquisition of the property where the data center of American Tower do Brasil Multimedia is located, in the city of Belo Horizonte, State of Minas Gerais.

Contacts

• Heather Adkerson
• Brian Aronson
• Brian Davis
• Nathan McMichael

Mayer Brown’s leading design and construction attorneys advise data center developers, owners and operators in the design and construction of large-scale, mission-critical facilities. We provide strategic advice on the choice of delivery methods, including traditional design and architectural services, the use of construction managers and general contractors, and design-build delivery, to best allocate risk and align to project goals. Our attorneys are experienced in working across a range of industry-standard contract forms, creating bespoke solutions. In addition to design and construction agreements, we regularly negotiate equipment purchase agreements, supply chain agreements, operation and maintenance agreements, consulting contracts and various project-management agreements for data centers. The team is supported by our construction litigation attorneys, who offer guidance to maximize clients’ positions in the event of future disputes.

Our construction law team is widely recognized as a leading practice, particularly in the development of infrastructure. Legal 500 USA lauds Mayer Brown’s “great industry knowledge” and “exceptional” ability to collaborate with the broader client and project team. Several of our partners are ranked in Chambers USA for their work on complex construction and infrastructure projects.

Experience

• We represented a global data center owner, developer and operator in procurement, design, construction and fit-out of data center projects throughout the United States, including complex projects in Georgia, California, Texas and Virginia. Our work includes advising on unique contracting structures, addressing complex environmental situations, interface with equipment supply contracts and undertaking improvements in occupied data centers. We have also represented this client in drafting a new suite of design, construction and consulting contracts for use on additional projects throughout the United States.
• We represented ACS Digital in the negotiation of design and construction agreements for the development of a $2 billion data center in Fort Worth, TX, as well as another complex data center development in Caroline County, VA, and a separate design-build contract for an adjacent substation. We are also assisting ACS with design construction documents for a data center project in Australia. Our advice includes a selection of contract structures, integration of owner-supplied equipment, and coordination with adjacent utility projects.
• We represented Netrality Properties in drafting and negotiating numerous design and construction agreements, equipment purchase agreements, supply chain contracts, master vendor agreements and consulting contracts relating to construction, expansion and repair of the client’s data centers throughout the United States. Advised the client on comprehensive updates and revisions to its full suite of US design, construction and consulting contracts and providing ongoing advice on various commercial contracts.
• We represented a global power generation supply company in the negotiation of several complex equipment supply agreements to purchase turbines from foreign jurisdictions to use in power supply to data centers in the United States, including navigating complex trade issues.

Contacts

• Nathan Galer
• Mitchell Holzrichter
• Joanna Horsnail
• Charles Kelley

Our Tax team helps clients unlock, structure, and defend tax incentives that drive investment and growth. We pair deep technical tax knowledge with practical, deal-tested experience negotiating with state, local, and federal authorities. From initial feasibility through compliance years after a business is set up, we deliver counsel that aligns incentives with business objectives, minimizes risk, and accelerates time to value.

We help implement incentive strategies that withstand scrutiny and perform across the project lifecycle. Our work typically includes assessing eligibility and benchmarking potential packages, negotiating and documenting commitments and performance metrics, and building compliance programs that reliably meet reporting, investment, and employment thresholds. We are frequently engaged to model tax and cash impacts, structure transferability and monetization, stack complementary programs across jurisdictions, and mitigate clawback risk. When disputes arise—from audits to recapture claims—we represent clients in administrative proceedings and litigation.

We have advised on data center-specific and related incentives, including sales and use tax exemptions for servers, networking equipment, software, and construction materials; exemptions or refunds for electricity used in qualifying facilities; property tax abatements and payments in lieu of taxes; infrastructure grants for fiber, substations, and transmission; expedited permitting and fee waivers; and job creation or investment-based credits for data centers.

To ensure reliability, data centers are increasingly turning to distributed generation systems that use renewable energy resources, such as solar, fuel cells and SMRs, and storage systems to power their operations. Many of these renewable energy and storage systems are eligible for federal income tax benefits, including tax credits and accelerated depreciation.

Our tax team regularly advises on transactions involving renewable energy technology and renewable energy tax credits, including new and expanded credits. We cover all aspects of the renewable energy industry, from equipment manufacturing and supply to development and construction to financing. Our development experience includes qualification for tax incentives, and our financing experience includes equipment supply loans, construction financing, permanent financing (including back-leverage), tax equity, and alternative investment structures such as “partnership flips” and other monetization strategies, including transfers of tax credits and “direct pay.”

Experience

• We represented BlackRock in Washington State litigation regarding a data center tax incentive they have received for moving their data center functionality from California to Washington. Potentially costly compliance issues resulted in litigation that was ultimately settled.
• We represented a large financial institution with respect to state sales tax incentives for the purchase of data center computing equipment at a leased facility in Illinois. We also advised on income tax credits available for construction of the facility, ongoing performance obligations, and potential recapture risks.
• We represented a publicly traded data center developer with respect to city and county property tax incentives in Texas. The project includes the development of a 200MW facility. We counseled the client on obtaining incentives before closing property acquisitions and structured agreements to satisfy incentive conditions.
• We represented Mastercard in Missouri litigation regarding a sales tax exemption for “manufacturing,” to cover the data center activities at their global tech hub, potentially resulting in substantial sales tax savings.
• We represented the State of Illinois in incentives and financing the Illinois Quantum and Microelectronics Park. The project includes the redevelopment of 128 acres of a former steel plant site on the south side of Chicago. The project is a signature initiative of the State of Illinois through the Department of Commerce and Economic Opportunity and the University of Illinois and will be home to first-of-their-kind quantum computing research and manufacturing facilities, including a facility anchored by IBM. We negotiated state-subsidized loans and tax abatements to support development of the site.

Contacts

• Mitchell Holzrichter
• Michael Kerman
• Leah Robinson

Clients routinely rely on our environmental team for innovative solutions to issues relating to data centers. Mayer Brown lawyers have deep experience with the relevant environmental programs, including the Clean Water Act, Clean Air Act, Endangered Species Act, and National Environmental Policy Act. We also are thoroughly familiar with issues relating to contaminated properties.

For environmental diligence, our lawyers have employed a variety of techniques, including working with consultants on technical reviews, commissioning “sell-side” technical reports, and performing our own assessments of data rooms. We have analyzed potential environmental risks, conducted due diligence investigations, and negotiated representations, warranties, indemnities, and other contract language for numerous corporate and real estate transactions involving a wide variety of sites.

Our team has unparalleled environmental litigation experience. We were honored to be named a Law360 “Environmental Practice Group of the Year” for four of the past five years. In addition, we are frequently recognized by Chambers USA and Legal 500 USA as a top environmental practice.

Experience

• We represented a client in evaluating environmental issues in connection with potential acquisition of proposed data center sites in Arkansas, California, Mississippi, and Virginia. The scope of the environmental review covered wetlands permitting, threatened and endangered species, migratory birds, historic preservation, air emission permitting, and the potential for contamination (including, for one site, past military operations).
• We represented a client in assessing environmental matters for data center construction on potential development sites in Virginia. Our review covered stream impacts, wetlands permitting, air permitting, protected species, and potential cleanup liabilities.
• We represented a client in evaluating potential contamination risks in proposed acquisition of California site for future data center development.
• We represented an energy company about applicability of New Source Performance Standards in connection with proposed projects to provide power to data centers.
• We represented a client in evaluating environmental risks in connection with equity acquisition of data center companies. Scope of review included use of perfluorinated alkyl substances, potential for contamination, and compliance.
• We represented a client in assessing the potential for cleanup liability in connection with acquisition of eight data centers across the midwestern United States. To support the legal analysis, we worked with a technical consulting firm that prepared environmental site assessments.

Contacts

• Timothy Bishop
• Jaimy Hamburg
• Avi Kupfer
• Roger Patrick

Our Technology Transactions team brings top-tier credentials and experience to negotiating the commercial agreements at the heart of data center deals. With more than 50 lawyers worldwide and 30+ years of experience, we have executed 500+ large managed services and technology procurement deals with aggregate deal value exceeding $250 billion. We regularly represent clients across the table from AWS, Microsoft, Google, Oracle, SAP, and other major cloud providers, using our deep market knowledge to level the playing field against expert big tech negotiators. Legal 500 has ranked us Tier 1 in Outsourcing/IT for as long as the category has existed, and Chambers has ranked us Band 1 for Outsourcing for two decades.

Our team structures, negotiates, and closes the licenses, leases and master service agreements that govern data center space and services—wholesale and retail—so that owners, operators, hyperscalers, and enterprises can scale capacity with speed, resilience, and cost certainty. We advise clients in connection with key issues such as power economics, capacity commitments, cooling, redundancy, expansion rights, and SLA architecture and remedies. From strategy and term sheets to execution and operational handoff, we pair market knowledge with pragmatic, execution-first lawyering.

Experience

• We represented Macquarie Capital on its investment in Prime Data Centers, one of the largest data center operators in the United States. We reviewed and advised on tenant leases with hyperscaler customers, including Meta, Twitter (X), and Oracle. Our work included analysis of the terms of those agreements, the allocation of risks and obligations among Prime Data Centers and its tenants, and service level commitments, among other key issues.
• We represented a provider of news and business information services opposite Cyxtera in negotiating a global data center co-location agreement. We also represented the provider in their global outsourcing and consolidation of facilities management, data center, and brokerage services deals into one global deal with Jones Lang LaSalle Incorporated covering the Americas, EMEA and Asia Pacific regions.
• We represented a hyperscale tenant with its negotiation of data center leases globally.
• We represented a client that owns and operates data centers from which it provides turnkey Bitcoin mining services in connection with the drafting and execution of certain leasing and co-location agreements related to its data center.
• We represented a government-sponsored enterprise in the mortgage finance industry in the renegotiation of its data center outsourcing arrangement with IBM and related migration of services to IBM’s cloud environment.
• We represented a global strategically important financial institution (a “GSIFI”) in a mission-critical co-location arrangement for a new data center used to host core banking and trade clearing functions.
• We represented a global data center developer and operator in (a) its negotiation of data center leases with hyperscale tenants throughout the United States and master services agreements and related orders with various hyperscale and enterprise customers throughout the United States; and (b) the creation of a data center master services agreement template and ancillary documents.

Contacts

• Rohith George
• Joe Pennell
• Brad Peterson
• Cameron Sabin

Mayer Brown brings a comprehensive and integrated approach to cybersecurity and data privacy challenges in the data center, sector offering our clients strategic thinking and practical legal advice. Our practice is composed of more than 70 lawyers worldwide from disciplines that include litigation, regulatory, corporate, government affairs and global trade, intellectual property, enforcement, employment, insurance, and technology transactions. We leverage our broad and deep experience in these key disciplines to build tailored teams to address the specific issues that data centers face, including the unique issues related to IT, OT, IoT, and critical infrastructure. This approach to our Cybersecurity & Data Privacy practice distinguishes us from other firms that rely on “one-size-fits-all” privacy and security lawyers who attempt to cover the waterfront of these ever-increasing and complex issues.

Our global capability allows us to address a client’s most complex international cybersecurity and data privacy issues, whether the client requires advice on managing obligations under government contracts or assistance in responding to a data breach in multiple jurisdictions. Together, our lawyers providing strategic counseling on the global array of overlapping and sometimes contradictory laws and regulations governing cybersecurity and privacy. We help multinational companies comply with US federal regulations and state statutes (such as the CCPA and other state privacy laws), UK and EU laws (including the GPDR, NIS 2, and CRA), and APAC legal requirements (including the PRC Data Privacy laws and Singapore’s Personal Data Protection Act).

Mayer Brown’s global Cybersecurity & Data Privacy practice addresses the full range of legal, business and reputational risks posed by cyber threats and data privacy obligations. Our practice routinely advises corporate boards and senior management of multinational companies on cutting-edge cybersecurity and data privacy issues, as well as on the sufficiency of existing enterprise-wide cybersecurity and data privacy programs. We bring our global perspective to this work, ensuring that leadership can take an integrated and strategic approach to risk management across the full range of a company’s operations.

Experience

• As incident response counsel, we represented multiple telecommunications providers in response to separate compromises of network switches and other OT by Chinese nation-state actors. We advised on mitigating a wide range of legal and regulatory risks, including with respect to notification and disclosure requirements, engagement with law enforcement, and a forensic investigation to confirm eviction of the threat actor.
• We represented a provider of critical infrastructure hardware and software on the response to a cyber incident involving the theft of hard-coded administrative credentials that permitted local access to fielded devices. We directed the forensic investigation under privilege, engaged with law enforcement, conducted an investigation into vendor responsibility, and advised on relevant legal obligations, including with respect to global notification obligations.
• We represented a large credit card company on regulatory and compliance matters in connection with the operation of its US and foreign call centers. Our work has included advising the company regarding the applicability of consumer protection and data privacy laws, in the United States and over 50 countries, to its call centers and the data collected by call center personnel.
• We represented a large financial institution, advising on a wide variety of data privacy issues relating to its business, including advising on regulatory compliance and risks associated with current and new initiatives, the development of internal and external privacy policies and notices, and the development and review of agreements. Recent projects include: advising on a variety of aspects concerning the bank's compliance with CCPA and GDPR with its various global programs, including ways to handle applicability of GDPR depending on its various lead generation programs; developing internal and external privacy policies and procedures for the company that cover all aspects of US data privacy laws; and advising on privacy and security considerations of various vendor agreements.

Contacts

• Rajesh De
• Adam Hickey
• Stephen Lilley
• Lei Shen

Mayer Brown helps businesses navigate complex and rapidly changing trade laws, regulations, and policies. Trade issues are complex, often urgent, and frequently tied to national security concerns. We work closely with in-house legal teams to identify risks, plan for potential challenges, and respond swiftly to regulatory changes and compliance requirements at every stage of business planning. Our team advises on high-stakes matters, including export controls on emerging technologies, US sanctions on China, Iran, Russia, and Cuba, and other restrictions driven by national security and foreign policy.

We offer strategic advisory and counseling capabilities that encompass cutting-edge areas such as outbound investment in data centers, semiconductors, quantum technologies, and artificial intelligence (AI). Our experience as regulatory counsel extends across the entire supply and value chain. We have advised a diverse range of clients—including data center operators, financiers, and buyers of advanced AI computing equipment—on compliance, licensing, risk management, and counterparty due diligence under export control laws governing AI and advanced computing.

In addition, our Committee on Foreign Investment in the United States (CFIUS) practice navigates highly sensitive matters for clients ranging from small startups to multibillion-dollar Fortune 500 corporations. Our experience, including from lawyers who formerly held high-level positions within government, allows us to provide clients with unique perspectives and solutions. What’s more, our negotiation of novel National Security Agreements to protect clients’ interests, while addressing government concerns, provides us with knowledge other firms simply do not have.

Experience

• We advised the developers and deployers of AI software regarding the implementation of an AI governance program, compliance with state and EU AI regulations related to transparency, bias avoidance, and other issues, and adhering to laws of general applicability with respect to AI use cases. This included preparing gap analysis memoranda and drafting policies and procedures and contracts for AI use cases.
• We are advising a global IT and engineering services company on multiple investigations involving national security and trade laws, including export control, sanctions and Information and Communications Technology and Services (ICTS) matters.
• We advised one of the world’s leading providers of an AI platform on the development of a risk assessment and compliance program in the areas of export controls, sanctions and anti-corruption. Conducted on-site training for regional operations.
• We represented a multinational financial services company in the procurement of GenAI services from Microsoft and establishment of an AI governance framework in accordance with emerging global regulations, including the EU AI Act and the NIST AI Risk Management Framework.

Contacts

• Timothy Keeler
• Thea Kendler
• Sydney Mintzer
• Tamer Soliman

As billions of dollars flow into facilities capable of meeting the needs of the digital ecosystem, including increasing AI usage, and high-performance computing, Mayer Brown’s Banking & Finance teams assists banks, financial institutions, and borrowers in corporate and leveraged loan financing transactions in the growing digital infrastructure sector. Mayer Brown has both the breadth to provide a true one-stop shop for counsel on all products and services and the depth of experience to respond to volatile markets and rapidly changing structures.

When dealing with hyperscale customers who provide strong credit but little flexibility on terms, a delicate and nuanced approach is required when negotiating the right to finance and transfer data center assets, while addressing hyperscaler concerns over the technical and financial wherewithal of a new owner. Similarly, differentiating an investor’s practical risks and potential liabilities from theoretical ones involves an in-depth understanding of data center operations and mitigation strategies.

Our team consists of knowledgeable advisors who are well versed on the key issues from all sides and have significant experience reaching practical solutions for data center investor clients. We have a track record of closing complex deals involving hyperscalers and significant enterprise users, and provide market-based and commercially focused advice to our data center clients.

We prioritize client relationships and invest time and resources in getting to know our clients, understanding their business, understanding how best to work together, and helping them think ahead and identify opportunities. We are fierce advocates for our clients. We strive to continue to be a valued partner to our clients, and help the bank as it continues to grow its business and execute its business strategy and are proud to say that our advice reflects a broader view of the business environment, informed by our team’s extensive technical experience.

Experience

Construction & Project Finance

• We represented Canadian Imperial Bank of Commerce (“CIBC”), as co-lender in the syndication of a $4.25 billion credit facility to refinance existing debt securing the construction and development of certain data center projects and finance capital expenditures and other development activities.
• We represented a senior lender in a $302 million construction financing of a data center in Virginia.
• We represented a co-lender in the origination and syndication of a $531.5 million commercial real estate loan secured by the construction of three separate data centers located in Loudon County, Virginia, and pre-leased to an investment grade technology company.

Bank Loans & Acquisition Finance

• We represented a group of lenders in making a $300 million term loan to support the North American platform of a major international data center provider.
• We represented an investment manager, as a lender, in purchasing a portion of a $650 million term loan secured by five data centers in four states.
• We represented a global financial services provider as senior lender in an $85 million dollar working capital and acquisition credit facility to a major Texas-based specialty contractor to the semiconductor, data center and other technology-related industries.
• We represented Natixis, New York Branch, The Bank of Nova Scotia and MUFG Bank, Ltd. in a $170 million credit facility with Ascenty Chile SpA.

Fund Finance

• We represented SocGen on a $1 billion subline to DigitalBridge Partners III, LP which invests in digital infrastructure, including data centers.
• We represented WF/IPI II and WF/IPI III (now Blue Owl Digital Infrastructure II & III). The IPI II facility (MN 22724409) was originally with Citi (then assigned to WF) and closed in January 2020. The IPI III facility (MN 22711661) closed in May 2024.

Structured Finance

• We represented a leading financial institution as arranger, agent, and lender, in a $4 billion cross-border syndicated asset-based lending transaction for a leading information technology provider.
• We represented US Signal Company, LLC, as borrower, in connection with a $190 million senior secured credit facilities with Goldman Sachs Middle Market Lending Corp. II, as administrative agent and collateral agent.
• We represented the servicer in the third issuance by an SPV of Sabey Data Center Issuer LLC issued notes. The notes consisted of $175 million of Series 2023-1 6.25% Fixed Rate Senior Secured Notes, Class A-2. (Sabey 2023-1).
• We represented the servicer in the sixth issuance by SPVs of Vantage Data Centers Issuer, LLC and Vantage Data Centers Canada, Limited Partnership issued notes. The notes consisted of $370 million of Series 2023-1 6.316% Secured Data Center Revenue Term Notes, Class A-2.

Contacts

• David Freed
• Ross Kelley
• Diana Moreno
• Sheel Patel
• Eric Reilly
• Mae Rogers

Our cross-practice team advises strategic investors, financial sponsors, infrastructure funds, and portfolio companies on the full lifecycle of equity investments and M&A in the data center ecosystem. We structure and execute minority and control equity investments, debt-to-equity conversions, preferred equity and growth capital raises, joint ventures, platform buildouts, and buy-side and sell-side M&A, including cross-border transactions, carve-outs, and public-to-private deals. Drawing on our wide range of capabilities, we deliver efficient, market-tested solutions across data center development platforms, colocation and cloud services, digital infrastructure, and critical supply-chain businesses that serve hyperscale and enterprise demand.

As the M&A industry has evolved, we have advised clients in a full range of strategic transactions for data center investments, and have garnered particular experience in this space. This includes complex capital stacks, including preferred equity and structured minority investments to scale data center platforms and related digital infrastructure. Clients also use cross-border joint ventures and platform acquisitions to assemble multi-jurisdictional development pipelines and operational footprints. Other clients request assistance in carve-outs from strategic sellers, including acquisitions of multi-state data center and hybrid IT businesses and associated transition arrangements, or strategic acquisitions of specialized suppliers central to data center construction, cooling, and mission-critical operations. We have also assisted with portfolio company bolt-ons and consolidations to extend data center services, cloud, and managed-services offerings across geographies.

Experience

• We represented Sandton Capital in the conversion of its existing debt investment to equity and the subscription for additional equity investment, in a $1.1 billion Series B fundraising of Nscale Global Holding Limited, an AI hyperscaler that provides a vertically integrated suite of services, including renewable energy-powered data centers, hardware, and an optimized software stack, for developing, training, and deploying AI models at a large scale.
• We represented Mitie Group plc in its acquisition of JCA Engineering Ltd, a specialist in cooling systems for data centers, to support the growth of Mitie’s projects capabilities.
• We represented Bain Capital in its strategic partnership with Aquila Group to build a leading European data center platform. As part of the cooperation, Bain Capital has acquired an 80 percent stake in AQ Compute Services Germany GmbH, the data center business founded by Aquila Group.
• We represented a leading telecommunications company in the $1.1 billion sale of a portfolio of data centers from which it operates its data center colocation business to a global operator and owner of infrastructure assets.

Contacts

• Kate Ball-Dodd
• Rebecca Bothamley
• Philip Brandes
• William Kucera