Diode Ventures, a Black & Veatch company, and Enfinite Capital announce they have been selected to finance, operate and maintain PointOne Development Corporation’s hyper-scale data center in northern Virginia, a region fast emerging as the United States’ internet hub. Black & Veatch, a market leader in the design and deployment of data centers, has been hired to provide design-build services.
Looking to satisfy the growing global demand for build-to-suit, mission-critical infrastructure, Canada-based PointOne chose Diode Ventures as its strategic execution partner to accelerate the development and construction of the Remington Technology Park (RTP). With an investment of up to $1.6 billion, the 234-acre campus will offer modular mechanical data center infrastructure, market-leading operating efficiencies and competitive lease rate. Diode Ventures, in conjunction with Enfinite Capital, helped to secure initial funding for the project and will continue to provide financial modeling support and capital assembly for the balance of the project.
“The Remington Technology Park is the kind of project that can offer attractive opportunities for investors seeking consistent returns in an era of historically low interest rates and increasing market uncertainty,” said David Brain, CEO of Enfinite Capital. “We’re pleased to be part of this alliance with PointOne Developments, Black & Veatch, and Diode Ventures to pair this innovative approach to project finance with a trusted design-build execution team.”
Diode Ventures offers turnkey asset-development solutions for clients looking for a reliable partner able to implement large-scale infrastructure projects while reducing risk, with clients including energy, telecommunications, data centers and other sectors. As part of the PointOne Development Corp. alliance, Diode Ventures developed a holistic capital allocation and project execution strategy that ensures maximum ROI and speed of delivery.
“Diode Ventures is excited to partner with the PointOne team on this enterprise-scale data center project,” said Brad Hardin, President of Diode Ventures. “We believe there is tremendous growth in the data center market. By bringing capital and early stage development services, we are delivering on our mission to expand the global opportunity base for Diode Ventures, our partner Enfinite Capital and our parent company, Black & Veatch.”
The hyper-scale data center was conceived in response to rising demands for cloud storage in the age of Big Data, artificial intelligence (AI) and the Internet of Things (IoT). As part of its design-build role, Black & Veatch will develop a 300-megawatt power generation facility supporting Remington Technology Park sited in Fauquier County, Virginia.
Site advantages of the RTP project include a location within the region’s “Data Center Alley” – through which an estimated 70 percent of the world’s internet traffic flows – as well as infrastructure availability and campus customization opportunities. Remington Technology Park will have abundant connectivity to terrestrial and undersea fiber-optic cables and marks PointOne’s initial foray into the U.S. data center market.
“PointOne’s forward-thinking push to develop the Remington Technology Park meshes with our proven expertise and track record of making such ambitious projects a reality,” said Wesley Denton, managing director of Black & Veatch’s data center business unit. “Black & Veatch stands poised to provide innovative and scalable infrastructure solutions to make this fully-integrated, hyper-scale data center project stand out in a region synonymous with data centers.”
PointOne Development Corp. was launched by corporate parent PointOne Developments Ltd. to acquire strategic properties globally and develop, own and operate those properties into hyper-scale data center campuses designed to support the growing needs and demands of cloud-computing technology companies. For more information, see www.pointonecorp.com.
About Diode Ventures
Diode Ventures provides turnkey, end-to-end solutions for industrial, commercial and technology interests, including data centers and green energy solutions. Our services include full financing, site selection, EPC, commissioning, and O&M. For more information, see www.diodeventures.com
About Enfinite Capital
Enfinite Capital is an investment and asset management firm specializing in renewable energy, infrastructure and real estate assets. Enfinite Capital primarily serves the large-scale, commercial and industrial (C&I) markets providing program focused, turn-key funding, development and acquisitions. Enfinite Capital investments are uniquely developed in partnership with the end users and are characterized by high barriers to competition and attractive returns. Further information is available at www.EnfiniteCapital.com.