James Ding
Oct 10, 2025 15:28
Bitfarms converts a Macquarie debt facility into $300M project financing, drawing an additional $50M to accelerate AI development at its Panther Creek campus.
Bitfarms Ltd., a prominent North American energy and digital infrastructure company, has successfully converted its existing private debt facility from Macquarie Group into a project-specific financing agreement worth up to $300 million. This move is aimed at accelerating the development of its data center campus in Panther Creek, Pennsylvania, according to a report by GlobeNewswire.
Project Financing for HPC/AI Development
The financing arrangement includes an additional $50 million draw, leading to a total of $100 million being drawn through closing. This capital is earmarked for accelerating equipment purchases and advancing high-performance computing (HPC) and artificial intelligence (AI) infrastructure development at the Panther Creek site. Bitfarms plans to start groundwork for the data center in the fourth quarter of 2025, with energization anticipated by the end of 2026.
Strategic Partnership with Macquarie
Ben Gagnon, CEO of Bitfarms, expressed enthusiasm about the conversion of the debt facility to project-level financing. He highlighted that this transition allows for a more flexible drawdown on the full facility, expediting construction timelines and positioning Bitfarms to meet growing demand for HPC/AI infrastructure in the region. The collaboration with Macquarie has been pivotal in advancing the development phases at the Panther Creek campus.
Macquarie’s Commitment to AI Infrastructure
Joshua Stevens, Managing Director of Macquarie Group’s Commodities and Global Markets business, emphasized their commitment to supporting Bitfarms’ 350 MW HPC/AI campus in Pennsylvania. Stevens noted that the state’s robust energy and fiber infrastructure makes it an emerging hub for AI infrastructure, with Bitfarms poised to deliver cutting-edge digital solutions.
Broader Impact and Future Prospects
Bitfarms’ strategic focus on U.S. expansion is evident in its 1.3 GW energy pipeline, predominantly based in the U.S. The company, founded in 2017, continues to lead in digital infrastructure across the Americas, with its operations headquartered in New York and Toronto. The conversion of the Macquarie debt facility is a significant milestone, reinforcing Bitfarms’ capacity to leverage financial partnerships for growth in the digital and energy infrastructure sectors.
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