Enfinite Capital Teams with Black & Veatch on $1.6B USD Data Center Campus in Northern Virginia
by Justin Hughes
FAUQUIER COUNTY, VA — In launching a new firm to deliver turnkey green-energy and other business solutions, David Brain noted that Enfinite Capital LLC would be better poised for success than the public company he co-founded 20 years ago. According to the broadcast, Enfinite Capital and Diode Ventures LLC, a Black & Veatch company, were selected to finance, operate and maintain a $1.6 billion data center campus being developed by Alberta, Canada-based PointOne Development Corp. The six data center campus, dubbed Remington Technology Park, will be developed on 234 acres in Fauquier County, Va., part of a region fast emerging as the United States’ internet hub. Overland Park-based Black & Veatch, a market leader in the design and deployment of data centers, was been hired to provide design-build services.
PointOne chose Diode Ventures as its strategic execution partner to accelerate the development and construction of Remington Technology Park. The park will offer modular mechanical data center infrastructure, market-leading operating efficiencies and competitive lease rates as stated in a release from Black & Veatch. The release continues, 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.
Brain said in the release, “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. We’re pleased to be part of this alliance with PointOne Development, Black & Veatch and Diode Ventures (and) to pair this innovative approach to project finance with a trusted design-build execution team.”
Enfinite Capital is a Kansas City investment and asset management firm specializing in renewable energy, infrastructure and real estate assets. It primarily serves the large-scale commercial and industrial markets, providing program-focused, turnkey funding, development and acquisitions.
Diode Ventures offers asset-development solutions for clients in the energy, telecom, data center and other sectors that are looking for a partner able to implement large-scale infrastructure projects while reducing risk.
“Diode Ventures is excited to partner with the PointOne team on this enterprise-scale data center project,” Brad Hardin, president of Diode Ventures, said in the release. “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 hyperscale data center, which will include six facilities of roughly 200,000 square feet each, was conceived in response to rising demands for cloud storage in the age of Big Data, artificial intelligence and the Internet of Things. Site advantages of the 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.
Wesley Denton, managing director of Black & Veatch’s data center business unit, said in the release, “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. 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.”