Nuveen invests in US data centre developer CleanArc Data Centers

US data centre developer CleanArc Data Centers has received an investment from Nuveen to help with the development of its flagship data centre campus in Virginia.

CleanArc said the investment from the investment management arm of US financial services giant TIAA will help develop the campus in Virginia, designed to deliver 300MW of capacity by the first quarter of 2027.

Isela Bahena, managing director, Nuveen Infrastructure, said: ”Nuveen is focused on expanding its investment in digital infrastructure, and CleanArc stood out for its strong leadership, commercial traction and commitment to sustainability.

“As CleanArc continues to scale, we believe it’s well positioned to play a defining role in the future of data centre development.”

Financial details were undisclosed.

CleanArc’s ownership structure now comprises Snowhawk Partners as the majority shareholder, with Nuveen and Townsend Group as minority partners.

James Trout, founder and CEO of CleanArc, said: ”The addition of Nuveen as an investment partner is a powerful endorsement of the leading-edge data centre platform we’re building. As one of the world’s largest asset managers with more than a century of experience, Nuveen is an ideal fit as we advance the next generation of renewables-focused hyperscale campuses.

“With this investment – alongside the support of Snowhawk Partners and Townsend Group – we’re accelerating our mission to deliver the industry’s most sustainable, future-ready data centres.”

Brian McMullen, managing partner and co-founder, Snowhawk Partners, said: ”We’re proud to deepen our partnership with Nuveen through this strategic investment in CleanArc.

“As a long-standing strategic partner to Snowhawk, we are delighted to welcome Nuveen as an investor in CleanArc and look forward to our continued partnership in powering the next wave of AI and cloud innovation.”

To read the latest IPE Real Assets magazine click here.