Blue Owl Capital Inc. has arranged a $2.4 billion debt facility to fund Iren Ltd.’s expansion of its Mackenzie data center campus in British Columbia, Canada.
The financing comprises a $1.2 billion senior-secured term loan and $1.2 billion in senior secured notes, both carrying a 9% interest rate and maturing two and a half years after funding, according to a regulatory filing. The debt will be used to finance the staged acquisition of Nvidia Corp.’s Blackwell Ultra GPUs for the campus.
Iren reported projected capital expenditures of up to $30 billion for the 2027 financial year during its Thursday earnings release. The company’s shares declined nearly 13% to $35.40 in New York trading on Friday.
Kurt Tenenbaum, senior managing director at Blue Owl, characterized the structure as a combination of equipment financing for GPUs and direct lending underwriting for Iren, noting it as one of the largest transactions of its kind. Blue Owl, which manages $319 billion in assets, has previously participated in AI infrastructure projects, including Meta Platforms Inc.’s Hyperion facility in Louisiana and a project in Abilene, Texas, developed with Crusoe and Primary Digital Infrastructure.
The financing underscores growing investment in AI-driven data center capacity amid surging demand for high-performance computing infrastructure.
