Bitfarms Secures $300M Project Financing for 350 MW Panther Creek HPC/AI Campus, Draws $50M More to Accelerate Build
Bitfarms has converted its previously announced Macquarie Group debt facility into an up to $300 million project-specific financing package dedicated to the Panther Creek data center campus in Pennsylvania. The company plans to draw an additional $50 million at closing, bringing total draws to $100 million to advance long-lead equipment, civil works, and substation construction.
Groundbreaking is targeted for Q4 2025, with initial energization expected by year-end 2026. The campus is planned for 350 MW to support HPC/AI workloads alongside Bitcoin mining.
Why this financing shift matters
- Project-level flexibility: Ring-fencing capital to the campus enables milestone-based drawdowns and tighter alignment between spend and build schedule.
- Acceleration: Immediate $50 million supports site prep and substation timelines, de-risking early-stage dependencies.
- Customer-readiness: Positions the site to meet rising AI compute demand in the U.S. Northeast corridor with strong grid and fiber access.
Executive context
CEO Ben Gagnon said moving the facility to the project level enables full access to the capital stack and supports faster execution at Panther Creek. He noted the new draw will fund civil works and substation construction beginning in Q4 2025-key steps to keep the energization target on track.
Macquarie's Joshua Stevens emphasized Pennsylvania's energy and fiber connectivity, along with sustained demand for data centers, framing Panther Creek as a marquee 350 MW HPC/AI development in the region.
Key details at a glance
- Facility size: Up to $300 million in project financing
- New draw: $50 million (total drawn at closing: $100 million), subject to customary closing conditions
- Use of proceeds: Long-lead equipment, civil works, and substation construction
- Timeline: Break ground in Q4 2025; initial energization by YE 2026
- Campus scale: 350 MW for HPC/AI and Bitcoin mining
What Finance, IT, and Development leaders should watch
- Interconnection and permitting milestones: Substation build, grid interconnect progress, and environmental approvals.
- Commercial traction: Contracts or LOIs with AI/HPC clients, pricing, and term structures.
- EPC and equipment commitments: Transformer lead times, delivery schedules, and site-readiness to avoid bottlenecks.
- Capital cadence: Drawdown pacing versus construction progress and potential shifts in cost of capital.
Advisors and transaction roles
- Placement Agent: Northland Capital Markets
- Company Counsel: Skadden, Arps, Slate, Meagher & Flom LLP
- Macquarie Counsel: Latham & Watkins LLP
About Bitfarms
Bitfarms is a North American energy and digital infrastructure company that builds and operates vertically integrated data centers and energy assets for high-performance computing and Bitcoin mining. The company's 1.3 GW energy pipeline is over 80% U.S.-based, with developments clustered near strong power and fiber corridors. Founded in 2017, Bitfarms operates across the Americas and is listed on Nasdaq and the TSX as BITF.
Learn more at bitfarms.com.
Forward-looking note
Development timelines, financing drawdowns, customer demand, and operating outcomes involve risks and uncertainties. For complete risk factors and disclosures, refer to Bitfarms' filings on SEDAR+ and the U.S. SEC, including the latest 6-K and MD&A.
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