Bitfarms converts facility to $300M project financing

Executive Summary

• Bitfarms Ltd. converted its up‑to $300 million private debt facility with Macquarie Group into a project‑specific financing vehicle for its Panther Creek HPC/AI data centre campus.
• The company will draw an additional $50 million (total $100 million drawn to date) to accelerate civil works, substation construction and long‑lead equipment purchases, targeting a 350 MW campus in eastern Pennsylvania.
• The conversion provides greater flexibility, enables full utilization of the facility, and positions Bitfarms to meet growing demand for high‑performance computing and AI infrastructure in the region.

Key Details

• Facility Conversion: Private debt facility (up to $300 M) converted to a project‑level financing arrangement dedicated to the Panther Creek HPC/AI campus.
• Additional Drawdown: $50 million additional draw, bringing total drawn amount to $100 million, subject to customary closing conditions.
• Use of Proceeds: Funding civil works, substation construction, and long‑lead time equipment purchases for the data centre; construction activities slated to begin in Q4 2025.
• Project Scope: Planned 350 MW high‑performance computing/AI campus at Panther Creek, Pennsylvania.
• Financing Partner: Macquarie Group’s Commodities & Global Markets business remains the financing partner.
• Placement Agent: Northland Capital Markets acted as sole placement agent for the transaction.
• Legal Counsel: Skadden, Arps, Slate, Meagher & Flom LLP (Bitfarms); Latham & Watkins LLP (Macquarie).
• Strategic Rationale: Converting to a project‑level facility allows Bitfarms to draw down the full $300 M capacity, accelerating construction timelines and providing flexibility to capture demand for HPC/AI infrastructure in Pennsylvania.

Notable Quotes

“I am excited to announce the conversion of our debt facility to the project level… We intend to use this drawdown of an additional $50‑million to fund civil works and substation construction at Panther Creek, which are on track to begin in Q4 2025.” – Ben Gagnon, CEO, Bitfarms Ltd.

“We are proud to expand our partnership with Bitfarms to support the development of its marquee 350 MW HPC/AI campus in eastern Pennsylvania… Pennsylvania is quickly emerging as a new AI infrastructure hub.” – Joshua Stevens, Managing Director, Macquarie Group’s Commodities & Global Markets Business