Bitfarms Converts Macquarie Debt Facility to $300M Project Financing and Draws Additional $50M to Accelerate HPC/AI Development at Panther Creek Campus

Executive Summary

• Bitfarms Ltd. converted its previously announced $300 million private debt facility with Macquarie Group into a project‑specific financing facility for the Panther Creek data‑center campus.
• The company will draw an additional $50 million (total drawn to date $100 million) to accelerate equipment purchases, civil works and substation construction, targeting ground‑break in Q4 2025 and energization by year‑end 2026.
• The financing supports the development of a 350 MW HPC/AI campus in Panther Creek, Pennsylvania, positioning Bitfarms to meet growing demand for high‑performance computing infrastructure.

Key Details

• Facility Conversion: Existing private debt facility (up to $300 M) converted to a project‑level loan for Panther Creek data center.
• Additional Drawdown: $50 M additional draw, subject to customary closing conditions; total drawn amount now $100 M.
• Use of Proceeds: Funding civil works, substation construction, and long‑lead equipment purchases for the HPC/AI campus.
• Project Timeline:
• Ground‑break scheduled for Q4 2025.
• Facility energization expected by end of 2026.
• Facility Size: Up to $300 M overall commitment from Macquarie Group’s Commodities and Global Markets business.
• Partner Involvement: Macquarie Group acting as financing partner; Northland Capital Markets served as sole placement agent.
• Legal Counsel: Skadden, Arps, Slate, Meagher & Flom LLP (Bitfarms); Latham & Watkins LLP (Macquarie).
• CEO Quote (Ben Gagnon): Emphasized acceleration of equipment orders and construction timelines, highlighting flexibility and demand for HPC/AI infrastructure in Pennsylvania.
• Macquarie Representative Quote (Joshua Stevens): Stressed the partnership’s role in supporting a marquee 350 MW HPC/AI campus and Pennsylvania’s emergence as an AI infrastructure hub.

Notable Quotes

“I am excited to announce the conversion of our debt facility to the project level, the acceleration of equipment orders, and development of our Panther Creek HPC/AI campus.” – 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.” – Joshua Stevens, Managing Director, Macquarie Group