Data centre financing: debt and equity for €20m to €200m projects
We advise developers, operators and compute providers (neoclouds) behind regional and mid-sized projects in France and Europe: structuring, raising debt and equity, and negotiating with banks, infrastructure funds and public investors.
A market built for giants
Campuses of several hundred megawatts find their billions. Regional projects of 5 to 50 MW fall between two stools: too small for the project finance desks of the large banks, too technical for a corporate banker. Yet these are the sites regions and businesses need, and they are the ones we work on.
Sources: Cushman & Wakefield, Q3 2025 data; Etix, quoted by Next, September 2025; JLL, H1 2026 (Frankfurt, London, Amsterdam, Paris, Dublin); Techniques de l'Ingénieur, March 2026.
The projects we work on
One thing in common: a real need for capital, and a file that must be made readable for a lender.
Regional and edge data centres
Colocation, edge and sovereign hosting for the businesses and public bodies of a region.
- New site or capacity extension
- Refinancing of an existing portfolio
- Bringing in an equity investor
Compute and AI
Compute providers and neoclouds financing equipment with a short useful life.
- Equipment-backed debt (GPUs)
- Financing backed by customer contracts
- Growth equity
Low-energy projects
Sites that reuse their waste heat and aim for high energy efficiency.
- Green and sustainability-linked loans
- Public and impact investors
- Structures built around a heat network
The structures we put together
The right financing depends on the stage of the project and what is already secured: land, power, permits, customers.
Development equity
Before the first customer signs, the project runs on equity: specialist investors, family offices, industrial partners, and minority public investors such as Banque des Territoires (the French public investment arm) for local data centres.
Project and bank debt
Limited-recourse financing, a bank club deal or real estate financing at the start, then a switch to infrastructure financing once customer contracts are signed.
Private credit and equipment financing
Debt funds for structures banks will not take, and amortising debt secured on servers and GPUs, matched to the hardware refresh cycle.
Refinancing and new shareholders
Once the site is operating: refinancing on better terms, an infrastructure fund coming in, or a sale. See fundraising and M&A advisory.
What we do, step by step
Ideally we come in as soon as land and power have been identified.
Bankability review
What the project has already secured, what is missing before a lender will commit, and the structure that is realistic at this stage.
Structuring
The split between equity and debt, vehicles, security, and a drawdown schedule matched to project milestones.
Lender and investor file
Financial model, customer contracts, grid connection, permits, construction contract: a file that answers the questions before they are asked.
Competitive process
Banks, debt funds, infrastructure funds, public investors: we approach the relevant capital providers, with your approval at each step.
Negotiation and closing
Terms, covenants, security, documentation: we negotiate alongside your lawyers and hold the timetable through to signing.
Why Prouesse
A public investor's eye
Our founder spent seven years at Caisse des Dépôts and Banque des Territoires as an investment director. We know what a long-term investor looks for in an infrastructure project.
100% independent
No ties to a bank or a fund. We work only for the project sponsor, and our fees depend on the financing closing.
Impact built into the structure
Waste heat reuse, energy efficiency, local roots: these are financing arguments in their own right, and we know how to put them to lenders and public investors.
Frequently asked questions
What project size do you take on?
Projects of €20m to €200m in investment, usually 5 to 50 MW. Below that we look case by case, mainly when the project is part of a multi-site programme.
At what stage should we come to you?
As soon as land and power have been identified. The order in which you secure the grid connection, the permit and the first customer changes the terms of the financing.
Can we raise debt without a signed customer?
Rarely, and on harder terms. Lenders ask for signed contracts, a firm grid connection date and permits. Before that, the project is financed mostly with equity, and that is the phase to structure carefully.
Who finances mid-sized data centres in France?
Bank clubs, debt funds, infrastructure funds and public investors: Banque des Territoires, for example, takes minority equity stakes in local data centres.
How is Prouesse paid?
A low monthly retainer during preparation, and a success fee paid only if the financing closes.
A data centre project to finance?
A first 30-minute conversation, confidential and with no commitment. We look at where your project stands and tell you plainly what can be financed.
Book a meeting → Write to us