CPP uploads $225M to finance data centre expansion

Key Takeaways:

• CPP Investments is putting $225 million into the construction of a 54 MW data centre in Cambridge, Ontario, as part of a 50% stake in a loan co-funded with Deutsche Bank.
• The facility is already pre-leased to a major AI-focused cloud provider, reflecting strong regional demand for hyperscale data infrastructure.
• The project fits into CPP Investments’ global data centre strategy, expanding its presence in Canada alongside holdings in other major digital infrastructure markets.

The Whole Story:

The Canada Pension Plan Investment Board (CPP Investments) is committing $225 million to help finance a major expansion of a hyperscale data centre in Cambridge, Ont., as demand for AI and cloud computing infrastructure continues to surge.

The investment represents a 50% share of a construction loan for a 54-megawatt facility, with the remaining half funded by Deutsche Bank Private Credit & Infrastructure, the lead lender on the deal.

The project is being developed through a joint venture involving Related Digital, TowerBrook Capital Partners, and Ascent, and has already been pre-leased to a leading AI-focused cloud computing provider on a long-term agreement.

“The rapid expansion of digital infrastructure—driven by accelerating demand for cloud services, data storage, and the transformative potential of artificial intelligence—is fueling strong growth in data centre development,” said Geoffrey Souter, head of real assets credit at CPP Investments.

The investment aligns with CPP Investments’ broader global strategy in digital infrastructure. The fund currently has data centre partnerships and holdings across the Americas, Europe, Asia-Pacific, and in publicly traded companies operating in Canada and abroad.