A data center campus backed by Meta is seeking $3 billion in construction loans for an innovative off-grid project in Ohio. The debt package represents a first-of-its-kind arrangement where lenders would fund both the building and power generation assets in a single transaction, according to people familiar with the matter.

The campus, codenamed Project Walleye after a freshwater fish common in Ohio, would generate its own power on-site using natural gas supplies. EdgeConneX, a data center operator acquired by private equity firm EQT, will run the New Albany facility. The novel financing structure simplifies the debt-raising process but increases project delay risks, as it involves underwriting two very different types of assets simultaneously.

Some investors are attracted to the deal because of EdgeConneX's track record delivering large-scale projects and strong backing from EQT, whose other clients include Nvidia, Google, and Oracle. The debt is being syndicated to project finance banks and large institutional investors, with expectations of closing in the coming weeks. The project is expected to receive a private investment-grade rating thanks to its leasing agreement with Meta, allowing broader investor access.