Joins Snowhawk and Townsend Group as investors.
US developer CleanArc Data Centers has secured new investment to fund the roll-out of its debut campus in Virginia.
The company this week announced a strategic investment from Nuveen, the investment manager of the TIAA pension fund.
Terms of the investment were not shared.
“Nuveen is focused on expanding its investment in digital infrastructure, and CleanArc stood out for its strong leadership, commercial traction, and commitment to sustainability,” said Isela Bahena, managing director, Nuveen Infrastructure. “As CleanArc continues to scale, we believe it’s well-positioned to play a defining role in the future of data center development.”
Nuveen, the investment manager of TIAA, has $1.3 trillion in assets under management.
CleanArc said the investment will help fast-track the development of its flagship data center campus in Virginia, designed to deliver 300 MW of capacity by Q1 2027.
“The addition of Nuveen as an investment partner is a powerful endorsement of the leading-edge data center platform we’re building,” said James Trout, founder and CEO of CleanArc. “As one of the world’s largest asset managers with more than a century of experience, Nuveen is an ideal fit as we advance the next generation of renewables-focused hyperscale campuses. With this investment - alongside the support of Snowhawk Partners and Townsend Group - we’re accelerating our mission to deliver the industry’s most sustainable, future-ready data centers.”
CleanArc is developing a 600MW campus in Virginia’s Caroline County. Groundbreaking for the new campus is scheduled for Q2 2025. The site is set to receive two 300MW transformers in late 2026.
Investment firm 547 Energy launched CleanArc early last year. Led by Vantage Data Centers founder Jim Trout, CleanArc aims to develop hyperscale data center campuses delivering 300MW+, and spanning 200-700 acres.
Private equity firm Snowhawk invested in CleanArc in September, becoming the company's majority owner. Real estate investor Townsend Group invested in the company last month.
Snowhawk continues to lead as the majority stakeholder in CleanArc, with Nuveen and Townsend Group as minority partners.
“We’re proud to deepen our partnership with Nuveen through this strategic investment in CleanArc,” said Brian McMullen, managing partner and co-founder of Snowhawk Partners. “As a long-standing strategic partner to Snowhawk, we are delighted to welcome Nuveen as an investor in CleanArc and look forward to our continued partnership in powering the next wave of AI and cloud innovation.”
Trout also founded data center consultancy Proferian and CoreSite, and previously held roles at Digital Realty and ProLogis. He was president and CEO of CoreSite when it was founded as CRG West. Trout left Vantage in 2013.
TIAA – The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund – is an American financial services organization providing retirement services in the academic, research, medical, cultural and governmental fields. TIAA was part of the consortium alongside DigitalBridge that acquired Vantage in 2017. Nuveen Green Capital has previously provided funding towards the redevelopment of the the former Compaq Computer campus in Houston, Texas, into a data center campus.
