MUFG successfully finances leading data centre operator OpCore

MUFG successfully finances leading data centre operator OpCore

The successful €650 million financing of data centre operator OpCore, owned by Groupe Iliad and InfraVia European Fund VI (“InfraVia"), represents another important deal for MUFG within the digital infrastructure space in Europe. MUFG acted as Active Bookrunner, Underwriter and Mandated Lead Arranger and helped create a tailored financing package that supports OpCore's vision of becoming one of Europe's leading and most innovative data centre platforms.

The Challenge

The surge in adoption of AI, cloud computing and streaming services has led to an unprecedented increase in demand for data centres across Europe. These facilities serve as the backbone of this new and dynamic digital economy, housing the servers and networks that power everything from AI innovations and e-commerce to financial transactions and healthcare systems.

With a strong portfolio of 15 data centres in France and Poland, and a proven track record of building and operating sites, OpCore is well-positioned to help meet the increasing demand for data centres in Europe. OpCore's in-house construction team, coupled with its extensive industry experience, also enables it to build data centres quickly and efficiently.

However, building data centres is very capital-intensive, and Groupe Iliad and InfraVia Capital Partners needed to raise new funds from banks to cover a significant portion of OpCore's investment capex and enable it to develop an additional circa 130MW of data centres in Europe.

Execution

To secure the new funds for OpCore's expansion, Groupe Iliad and InfraVia sought financing partners with comprehensive capabilities and deep expertise in funding complex digital infrastructure projects. Having already worked with Groupe Iliad and InfraVia on the successful financing of a French fibre optic project, MUFG was invited, alongside CA-CIB, Société Générale and ING, to support the funding of OpCore.

Working closely with the group, MUFG leveraged its extensive international digital infrastructure experience and partner relationships in France to structure a bespoke financing package for OpCore. MUFG also acted as one of the Active Bookrunners and Underwriters on the deal, helping to mitigate execution risk and providing OpCore with the funds it needed to build further data centres in France from day one.

Results

MUFG's in-depth knowledge and expertise in financing pioneering digital infrastructure projects proved critical in enabling Groupe Iliad and InfraVia to successfully achieve financial close on the €650 million financing of OpCore in March 2025. With the new funding, OpCore will be able to expand its portfolio of innovative data centres in France and Poland, helping to meet the growing demand for digital infrastructure across Europe.

Guillaume Leprieur, Head of Structure Finance France at MUFG EMEA, said: “We are delighted to have supported Groupe Iliad and Infravia European Fund IV in achieving an important milestone on their path to fulfil their ambitions of developing one of Europe's leading and most innovative datacentre platforms. With the ever increasing demand for datacentres driven by cloud and AI innovation, MUFG is excited to contribute to the development of essential digital infrastructure in Europe."

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