The Venture Codex

Led · Debt Financing · Mar 2026

Budderfly provides turnkey energy infrastructure and Energy-as-a-Service solutions, installing, monitoring, and managing equipment upgrades and proprietary energy software across HVAC, lighting, refrigeration, controls, and water technologies. The company delivers projects under long-term service agreements that preserve customer capital while generating predictable, long-term cash flows and measurable cost and emissions reductions. Budderfly serves industries including restaurants, retail, healthcare, and manufacturing and reports helping customers avoid more than 330,000 metric tons of carbon emissions to date. Financially, Budderfly achieved positive EBITDA in 2025 and has secured more than $1.1 billion in total capital access across equity, corporate debt, and project financing. The company has expanded project debt facilities to $550 million and recently closed a corporate debt facility expansion with Nuveen EIC; Nuveen’s cumulative commitment exceeds $300 million. Budderfly is headquartered in Shelton, Conn., and has been recognized on the Inc. 5000 list for five consecutive years, the Deloitte Technology Fast 500 from 2023–2025, and received multiple accolades from Fast Company and TIME.

Led · Debt Financing · Jan 2026

DC BLOX develops, owns, and operates integrated digital infrastructure assets including hyperscale-ready data centers, cable landing stations, and a dark fiber network across the Southeast. The company currently operates data centers in Birmingham and Huntsville, Alabama; Chattanooga, Tennessee; and Greenville and Myrtle Beach, South Carolina, and is developing additional projects in Conyers and Douglasville, Georgia; North Augusta, South Carolina; Palm Coast, Florida; and Montgomery, Alabama. Its cable landing stations in Myrtle Beach and Palm Coast provide international connectivity into the Southeast while its dark fiber network across South Carolina and Georgia serves as a connectivity backbone for hyperscale customers. DC BLOX has prioritized building and leasing hyperscale campuses in the region and describes its platform as vertically integrated to support development and operations. The company noted multiple investment-grade rated, preleased hyperscale projects in its portfolio, underscoring commercial momentum as it scales across the Southeast.

Led · Equity · Aug 2025

NextDecade is a US liquefied natural gas developer focused on building export capacity at its Rio Grande LNG project in Texas. Its core work centers on constructing liquefaction trains to produce and export LNG. The company announced equity commitments of up to $3 billion from TotalEnergies and Global Infrastructure Partners to finance the project's fourth liquefaction train. The financing is targeted at expanding the Rio Grande LNG project's liquefaction capacity. The article does not report operating metrics such as revenue or production volumes. The announcement was reported by Reuters.

Led · Debt Financing · Sep 2023

Vantage Data Centers builds and operates hyperscale data center campuses for the world’s leading AI and cloud providers. The company delivers capacity across North America, EMEA and Asia Pacific and emphasizes speed and scale in deployment and operations. Vantage is accelerating its APAC expansion after securing a $1.6 billion investment to scale its regional platform, led by affiliates of GIC and ADIA with DigitalBridge participating. Planned growth includes the acquisition of Yondr Group’s 300MW+ Sedenak campus in Johor, Malaysia, which will be known as JHB1 and add significant hyperscale capacity. With the Johor addition, Vantage’s APAC operational and planned IT capacity will reach 1GW across Australia, Malaysia, Japan, Taiwan and Hong Kong. The company highlights sustainability features such as direct-to-chip liquid cooling and EDGE certification pursuit, and expects the investment and acquisition to close in Q4 2025. Vantage Data Centers builds and operates hyperscale data center campuses and provides capacity to cloud and AI customers. The company raised €640 million in euro-denominated securitized term notes plus €80 million in unfunded Variable Funding Notes in this transaction. Proceeds will refinance four fully leased German data centers (two in Offenbach/Frankfurt and two in Berlin) and support capital expenditures and broader corporate initiatives. Vantage said the refinancing is intended to accelerate its EMEA expansion and speed time to market to meet mounting AI and cloud demand. The notes have an anticipated five-year repayment date and carry ratings (Class A-2: A-; Class B: BBB) from Standard & Poor’s and Scope Ratings. Over the last year Vantage has raised €2.2 billion in new debt financing for its EMEA platform and previously completed the first-ever EMEA data center ABS in sterling. Vantage develops and operates hyperscale data center campuses across North America, EMEA and APAC, providing power, cooling, protection and connectivity for large cloud and enterprise customers. In 2024 the company expanded into new markets (including Ohio and Ireland), broke ground on six campuses, and opened 11 facilities. Planned and existing global capacity surpassed 2.6GW across 35 campuses in 14 countries and 21 markets. The company secured more than $13 billion in debt and equity investments in 2024 to fund its expansion. Vantage’s global headcount exceeded 1,700 employees at year end, a 32% increase year over year. The company is pursuing net zero carbon emissions by 2030 and reported a Total Recordable Incident Rate of 0.26 in 2024. Vantage powers, cools, protects and connects the technology of hyperscalers, cloud providers and large enterprises and develops and operates data centers across five continents including North America, EMEA and Asia Pacific. The company focuses on delivering reliable, efficient and sustainable hyperscale data center campuses in flexible environments that can scale with market demand. Vantage’s EMEA portfolio includes approximately 2.5GW of IT capacity that is operational or in development. The announced capital will expand the company’s investor base and capital sources to support delivery of additional high-quality, sustainable campuses. The company said GIC and MEAG will invest a combined €1.4 billion ($1.5 billion USD) into its EMEA data center platform. The transactions are expected to be finalized in the first quarter of 2025, subject to certain closing conditions and regulatory approvals. Vantage Data Centers is a leading global provider of hyperscale data centers. The company is expanding its Québec City Data Center Campus (QC2) with construction of a third facility currently underway by Pomerleau Inc. Once fully developed, the campus will total 925,000 square feet (86,000 square metres) and generate 86MW of combined IT capacity; the new facility will add 16MW of IT capacity. The expansion is intended to meet rising demand for cloud services across Québec and Eastern Canada and to serve Vantage's global top-tier customers. CDPQ committed USD 75 million (CAD 103 million) as part of senior financing to support the project, and the broader USD 130 million (CAD 179 million) credit facility was structured and underwritten by Societe Generale. The new facility is expected to be completed in Spring 2025.

Led · Preferred · Jan 2022

BrightNight develops utility-scale battery energy storage projects designed to supply firm capacity and grid services to electric utilities transitioning to renewable energy. Its flagship projects employ lithium-ion technology and are supported by the company’s proprietary PowerAlpha platform, which integrates project design, analytics, and operational capabilities. The firm partners with infrastructure investors such as Cordelio Power to bring projects from development through financing and construction. BrightNight emphasizes minimizing environmental impact and maintains ongoing engagement with local communities and stakeholders. Its current cornerstone initiative is the 200 MW / 800 MWh Greenwater Energy Storage Project in Pierce County, Washington, scheduled to reach commercial operation in 2026. To fund this project the company secured nearly $400 million in financing from leading financial institutions, underscoring its ability to raise large sums of capital for asset development. The Greenwater project represents BrightNight and Cordelio’s first jointly-held asset in the Pacific Northwest to achieve financial close.