The new capital stack - Data centre financing
As the global data centre market races towards a $1.5 trillion capital requirement by 2028, the traditional boundaries between real estate debt, infrastructure equity and structured finance have dissolved. This panel will discuss the 2026 landscape where asset-backed finance has become the primary bridge between high-growth AI developments and long-term institutional stability.
- How are the traditional boundaries between structured finance, ABF and infrastructure equity blurring on data centre financing?
- With the rise of ‘cradle-to-grave' financing, how are private credit funds coordinating the hand-off between short-term high-yield construction debt and long-term, investment-grade ABS?
- To what extent are off-balance-sheet structures, like Meta’s $30 billion Hyperion project, becoming the industry standard for hyperscalers to scale AI infrastructure off of their own corporate balance sheets?
- As AI hardware cycles compress to 3-5 years, how are lenders and rating agencies adjusting their underwriting to account for the risk of technical obsolescence?
Speakers
Europe versus the US: maturity and market development
Location, power, and barriers to entry
How lenders evaluate and finance data centres
Geographic focus and tier one versus tier two markets
Regulation, AI monetisation, and obsolescence risk
Supply, demand, and liquidity in data centre financing
ESG, energy use, and on-site power generation
Construction risk and cost certainty
Data sovereignty, audience Q&A, and closing remarks
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Roelof Steenekamp is a Managing Director in Fitch Ratings’ infrastructure and project finance group. He is based in London and leads Fitch’s Complex Credit Group (CCG) and co-heads the Structured Cross Sector team, focusing on defining rating approaches globally on non-standard and specialized corporate, infrastructure and project finance transactions, including for digital and alternative infrastructure.
Roelof has over 25 years of credit experience in the financial sector, including over 16 years at Fitch where he held various senior level roles across the group, including six years as the Group Credit Officer (GCO) for the EMEA Corporate, International Public Finance and EMEA and APAC Infrastructure rating groups and heading up the global Corporate data analytics and research efforts. Prior to Fitch, he was a Senior Risk Manager at Rand Merchant Bank and was responsible for developing and implementing Basel II risk approaches at Investec Bank and ABSA Bank in South Africa. Roelof has a postgraduate honours degree International Finance and an undergraduate degree in Commerce from the University of South Africa.
Nicholas Stockdale joined Santander Alternative Investments in March 2026 as Global Head of Infrastructure Credit and has over 25 years of infrastructure debt financing experience across multiple sub sectors.
Prior to joining SAI, he spent 10 years working in senior asset management roles at Queensland Investment Corporation and Patrizia (formerly Whitehelm Capital), leading and closing numerous proprietary high yield infrastructure debt investments in multiple geographies, across two co-mingled debt funds and three SMAs. He was also responsible for fund raising across Europe and Asia and has significant experience in structuring multi and single investor debt fund platforms across multiple jurisdictions.
Prior to those asset management roles, he held senior positions over 16 years at Barclays Investment Bank, closing more than 20 non-recourse / project finance infrastructure finance transactions, along with numerous corporate transactions across the credit spectrum (acquisition/bridge financings, term loans and RCFs). Immediately prior to his time at Barclays, he spent two years at Edison Mission Energy (the power generation subsidiary of Edison International) in their project finance team.
He is an experienced board member, serving as Chair of QIC’s UK subsidiary and has been a member of multiple fund entity boards and investment committees.
Nick is a UK national and began his career with PwC qualifying as a Chartered Accountant in 1997. He holds a BSC in Chemistry and Law (Combined Hons) and BA in Law (Hons), both from Exeter University.
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