Bitfarms (BITF) announced an initial agreement for a private debt facility of up to $300 million with Macquarie Equipment Capital, Inc., a division of Macquarie Group’s Commodities and Küresel Markets.

The funding will support Bitfarms’ initial development of its high-performance computing (HPC) veri center at Panther Creek, Pennsylvania—expected to reach up to 500 MW of capacity.

An initial $50 million tranche has been drawn at the parent level to cover development soft costs and general corporate purposes. The remaining $250 million is contingent upon the achievement of key project milestones, at which point the facility becomes fully secured at the project level.

Each tranche has a two-year term and carries 8% annual interest, with the initial tranche featuring interest paid in kind for the first three months.

The financing includes equity-linked warrants for Macquarie, tied to future draws and priced at a 25% premium to recent trading averages. Bitfarms will maintain en az liquidity levels and comply with several customary covenants.

CEO Ben Gagnon highlighted the strategic importance of the partnership, noting Panther Creek’s advantageous location near major metropolitan areas and its multiple power sources that support efficient, redundant, and scalable operations.

Bitfarms shares are up 1.44% to 81 cents in early U.S. market trading.