BitFarms (BITF) announced an initial agreement on a private debt facility of up to $ 300 million with Macquarie Equipment Capital, Inc., a branch of Macquarie Group’s ingredients and global markets.

The funding supports BitFarms’ initial development of its High-Performance Computing (HPC) Data Center at Panther Creek, Pennsylvania-expect to reach up to 500 MW capacity.

An initial traction of $ 50 million has been drawn at the overall level to cover the development of soft costs and general business purposes. The remaining $ 250 million is contingent on the achievement of the most important project milestones, at which time the plant is fully secured at project level.

Each tranche has a two -year period and has 8% annual interest rate, with the initial tranche with interest paid in nature for the first three months.

The financing includes equity -bound warrants for Macquarie, tied to future draw and price at a 25% premium for the recent trade average. BitFarms will maintain minimum liquidity levels and comply with several usual covenants.

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

BitFarms shares have risen 1.44% to 81 cents in early US market trade.