BBVA expands leadership in digital infrastructure financing with increase of Switch’s Syndicated LC Facility to $3.5 billion

BBVA today announced the next phase of its strategic financing partnership with Switch through the expansion of the Company’s syndicated performance letter of credit facility from $2.6 billion to $3.5 billion.

The expansion further reinforces BBVA’s position as a leading financing partner to the digital infrastructure and AI ecosystem, building on its role as Structuring Bank, Initial Coordinating Lead Arranger, and Joint Bookrunner on Switch’s landmark syndicated performance letter of credit facility announced earlier this year.

“The rapid growth of AI is accelerating demand for scalable digital infrastructure and power capacity,” said Ksenia Nekrasova, Global Co-Head of TMT at BBVA. “We are proud to support Switch, DigitalBridge, and IFM Investors with a financing solution that helps enable the next generation of hyperscale and AI infrastructure.”

The increased capacity is expected to support the continued development of large-scale AI and hyperscale data center infrastructure across the United States, including power procurement, utility interconnection, and campus expansion initiatives.

As demand for AI and hyperscale infrastructure continues to accelerate, access to reliable energy and power infrastructure has become increasingly critical,” said Juan Carlos Sanchez, Head of Global Transaction Banking USA at BBVA. “We are proud to have structured and led this landmark facility for Switch, delivering an innovative financing solution designed to support the energy infrastructure underpinning next-generation digital and AI development."

The transaction reflects BBVA’s continued strategic focus on digital infrastructure, structured finance, and sponsor-backed platforms operating at scale. Since 2024, BBVA has supported multiple financing transactions across Switch’s capital structure, including project finance, corporate lending, treasury solutions, and structured credit facilities. It also highlights growing institutional demand for financing solutions tied to AI-driven infrastructure development, as hyperscale cloud and AI workloads continue to accelerate globally.