CIM Group and Novva Data Centers have secured $2 billion in financing from J.P. Morgan and Starwood Property Trust to complete the expansion of Novva’s 175MW data center campus in Salt Lake City. The funding will support the construction of the second and third phases of the 100-acre campus in West Jordan, Utah, which began in late 2023 and is expected to be completed by 2026. Once fully built, the facility will span one million square feet, featuring direct-to-chip cooling technology optimized for AI workloads while operating without water year-round. The first phase, completed in 2023, was fully leased to a major global tech company.
The second and third phases of the project will each add a 318,000-square-foot data center with 72MW of critical IT capacity, bringing the total site capacity to 175MW. Novva’s proprietary water-free cooling system is a key feature of the expansion, designed to reduce water consumption by 84% compared to conventional data centers. The campus benefits from its strategic location, offering access to low-cost power, high-capacity fiber networks, and tax incentives for equipment purchases. In addition to Salt Lake City, Novva operates data centers in Colorado Springs and Las Vegas, with new facilities under development in Reno, San Francisco, and Mesa, Arizona.
Novva continues to prioritize sustainability and innovation across its data center portfolio, integrating renewable energy, AI-powered robotic monitoring, and high-density capacity solutions. CIM Group, which co-founded Novva in 2019, has long invested in digital infrastructure projects and sees Novva’s expansion as a major step forward in AI and cloud data center development.
• CIM Group and Novva secured $2 billion in financing to complete the 175MW Salt Lake City data center campus.
• Phases 2 and 3 will add two 318,000-square-foot data centers, each with 72MW IT capacity, for completion in 2026.
• The site features direct-to-chip cooling and operates year-round without water, reducing water consumption by 84%.
• Novva is expanding its footprint with new data centers in Reno, San Francisco, and Mesa, Arizona.
• The campus offers low-cost power, high-capacity fiber access, and tax benefits for AI and cloud customers.
“This significant financing is further validation of the potential we saw in Novva’s proprietary data center design and its experienced and forward-thinking management team when we invested in the company five years ago,” said Avi Shemesh, Co-Founder and Principal, CIM Group. “As demand for AI and data center capacity grows, we believe Novva continues to be strongly positioned as one of the most innovative and fastest-growing data center companies in the U.S.”
