CDC Data Centres has secured the largest data centre contract in Australian history, a 555-megawatt agreement with a United States investment-grade customer that represents a watershed moment for the company and Australasia’s data centre sector. The 30-year contract, which includes renewal options extending up to 20 years, pushes CDC’s total contracted capacity beyond one gigawatt and underscores both the scale of global demand for computing infrastructure and Australia’s emerging position as a preferred destination for large-scale data operations.
The magnitude of this deal cannot be overstated. At 555 megawatts, the contract represents approximately 40 percent of all operating data centre capacity across Australia in 2025, illustrating the exceptional size of the customer commitment. The capacity will roll out across CDC campuses already under development, becoming operational during FY28 and FY29. This phased deployment aligns with CDC’s growth plans and eliminates the need for additional shareholder equity, a critical point for investors concerned about potential dilution.
From a financial perspective, the contract’s impact becomes increasingly material in the medium term. While FY27 EBITDAF guidance remains steady at A$680 million to A$720 million, CDC expects EBITDAF to exceed A$1 billion in FY28 as the newly contracted capacity becomes operational. When fully deployed, the company projects annualised EBITDAF of approximately A$2 billion, representing substantial cash generation capacity. This trajectory reflects both the current contract and CDC’s broader development pipeline, creating meaningful upside visibility for investors.
The funding profile also warrants attention. CDC will support its development programme through existing cash on hand and committed debt facilities, supplemented by additional debt and hybrid funding. The company’s recently assigned Baa2 (Stable) credit rating from Moody’s provides meaningful access to deep global debt and hybrid capital markets, reducing execution risk around financing. This rating validation strengthens the company’s position heading into a period of elevated capital intensity, with FY27 capex expected to range from A$3.8 billion to A$4.2 billion.
The contract signals genuine acceptance of Australia and New Zealand as secure, economically viable destinations for large-scale data infrastructure. The customer’s willingness to commit to a 30-year arrangement reflects confidence in regional stability, competitive build economics, and renewable energy access. For CDC, the deal consolidates its position as Australasia’s largest data centre provider and validates the company’s development execution capabilities.
Investors should monitor several items going forward. The phased delivery timeline across FY28 and FY29 will be critical to track, as any acceleration or slippage will materially affect earnings trajectory. The capital expenditure guidance band, while reasonably sized, warrants close attention as construction complexity and supply chain dynamics evolve. Additionally, the broader market environment for data centre demand and pricing will influence CDC’s ability to secure further large contracts at similar terms. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About Infratil Limited (ASX: IFT)
Infratil Limited is a New Zealand-based infrastructure investment company listed on the ASX and NZX. The company invests in and operates renewable energy assets, airports, diagnostic imaging services, and digital infrastructure businesses across New Zealand, Australia, the United States, Asia, the United Kingdom, and Europe. Its portfolio includes renewable energy generators, Wellington International Airport, healthcare imaging networks, and telecommunications infrastructure.
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