Infrastructure

Cooling data centre infrastructure in the AI era

Macquarie Asset Management is supporting Aligned Data Centers in the development of innovative and adaptive solutions to better manage the environmental impact of data centres, including through patented air and liquid cooling technologies.

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Sector Infrastructure
Sub-sector Data Centres
Location Americas

Opportunity

Data centres supporting artificial intelligence (AI) currently consume around 4 per cent of US electricity, which is expected to double by the end of the decade.1 Core to this energy demand are cooling systems, which account for at least 40 per cent of energy consumption.2

Cooling systems play a pivotal role in managing the heat produced by servers.3 This challenge underscores the need for more robust and efficient cooling solutions to help manage the intense energy required to support high-performance computing. Advanced cooling technologies are proving to be one solution to help reduce energy consumption and lower emissions.4


Approach

In 2018, a Macquarie Asset Management (MAM)-managed fund invested in Aligned Data Centers (Aligned), a data centre developer and operator serving large enterprise and hyperscale customers in the Americas. Through its investment, MAM has been supporting the business in the development of highly adaptive and sustainable infrastructure, including advancements in its air and liquid cooling technologies.

Unlike conventional data centre cooling methods that push cold air into a data hall, Aligned’s patented air cooling technology, Delta, effectively captures and removes heat directly at its source. This system requires less energy, less water, and can significantly reduce infrastructure costs in certain high-density deployments.

More recently, Aligned has launched a new liquid cooling technology, DeltaFlow~, designed for next-generation, high-density computing applications, such as AI, machine learning and deep learning, which is expected to result in further energy efficiencies than the Delta technology.5 Liquid can absorb and transfer heat more efficiently than air, allowing for improved energy efficiency and more effective cooling of densely packed servers.

These solutions create a hyper-scalable and efficient environment that dynamically adapts to the IT load demands of customers. By facilitating the shift from traditional air-cooled to liquid-cooled systems, or enabling hybrid setups that combine both, Aligned can help reduce the energy required for cooling.

Aligned's growth has been further accelerated through strategic sustainability-linked loans (SLLs). In 2020, the company received the first-ever data centre sustainability-linked financing in the US.6 Building on this, Aligned has successfully increased its SLLs to ~$US4 billion and issued more than $US3 billion in green asset-backed securitised notes.7

Outcome

MAM is supporting Aligned to meet escalating computing needs, while integrating its proprietary cooling technologies into its operations to deliver scalable and adaptive solutions that aim to improve sustainability outcomes.

Aligned's advanced cooling technologies are designed to support computing densities up to 350 kilowatts per rack – a standard unit for organising computing equipment. This wide range allows Aligned to efficiently manage heat output, catering to the intensive computing requirements of next-generation applications. This is achieved while adhering to a commitment to sustainability, through more effective power usage and implementing water-efficient, closed-loop systems in its data centres, significantly reducing the reliance on local water supplies.

Aligned's growth strategy has also included the acquisition of ODATA, a key data centre provider in Latin America. In addition to introducing Aligned’s efficient cooling technologies and designs that minimise energy and water consumption to Latin America, ODATA is also the first hyperscale data centre company in Brazil to become an independent producer of renewable energy, ensuring that 100 per cent of its consumption in Brazil comes from sustainable sources.8

3 GW+

under management and future capacity across 60+ data centres9

100 per cent

load matched with renewable sources in North America10

First

hyperscale data centre company in Brazil to become an independent producer of renewable energy11

Aligned Data Centers exemplifies our commitment to investing in sustainable and innovative technology solutions that not only meet the evolving needs of hyperscale and enterprise customers but also pave the way for a more sustainable future. Through strategic investments like these, we are dedicated to supporting businesses that prioritise environmental stewardship and are at the forefront of deploying adaptive infrastructure solutions to achieve remarkable efficiency and scalability.”

Anton Moldan
Head of Digital and Communications Infrastructure, Americas
Macquarie Asset Management

1. World Economic Forum, ‘How power-positive data centres can unlock AI’s potential while transforming communities’, 19 September 2024.
2. World Economic Forum, ‘How power-positive data centres can unlock AI’s potential while transforming communities’, 19 September 2024.
3. Data Centre Dynamics, ‘Meeting data center cooling demands in the AI era’, 20 July 2024.
4. Aurecon, ‘Chilling out with liquid cooling in data centres’, June 2024.
5. Data Centre Dynamics, ‘Aligned Data Centers launches liquid cooling system’, 16 January 2024.
6. Aligned Data Centers, ‘Aligned Closes $1 Billion Credit Facility and First-Ever U.S. Data Center Sustainability-Linked Financing’, 16 September 2020.
7. Data Center Dynamics, ‘Aligned extends sustainability linked loan by more than $1 billion’, 19 May 2022.
8. Aligned Data Centers, ‘ODATA Revolutionizes Data Center Cooling in LATAM with the Introduction of Aligned’s Delta Cube, Proudly Manufactured in Brazil’, 3 October 2024.
9. As at 31 March 2024.
10. Aligned Data Centers, ‘Adaptive Data Centers That Align with Your Sustainability Goal’, 27 August 2024. 
11. Aligned Data Centers, ‘ODATA Revolutionizes Data Center Cooling in LATAM with the Introduction of Aligned’s Delta Cube, Proudly Manufactured in Brazil’, 3 October 2024.