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Investment Banker·Data Centers

Karen Fang

Global Head of Infrastructure & Sustainable Finance at Bank of America

New York, NY, USA

KF
LinkedIn
Why they matter

She runs BofA's infrastructure finance desk that just structured $14B for an Oracle data center — a direct line into hyperscaler debt capacity and utility power-supply deals.

Background

Karen Fang is Global Head of Infrastructure & Sustainable Finance and Co-Head of Global Capital Solutions at Bank of America, sitting on the firm's Management Committee. She leads cross-platform structured capital solutions across BofA's eight lines of business for energy, power, and digital infrastructure, with particular focus on financing the AI-driven data center buildout. Before Bank of America she was a Managing Director at Goldman Sachs heading the Pension, Endowment and Foundation Cross Asset Solutions Group, with earlier derivatives-structuring roles at Merrill Lynch in Tokyo and Deutsche Bank in London.

Notable deals

  • 2026
    Structured $14 billion in 19-year debt financing for a gigawatt-scale Oracle data center in Michigan developed by Related Digital and Blackstone funds, with PIMCO as bond partner
  • 2023
    Arranged financing for the Invenergy-led consortium's $580M tax-credit-backed, $1.5B acquisition of AEP's renewable portfolio (first large transferability deal post-IRA)
  • 2023
    Bank of America arranged financing for the SunZia Wind and Transmission project, the largest clean energy infrastructure project in U.S. history
  • 2022
    Announced Bank of America-CrossBoundary Energy partnership to finance ~255MW solar/wind and 50MWh storage across Africa, unveiled at COP27

Call-prep brief

Background

  • Global Head of Infrastructure & Sustainable Finance and Co-Head of Global Capital Solutions, BofA; Management Committee member
  • Ex-Goldman Sachs MD (pension/endowment cross-asset solutions); earlier derivatives roles at Merrill Lynch Tokyo and Deutsche Bank London
  • Named TIME100 Climate 2024; active in UN, G7, B20/G20 net-zero taskforces

Current focus

  • AI/data center infrastructure financing — buildings, power supply, and compute equipment are BofA's three pillars
  • Just closed innovative long-duration ($14B, 19-year) debt structure for the Oracle Michigan facility, replacing the traditional construction-loan-then-refinance model
  • Pioneering renewable tax-credit transferability deals under the IRA (Invenergy/AEP $580M deal)
  • Stewarding BofA's $1.5T sustainable finance goal by 2030 ($560B deployed to date)

What she cares about

  • Power availability, not capital, as the binding constraint on data center buildout
  • Building repeatable/scalable financing structures (tax credit transferability, long-term debt-from-outset) rather than one-off deals
  • Blended finance for emerging markets and underfunded categories (storage, carbon capture)

Recent moves

  • Co-head of newly formed Global Capital Solutions unit (est. ~2025)
  • Public commentary (BloombergNEF Q&A, Aug 2026) signaling BofA sees the AI data center financing pipeline as "robust" with no overbuilding yet

Sensitivities

  • Speaks for BofA's institutional pipeline — can't discuss specific unannounced client mandates
  • Balancing sustainable-finance messaging with heavy fossil/gas-power-adjacent data center financing may invite scrutiny

Questions to ask

  1. Where in the buildings/power/compute stack does BofA see the most financing bottlenecks right now?
  2. Is the Oracle Michigan long-term-debt-from-outset structure becoming a template BofA will replicate for other sponsors?
  3. How is utility interconnection queue risk being priced into new data center debt?

Outreach draft

Subject
Data center financing structures — quick call?
Hi Karen, I'm [Name] with [Firm], a private equity investor active in data center and digital infrastructure. We've followed BofA's work structuring long-duration debt for hyperscale projects, including the recent Michigan facility financing, and think your view on power availability and financing structure trends would be valuable as we evaluate opportunities in colocation and adjacent infrastructure. Would you have 20 minutes in the next few weeks for a call? Happy to work around your schedule, and glad to share what we're seeing on the deal side in return. Best, [Name]

Linked companies

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