AirTrunk Secures US$2.3 Billion Green Loan for Hyperscale Data Centre in Johor

AirTrunk, the Blackstone-owned data centre operator, has obtained a US$2.3 billion green loan from a syndicate of 30 lenders to fund its JHB2 hyperscale facility in Johor, Malaysia. This marks the company’s largest single-asset financing to date and underscores the rapid expansion of data centre infrastructure across Asia-Pacific driven by the artificial intelligence boom.

The loan was coordinated by 10 global banks including Credit Agricole, DBS, HSBC, Sumitomo Mitsui Banking, and UOB, according to a statement released by the company on Wednesday. The financing is designated as green due to the facility’s energy and water efficiency performance, with a targeted power usage effectiveness (PUE) ratio of 1.37 — below the global average of roughly 1.5 to 1.6. The data centre will also employ advanced water-efficient cooling technology to minimise its environmental footprint.

The deal comes at a time when the broader syndicated loan market in the region remains in its deepest slump in 16 years, yet demand for data centre capital has surged amid the AI-driven digital transformation. However, the rapid build-out is testing banks’ appetite for exposure to the sector. Credit Agricole, for example, is reportedly seeking to sell about HK$150 million (US$19 million) of a loan it helped provide to ESR Group after reaching its internal lending cap for data centres, according to people familiar with the matter.

AirTrunk is also in talks with banks for a A$4.3 billion (US$3 billion) loan for a new data centre in Australia and is working on asset-backed bonds to refinance existing bank loans. Separately, the company is reportedly targeting an initial public offering of a Singapore real estate investment trust that could raise about US$1.5 billion. The green loan for the Johor facility will allow AirTrunk to generate margin savings, which the company says will support its social impact programme in Malaysia.

The AI boom has fuelled a wave of multibillion-dollar data centre deals across Asia-Pacific, and this transaction highlights the growing intersection of capital markets, sustainability finance, and critical digital infrastructure. As hyperscale operators race to meet surging demand, green financing mechanisms are becoming a key tool to align capacity expansion with environmental commitments, while also offering cost advantages through lower interest margins.