Blackstone-backed hyperscale data centre operator AirTrunk is in the market for a SGD2.2bn ($1.7bn) green loan to fund a new greenfield development in Singapore, according to a report by Bloomberg citing sources familiar with the matter.
The financing aligns with AirTrunk’s broader regional expansion strategy as demand for AI-driven infrastructure continues to accelerate.
Proceeds from the facility will support the development of an 80.2MW greenfield data centre campus in Singapore, with completion expected by 31 December 2050. The project is being constructed on behalf of a key US-based client, with AirTrunk set to lease back a portion of the power allocation under long-term agreements, sources said.
Asia’s data centre market has seen a surge in fundraising activity, driven by rising AI adoption and cloud computing growth.
Bain Capital-backed Bridge Data Centres recently secured a $2.8bn loan for its Malaysia operations, while DayOne (formerly GDS International) launched a $3.4bn-equivalent financing package. The region’s data centre market is projected to grow at a 32% annual rate through 2028, significantly outpacing the US’s 18% forecast, according to Cushman & Wakefield.
AirTrunk is also finalising a separate $2.8bn-equivalent sustainability-linked loan to support capital expenditures across its data centres in Malaysia, Singapore, and Hong Kong.
Blackstone and Canada Pension Plan Investment Board (CPPIB), which jointly acquired AirTrunk in 2023, are additionally exploring asset-backed securities as a potential funding avenue for the operator’s continued expansion in Asia-Pacific.
Credit Agricole, DBS Group Holdings, and ING Bank are coordinating the latest three-year loan, with AirTrunk Singapore Ten acting as the borrower. The facility offers an opening margin of 225 basis points over the Singapore Overnight Rate Average (SORA), sources said.
