AirTrunk secures $2.3 billion green financing for Johor data center expansion in Malaysia.

Blackstone-owned data centre operator AirTrunk has secured a US$2.3 billion green loan from 30 lenders for its JHB2 hyperscale data centre in Johor, Malaysia—its largest single-asset financing to date. The facility was led by 10 global coordinators: Crédit Agricole CIB, DBS Bank, HSBC Holdings, Sumitomo Mitsui Banking, and United Overseas Bank.

The deal reflects the AI-driven surge in data centre investment across Asia Pacific, though the broader regional syndicated loan market remains in its deepest slump in 16 years. However, the rapid growth is also testing banks' risk appetite. Crédit Agricole is reportedly seeking to sell approximately HK$150 million of a loan to ESR Group after hitting its internal lending cap for data centre exposure.

AirTrunk is simultaneously pursuing additional financing: A$4.3 billion for a new Australian facility and asset-backed bonds to refinance existing bank debt. The company is also targeting a Singapore real estate investment trust IPO expected to raise around US$1.5 billion.

The loan qualifies as green financing because the facility meets stringent efficiency standards. The data centre is designed to achieve a power usage effectiveness ratio of 1.37—below the global average of 1.5 to 1.6—and will incorporate advanced water-efficient cooling technology. According to AirTrunk, the margin savings generated by the green loan will support its social impact programme in Malaysia.