AirTrunk Secures Record A$16 Billion Sustainability-Linked Refinancing for APAC Expansion

AirTrunk, a hyperscale data center operator backed by Blackstone and the Canada Pension Plan Investment Board, has secured a record sustainability-linked refinancing totaling A$16 billion (approximately US$10.4 billion), the largest of its kind in the Asia-Pacific and Japan regions. The refinancing, supported by over 60 banks and financiers, covers greenfield and operational assets across Australia, Hong Kong, Malaysia, and Singapore, including a S$2.25 billion green loan for a Singapore data center. This financing expands AirTrunk's total debt platform to over A$18 billion and aligns with its commitment to sustainability goals such as energy and water efficiency, renewable energy use, and gender pay equity, aiming for net zero emissions and 100% renewable energy by 2030. Following Blackstone and CPPIB's acquisition of AirTrunk for A$24 billion in 2024, the company is exploring additional capital-raising options including private placements, mergers and acquisitions, and asset-backed bonds, with interest from US and European investors for securitization. CEO Robin Khuda emphasized the capital-intensive nature of the industry and strong demand for data center capacity, particularly driven by growth in artificial intelligence and data consumption, despite increased competition. This refinancing underscores AirTrunk's strategic positioning to fund rapid growth and meet rising demand in the data infrastructure sector across the Asia-Pacific region.