AirTrunk, a hyperscale data centre specialist, has completed a A$16 billion refinancing deal, marking the largest sustainability-linked financing in the Asia Pacific and Japan (APJ) region to date. The financing covers both greenfield and operational assets across Australia, Hong Kong, Malaysia and Singapore, excluding Japan.
This milestone builds on AirTrunk’s earlier efforts, which began with a A$2.1 billion sustainability-linked loan in 2021. That deal was later refinanced to A$4.6 billion in 2023. With the latest transaction, the company’s total financing platform now exceeds A$18 billion, including Japan, placing it among the largest issuers of sustainable finance in the global data centre industry. More than 60 banks and financiers participated, reflecting strong confidence in AirTrunk’s approach to sustainable and responsible growth.
Driving accountability through sustainability-linked goals
The A$16 billion refinancing comprises four separate transactions, each linked to sustainability metrics. These are structured either as green loans or sustainability-linked loans (SLLs). AirTrunk has set ambitious key performance indicators (KPIs) that address energy and water efficiency, the use of renewable energy, and gender pay equity. The company has also committed to achieving net zero emissions by 2030.
A distinctive feature of these agreements is that all margin incentives will be directed into AirTrunk’s social impact fund, which will expand in both size and scope throughout the financing period. This mechanism ensures that financial benefits are channelled towards broader environmental and social initiatives.
In Singapore, AirTrunk secured a S$2.25 billion green loan to fund the development of its Loyang facility, known as SGP2. This represents both the country’s largest data centre loan and its largest-ever green loan. Meanwhile, in Melbourne, the company closed the largest green loan in the APJ region. Notably, this was the first globally to integrate margin adjustments tied to a social impact programme, a feature usually seen only in SLLs.
First to integrate disaster relief into financing structure
AirTrunk has also broken new ground by embedding disaster relief into its financing structure, making it the first publicly known corporate to do so. Through its social impact fund, margin savings will be allocated to emergency response initiatives that support local communities affected by disasters.
Beyond disaster relief, the fund will continue to back a range of programmes under AirTrunk’s social impact framework. These include support for science, technology, engineering and mathematics (STEM) education, promoting equal access to digital tools, protecting biodiversity, and encouraging sustainable innovation.
Leadership perspectives on the milestone
Robin Khuda, Founder and Chief Executive Officer of AirTrunk, highlighted the significance of the financing in the context of the company’s recent acquisition. “Following AirTrunk’s A$24+ billion acquisition by Blackstone and CPPIB in 2024, we have expanded our debt financing platform to enable our rapid growth across the region. By linking all A$18 billion of our financing to sustainability, we demonstrate our long-term commitment to scale responsibly, building essential digital infrastructure to power the digital economy, while delivering lasting positive environmental and social impact,” he said.
Luke Stephens, Vice President and Treasurer at AirTrunk, added that the deal underscored the company’s pioneering role in sustainable finance. “This A$16+ billion equivalent refinancing is a major milestone in AirTrunk’s sustainable finance journey, driving both innovation and transparency. From leading the industry with the first SLL in 2021 to today’s landmark multi-transaction structure, we’ve consistently pushed boundaries to drive responsible growth and create meaningful social value. It’s an honour to collaborate with such a diverse group of financiers and partners to deliver a market-leading solution that aligns capital with purpose and sets a benchmark for others to follow.”
With this latest achievement, AirTrunk has reinforced its position as both a leader in hyperscale data centres and a trailblazer in sustainability-linked financing across the region.
