Singapore's PDG plans up to $5b debt for Asia AI data centers

Princeton Digital Group (PDG), a Singapore-based operator of AI data centers in seven Asian markets, plans to raise up to US$5 billion in debt this year to fund builds in India, Indonesia, Malaysia, and Japan.

A bank consortium including Barclays, BNP Paribas, Deutsche Bank, and Standard Chartered will fund part of the loans.

PDG said it is securing more than US$4 billion tied to assets in Mumbai, Jakarta, Johor, and Tokyo, with about US$750 million borrowed by PDG’s parent company.

PDG said the US$750 million holding-company loan expands a prior US$400 million debt and has been converted into a sustainability-linked loan.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

This planned debt raise follows a large 2025 funding round

Before this planned debt, Princeton Digital Group (PDG) raised USD 2.5 billion in 2025 through debt plus equity 1.
The total included USD 1.3 billion in preferred equity from Stonepeak, an infrastructure-focused investment firm, joining Warburg Pincus, a private equity firm, and Ontario Teachers’ Pension Plan, a large Canadian pension fund 2.
The money backs expansion for a portfolio topping 1.2 GW (gigawatts) of IT capacity across seven countries after PDG entered South Korea 3.

The financing points to a new phase for Asian data centers

PDG’s raise sits inside a regional surge, with forecasts that Asia-Pacific data center capacity will more than double by 2030 on over USD 800 billion in investment 4.
The sector is moving into an “industrial phase,” where winning depends less on property deals and more on locking down huge power supply while working through tight rules in hard-to-enter markets 5.
Large institutional investors are putting more money into scaled platforms like PDG that have delivered large, AI-ready builds across several countries 5.
Financing now spans project-level debt to holding-company sustainability-linked loans, a sign that capital markets are keeping pace with hyperscale growth.