AirTrunk has secured A$16 billion (US$10.4 billion) in refinancing, marking the largest sustainability-linked financing in the Asia-Pacific region, excluding Japan.

The refinancing package includes four separate transactions, featuring Singapore’s largest green data centre loan and the region’s biggest green loan for AirTrunk Melbourne.

Over 60 banks and financial institutions joined the financing.

The funds will support greenfield and operational projects and tie lending terms to environmental and social performance metrics.

In Singapore, a S$2.3 billion (US$1.8 billion) green loan will go toward developing AirTrunk SGP2 in Loyang.

Margin incentives from the loans will be directed to AirTrunk’s social impact fund, which includes disaster relief and community programs.

AirTrunk, acquired by Blackstone and Canada Pension Plan Investment Board in 2024 for over A$24 billion (US$15.6 billion), operates data centres across Australia, Hong Kong, Malaysia, and Singapore.

🔗 Source: AirTrunk

🧠 Food for thought

1️⃣ Energy costs drive explosive growth in data center sustainable financing

AirTrunk’s financing growth illustrates how energy-intensive operations push companies toward sustainability-linked funding structures.

The company’s sustainable financing platform expanded from A$2.1 billion in 2021 to A$16 billion in 2025—nearly an eight-fold increase in just four years1.

This rapid scaling reflects the underlying economics: energy costs represent 30-50% of a data center’s operating expenses, making renewable energy adoption a business imperative rather than just an environmental goal2.

The timing aligns with massive data demand growth, as global storage capacity is projected to double from 10.1 trillion gigabytes in 2023 to 21 trillion gigabytes by 20273.

Data centers collectively consume more electricity than entire countries like Germany, which explains why over 60 banks backed AirTrunk’s refinancing despite the large exposure21.

2️⃣ ESG financing structures evolve beyond traditional green bonds