AirTrunk Secures $1.24B Green Loan for TOK1 Data Center Campus in Japan, Marking Largest Data Center Financing in the Country
TOKYO — AirTrunk, the Asia Pacific and Middle East hyperscale data center operator, has closed a JP¥191.6 billion (US$1.24 billion) green loan to refinance existing facilities and fund continued development at its TOK1 hyperscale data center campus in East Tokyo, the company announced March 9, 2026. The transaction represents the largest data center financing ever completed in Japan, according to AirTrunk.
Deal Structure and Banking Syndicate
The green loan was structured under AirTrunk's Green Financing Framework and was led by four global coordinators: Sumitomo Mitsui Banking Corporation (SMBC), MUFG Bank, Crédit Agricole CIB, and Société Générale. In total, 12 banks participated as Mandated Lead Arrangers and Bookrunners, including BNP Paribas Real Estate, The Chiba Bank, DBS Bank, E.SUN Commercial Bank, Mizuho Bank, Natixis, Oversea-Chinese Banking Corporation (OCBC), and United Bank (UOB).
The loan proceeds will refinance existing debt on the TOK1 campus and fund development capital expenditures for the next phases of the project. AirTrunk recently commenced construction to add more than 100 megawatts of IT load at TOK1 to support near-term customer demand.
Margin incentives tied to the facility's sustainability performance will be directed to the AirTrunk Social Impact Fund, supporting community initiatives across Japan including STEM education, digital equity, biodiversity and conservation, sustainable innovation, and disaster relief.
TOK1 Campus: Scale and Specifications
The TOK1 hyperscale data center campus is located in East Tokyo. The campus is scalable to more than 300 megawatts of IT load at full build-out. Additional details regarding campus size, number of data halls, square footage, PUE targets, and other technical specifications were not disclosed in the announcement.
"Japan is one of the world's most important cloud and AI markets, and we're committed to building the digital infrastructure that enables its long-term growth," said Robin Khuda, AirTrunk Founder and Chief Executive Officer. "AirTrunk has been investing deeply in Japan for this reason — to build the hyperscale platform that will underpin the country's digital future and connect it to the broader region. This landmark financing enables us to accelerate the expansion of TOK1 and continue delivering the capacity our customers need today, while preparing Japan for the extraordinary compute demands ahead."
AirTrunk's Broader Japan Investment Strategy
The TOK1 financing is part of a broader investment strategy in Japan that has now exceeded US$8 billion (JP¥1.2 trillion) in total committed investment across existing and planned projects. AirTrunk has four hyperscale campuses in Japan: TOK1, TOK2, OSK1, and OSK2. At full build-out, the four campuses are expected to deliver approximately 530 megawatts of total capacity for cloud and AI workloads.
The TOK1 financing follows AirTrunk's recent announcement of OSK2, its second Osaka hyperscale data center, and the opening of a new Japan headquarters.
"This is the largest data centre financing ever completed in Japan and a testament to the deep collaboration between AirTrunk and our banking partners," said Masato Hori, AirTrunk Associate Vice President Treasury Japan. "The structure of the facility reflects our commitment to transparency, sustainability, and innovation in capital markets, and further strengthens AirTrunk's financing platform across the region."
Nori Matsushita, AirTrunk Head of Japan, added: "This milestone reflects our credibility of delivering sustainable digital infrastructure at scale and the strength of our relationships with financial markets in Japan. As we expand TOK1, we remain focused on supporting local communities, investing in resilient infrastructure, and contributing to Japan's digital transformation."
Policy Alignment and Market Context
The financing aligns with two major Japanese government policy initiatives. Japan's Basic Plan for Artificial Intelligence (2025) identifies hyperscale data centers as essential for national compute capacity, secure data localization, and safe AI deployment. Separately, Japan's Green Transformation (GX) agenda aims to mobilize JP¥150 trillion in public-private investment to accelerate decarbonization and next-generation infrastructure development, with green and transition finance identified as central pillars of that strategy.
Banking partners cited both sustainability and digital infrastructure demand as key motivations for participation. "AirTrunk's TOK1 campus represents the scale, efficiency, and innovation required to support Japan's rapidly expanding cloud and AI ecosystem," said Takehisa Manabe, General Manager of Global Structured Finance at Sumitomo Mitsui Banking Corporation. "SMBC is proud to act as Global Coordinator for this landmark transaction, which demonstrates how green financing can channel capital toward mission critical digital infrastructure while advancing the nation's GX agenda."
Daisuke Bito, Managing Executive Officer and Head of Financial Solutions Group at MUFG Bank, said: "This financing showcases the important role that financial institutions play in enabling sustainable growth in Japan's digital economy. As Global Coordinator, Structuring Bank, and syndication lead, MUFG strongly shares AirTrunk's commitment to energy efficiency and long-term investment, which aligns with our priorities in responsible financing."
Satoshi Oda, Managing Director and Head of Corporate and Leveraged Finance and Distribution and Asset Rotation at Crédit Agricole CIB, said: "The transaction reflects growing investor confidence in high-efficiency digital infrastructure that can meet the surging demand for compute capacity driven by AI and cloud technologies."
Eugene Tan, Co-head of Infrastructure and Telecom, Media and Technology for Asia Pacific at Societe Generale, said: "This milestone financing highlights the increasing convergence of sustainability and digital transformation. Societe Generale is delighted to support AirTrunk as it expands TOK1, delivering the resilient and low-carbon infrastructure that Japan's technology sector requires to thrive in the AI era."