AirTrunk Secures US$2.325B Green Financing From BNP Paribas, DBS, ING, Crédit Agricole CIB and Standard Chartered for JHB2 Data Centre in Johor Bahru

AirTrunk has closed US$2.325 billion (RM9.5 billion) in green project financing for its JHB2 hyperscale data centre campus in Johor Bahru, Malaysia, the company announced July 29. The transaction is the largest green project finance deal for a single data centre in Malaysia and AirTrunk's largest single-asset financing to date.

The financing was structured under AirTrunk's Green Financing Framework and drew support from a consortium of 30 local and international financial institutions, one of the largest lending groups assembled for a data centre financing in Malaysia.

Lender Consortium and Deal Structure

Ten banks served as Global Coordinators on the transaction: BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd., ING Bank N.V., Mizuho Bank, Ltd., MUFG Bank, Ltd., Société Générale, Sumitomo Mitsui Banking Corporation, The Hongkong and Shanghai Banking Corporation Limited, and United Overseas Bank.

CIMB Bank, Clifford Capital Credit Solutions Pte. Ltd., International Finance Corporation, National Bank of Kuwait, and Standard Chartered Bank (Singapore) Limited served as Mandated Lead Arrangers, Underwriters and Bookrunners. Green Loan Coordinators were Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd., ING Bank N.V., and The Hongkong and Shanghai Banking Corporation Limited.

The transaction marks AirTrunk's first financing from International Finance Corporation, a member of the World Bank Group, establishing what the company described as a long-term partnership with the institution.

The deal is structured as green project finance with margin savings tied to environmental key performance indicators. Those savings are earmarked to fund AirTrunk's social impact program in Malaysia, supporting recycled water initiatives in schools through Gravity Water and Water Watch Penang, disaster relief through MERCY Malaysia, and STEM education partnerships with Universiti Teknologi Malaysia.

JHB2 Campus: Asset Profile and Market Context

JHB2 is a hyperscale data centre campus in Johor Bahru, located in southern Malaysia directly across the causeway from Singapore. The campus is designed for cloud, artificial intelligence and large-scale enterprise workloads. Proceeds from the financing will fund the development of the campus, which is targeting a design Power Usage Effectiveness of 1.37 and incorporates advanced water-efficient cooling technology.

A PUE of 1.37 means total facility energy consumption is 1.37 times the IT load — a figure in line with modern hyperscale best practice and well below the 1.7 to 2.0 range common in older enterprise facilities. Water consumption has become an increasingly prominent ESG consideration for data centre developers, and JHB2's water-efficiency technology earned the deal an explicit "blue impact" designation under IFC Blue Finance Guidelines Version 2.0.

Johor Bahru has emerged as a significant destination for hyperscale data centre development, driven in part by constraints on new data centre capacity in Singapore, where land and energy limitations have prompted developers to seek sites in nearby markets. Johor offers access to larger land parcels, the ability to secure substantial grid connections, and lower land and power costs, while remaining within latency range of Singapore's core cloud region.

Sustainability Credentials and Net Zero Pathway

AirTrunk positioned the transaction as part of its broader strategy to reach net zero by 2030. The financing is structured around transparent environmental KPIs, with reporting requirements built into the loan terms.

"This transaction reflects the strength of AirTrunk's sustainability credentials and the confidence leading global financial institutions have in our long-term strategy," said Edmund Tan, AirTrunk Senior Director, Treasury Loans. "Structured around transparent environmental KPIs, the financing supports our pathway to net zero by 2030 while reinforcing our commitment to building efficient digital infrastructure that creates long-term value for our customers, communities and investors."

Pei Jet Lim, AirTrunk Vice President and Country Head, Malaysia, said the deal illustrates how digital infrastructure can be developed responsibly. "As one of the largest issuers of sustainable finance in the global data centre industry, we will continue to invest in infrastructure that prioritises energy and water efficiency while ensuring the benefits extend beyond our campuses through meaningful contribution to support local communities," Lim said.

Lender Perspectives on Digital Infrastructure and Sustainable Finance

Several lenders cited the deal as a benchmark for green financing in the data centre sector. Antoine Rose, Head of Sustainable Banking for Asia-Pacific and Middle East at Crédit Agricole Corporate and Investment Bank, said the facility demonstrates how financing structures can link capital with transparent environmental performance. "This facility demonstrates how innovative financing can help accelerate the delivery of efficient digital infrastructure while supporting Malaysia's ambitions to become a leading digital economy," Rose said.

Amit Sinha, Global Head of Telecommunications, Media and Technology, Institutional Banking Group at DBS Bank Ltd., said AI and digital services are reshaping economies across Asia and driving demand for resilient and sustainable digital infrastructure. "Financing solutions must evolve alongside this growth," Sinha said. "We're pleased to be building on this longstanding partnership with AirTrunk on a transaction that combines the scale required for future digital infrastructure with strong sustainability outcomes, helping position Malaysia as a leading hub for cloud and AI infrastructure in the region."

Krishna Suryanarayanan, Head of Telecommunications, Media and Technology and Healthcare Sector Coverage, Asia Pacific at ING Bank N.V., said the transaction demonstrates how performance targets, transparent reporting and measurable outcomes can be integrated into large-scale infrastructure projects. Chaoni Huang, Head of Sustainable Finance and Transition, Asia at The Hongkong and Shanghai Banking Corporation Limited, said the deal reflects growing confidence in Malaysia's digital economy and sustainable infrastructure as long-term investment opportunities.

Vikram Kumar, IFC's Regional Industry Director for Infrastructure and Natural Resources, Asia Pacific, said digital infrastructure must be built sustainably. "This Green Loan also delivers blue impact through the implementation of water efficiency technology defined as per IFC Blue Finance Guidelines Version 2.0," Kumar said.

AirTrunk's broader sustainability strategy combines investment in energy-efficient infrastructure, renewable energy procurement, water stewardship and community partnerships to support the growth of cloud and AI infrastructure across the Asia-Pacific and Middle East region.

Sources

AirTrunk — AirTrunk secures US$2.325b green financing to support sustainable digital infrastructure growth in Malaysia (July 29, 2026)