Hyperscale data center operator AirTrunk has secured a 191.6 billion yen ($1.24 billion) green loan to refinance and expand its TOK1 data center campus in the greater Tokyo area, making it the largest data center financing in Japan.
The loan will support the next phases of the development of the TOK1 campus, which is designed to expand capacity by more than 300 megawatts (MW), the company, which is owned by a consortium led by Blackstone and CPP Investments, announced on Tuesday. The expansion is designed to meet growing demand for cloud services and AI infrastructure as Japan ramps up investment in digital computing capacity.
“Japan is one of the most important cloud and AI markets in the world, and we are committed to building the digital infrastructure that will enable its long-term growth,” said AirTrunk founder and CEO Robin Hood.
According to the announcement, AirTrunk has already begun construction to accommodate more than 100 megawatts of IT workloads at the facility.
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A consortium of 12 banks is backing AirTrunk
The financing was arranged by a consortium of banks led by Sumitomo Mitsui Banking Corporation (SMBC), MUFG, Crédit Agricole CIB and Société Générale. In total, 12 lenders participated in the transaction as lead authorized arrangers and underwriters.
The funding follows AirTrunk’s recent announcement of a second hypermarket campus in Osaka and plans for a new Japanese headquarters. AirTrunk’s total investment in Japan is now more than $8 billion.
Once fully built, the company’s four Japanese campuses, including TOK1, TOK2, OSK1 and OSK2, are expected to deliver about 530 MW of combined capacity, making the platform one of the largest data center networks in the country.
The loan was made as part of AirTrunk’s green financing framework, which requires the company’s facilities to meet strict energy efficiency standards aimed at reducing power consumption and emissions.
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A consortium led by Blackstone bought AirTrunk for $16 billion
In 2024, AirTrunk was acquired by a consortium led by Blackstone and the Canada Pension Plan Investment Board (CPP Investments) for more than $16 billion, the largest data center acquisition worldwide.
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