AirTrunk, a hyperscale data center operator across Asia Pacific and the Middle East, has secured a JP¥191.6 billion ($1.24 billion) green loan to refinance existing debt and support the continued development of its TOK1 hyperscale data center campus in East Tokyo.
The financing represents the largest data center funding in Japan to date, reflecting the growing importance of hyperscale digital infrastructure as the country accelerates the adoption of cloud computing and artificial intelligence technologies.
The loan was structured under AirTrunk’s Green Financing Framework and will refinance existing facilities while funding the next development phases of the TOK1 campus. The additional phases will expand the site’s computing capacity as demand for AI and cloud services continues to grow.
TOK1 is designed to scale to more than 300MW of capacity. AirTrunk has already begun construction to add more than 100MW of IT load at the campus to meet near-term demand from technology customers.
The financing was led by Sumitomo Mitsui Banking Corporation, MUFG, Crédit Agricole CIB, and Société Générale as global coordinators. A total of 12 banks participated as mandated lead arrangers and bookrunners, including BNP Paribas, The Chiba Bank, DBS Bank, E.SUN Commercial Bank, Mizuho Bank, Natixis, OCBC and UOB.
The loan forms part of AirTrunk’s broader expansion in Japan. The company recently announced OSK2, its second hyperscale data center in Osaka, as well as the establishment of its new Japan headquarters.
AirTrunk said its total investment in Japan now exceeds $8 billion to support existing and planned digital infrastructure projects in the country.
Once fully developed, the company’s four Japanese campuses — TOK1, TOK2, OSK1 and OSK2 — are expected to deliver approximately 530MW of capacity for cloud and AI workloads, creating one of the largest hyperscale data center platforms in the country.
The financing aligns with Japan’s Green Transformation strategy, which aims to mobilize roughly JP¥150 trillion in public and private investment to accelerate decarbonization and next generation infrastructure development. The project is also aligned with the country’s Basic Plan for Artificial Intelligence, which identifies hyperscale data centers as essential infrastructure for national AI computing capacity and secure data localization.
AirTrunk said the facility meets strict energy efficiency standards designed to reduce emissions while supporting the company’s 2030 net zero targets for scope 1 and scope 2 emissions.
KEY QUOTES:
“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. 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.”
Robin Khuda, Founder And Chief Executive Officer, AirTrunk
“This is the largest data centre financing ever completed in Japan and a testament to the deep collaboration between AirTrunk and our banking partners. We’re especially grateful for the strong support from Japan’s leading financial institutions including SMBC, MUFG, Chiba Bank and Mizuho Bank. 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.”
Masato Hori, Associate Vice President Treasury Japan, AirTrunk
“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.”
Nori Matsushita, Head Of Japan, AirTrunk
“AirTrunk’s TOK1 campus represents the scale, efficiency, and innovation required to support Japan’s rapidly expanding cloud and AI ecosystem. 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.”
Takehisa Manabe, General Manager Global Structured Finance, Sumitomo Mitsui Banking Corporation
“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 align with our priorities in responsible financing, and we are pleased to support the next phase of development at TOK1.”
Daisuke Bito, Managing Executive Officer And Head Of Financial Solutions Group, MUFG Bank
“As a global leader in green and sustainable finance, Crédit Agricole CIB is proud to partner with AirTrunk on a project that sets a new benchmark for data center financing in Japan. 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.”
Satoshi Oda, Managing Director And Head Of Corporate And Leveraged Finance/Distribution And Asset Rotation, Crédit Agricole CIB
“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.”
Eugene Tan, Co-head Of Infrastructure And Telecom, Media & Technology For Asia Pacific, Societe Generale
