APAC data center firm AirTrunk has secured billions of dollars to fund development of one of its campuses in Sydney, Australia.

The company this week announced it has secured an AU$4.25 billion ($2.989bn) green loan to fund the continued development of its SYD3 campus in Western Sydney.

A consortium of 32 local and international financial institutions backed the green loan. The deal brings the company’s total committed debt financing to ~AU$38.4 billion (~US$26.9 billion) globally, including more than AU$19.8bn (US$13bn) across its Australian projects.

First announced in 2021, the company filed to develop the project in 2023. Set on 8.3 hectares, SYD3 could total 400MW at full build-out across 42 data halls and 70,000 sqm (753,475 sq ft) of technical space.

Construction of the expanded SYD3 development is underway, with completion expected by mid-2028.

Tom Mackellar, VP of origination & market expansion, said: “SYD3 is a long-term investment in Western Sydney and Australia’s digital capability, backed by the confidence of leading Australian and international banks. The green financing also reflects our view that sustainability should be built into how digital infrastructure is funded and delivered. We’re focused on responsible growth that creates lasting value for communities in the regions where we operate.”

The facility is structured as a green loan with margin adjustments. Construction measures include the use of lower-carbon steel and concrete, as well as a target to divert at least 90 percent of non-hazardous construction waste from landfill.

AirTrunk said any contributions from the margin savings on the facility will be directed to AirTrunk’s social impact program to support local charities working across STEM education, digital equity, biodiversity and conservation, sustainable innovation and disaster relief.

AirTrunk’s Australian platform spans five campuses, with more than 1.2GW of capacity. SYD1 opened in 2017, with SYD2 launching in 2021.

Founded in 2018, AirTrunk was acquired by Blackstone and Canada Pension Plan Investment Board for US$16.1bn in 2024 in what was the largest-ever deal in the space at the time.

AirTrunk has data center campuses in operation and development in Sydney and Melbourne in Australia, as well as Singapore; Hong Kong; Johor, Malaysia; and Tokyo and Osaka, Japan. It entered India this year with the acquisition of Indian operator Lumina CloudInfra.

The green loan was underwritten by 14 lead banks: Banco Santander, S.A.; BNP Paribas; Crédit Agricole Corporate and Investment Bank; DBS Bank Ltd.; Deutsche Bank; ING Bank N.V.; Mizuho Bank, Ltd.; MUFG Bank, Ltd.; National Australia Bank Limited; Royal Bank of Canada; Société Générale; Sumitomo Mitsui Banking Corporation; The Hongkong and Shanghai Banking Corporation Limited; and United Overseas Bank Limited.

Green Loan Coordinators were: Sumitomo Mitsui Banking Corporation; The Hongkong and Shanghai Banking Corporation Limited; and United Overseas Bank Limited. Legal advisers for the transaction were Mallesons and Gilbert & Tobin.