Company secures sustainable funding to fuel build-out
APAC data center firm Princeton Digital Group (PDG) has secured new financing in India.
The company this week announced it has secured $160 million in green loans for its MU1 data center campus in Navi Mumbai, India.
The financing, provided by local financial firms Axis Bank, Kotak Mahindra Bank, and Canara Bank, will be used to fund the continued development of MU1 and support PDG’s broader green data center initiatives in India.
“Green financing is a key enabler of our mission to develop AI-ready digital infrastructure with sustainability at the core. With MU1, we are not only setting new standards for environmentally responsible data centers in India but also helping shape Mumbai’s emergence as a global hub for AI and cloud infrastructure,” said Rangu Salgame, chairman, CEO, and co-founder of PDG.
Located within a 50-acre park in Airoli, Navi Mumbai, the first two buildings at the MU1 campus are live with a 50MW capacity. The first facility on the campus was delivered in Q4 2022, while the second went live earlier this year. The first phase of a 100MW expansion is currently under construction.
The company is also planning a 72MW data center in Chennai.
This latest financing brings PDG’s cumulative green loan commitments to $728m; the company has previously secured green loans for data center projects in Singapore and Malaysia, and recently converted a $105m loan into green financing for its 22MW JC2 data center campus in Jakarta, Indonesia.
Sustainability-linked financing is becoming an increasingly popular way for data center firms and telcos to raise funds for projects. Green loans will have repayment interest rates tied to specific sustainability goals, while green bonds are used to fund projects that fit certain sustainability criteria.
PDG was set up with the help of Warburg Pincus in 2017 and operates data centers in China, Singapore, India, Indonesia, Malaysia, and Japan. Mubadala is also an investor, while Stonepeak invested in the company earlier this month.
