AirTrunk Secures ¥191.6 Billion Green Loan to Expand Tokyo Hyperscale Data Center Campus

AirTrunk, a hyperscale data center specialist, has secured a ¥191.6 billion (US$1.21 billion) green loan to refinance existing debt and fund the next stages of its TOK1 hyperscale data center campus in eastern Tokyo, as demand for computing capacity continues to surge on the back of artificial intelligence and cloud services expansion.

The financing represents the largest data center financing ever completed in Japan, underscoring both the scale of the project and the growing appetite among financial institutions for sustainable digital infrastructure assets. The loan will fund capital expenditures for additional phases of TOK1, which can ultimately be expanded to more than 300 MW. AirTrunk recently began construction on an expansion that will add more than 100 MW of IT capacity to the campus to meet near-term customer demand.

Sumitomo Mitsui Banking Corp., MUFG, Crédit Agricole CIB and Société Générale acted as global coordinators, according to a company press release. Twelve banks participated as mandated lead arrangers and bookrunners, including the four coordinators alongside BNP Paribas, The Chiba Bank, DBS Bank, E.SUN Commercial Bank, Mizuho Bank, Natixis, Oversea-Chinese Banking Corporation and United Overseas Bank.

Robin Khuda, founder and CEO of AirTrunk, said Japan is one of the world's most important cloud and AI markets, and that the company has been investing deeply in the country to build the hyperscale platform that will underpin its digital future and connect it to the broader region. He added that the landmark financing enables AirTrunk to accelerate the expansion of TOK1 and continue delivering the capacity its customers need today, while preparing Japan for the extraordinary compute demands ahead.

Masato Hori, AirTrunk associate vice president of treasury for Japan, described the transaction as the largest data center financing ever completed in Japan and a testament to the deep collaboration between AirTrunk and its banking partners. He noted that the structure of the facility reflects the company's commitment to transparency, sustainability and innovation in capital markets, further strengthening AirTrunk's financing platform across the region.

The financing was structured under AirTrunk's Green Financing Framework, with the loan set to refinance existing facilities and fund development costs for the TOK1 expansion. The facility is also tied to AirTrunk's energy efficiency standards for its data centers, which are designed to operate more efficiently than the regional average, reducing the amount of energy required for the same computing output. Margin incentives from the loan will be directed to AirTrunk's Social Impact Fund, which supports programs in Japan focused on STEM education, digital access, biodiversity and conservation, sustainable innovation and disaster relief.

Nori Matsushita, AirTrunk head of Japan, said the milestone reflects the company's credibility in delivering sustainable digital infrastructure at scale and the strength of its relationships with financial markets in Japan. He added that as AirTrunk expands TOK1, it remains focused on supporting local communities, investing in resilient infrastructure and contributing to Japan's digital transformation.

Takehisa Manabe, general manager of global structured finance at Sumitomo Mitsui Banking Corporation, said AirTrunk's TOK1 campus represents the scale, efficiency and innovation required to support Japan's rapidly expanding cloud and AI ecosystem. He noted that SMBC is proud to act as global coordinator for the transaction, which demonstrates how green financing can channel capital toward mission-critical digital infrastructure while advancing the nation's green transformation agenda.

Daisuke Bito, managing executive officer and head of the Financial Solutions Group at MUFG Bank Ltd., said the 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 aligns with its priorities in responsible financing.

Satoshi Oda, managing director and head of Corporate and Leveraged Finance/Distribution and Asset Rotation at Crédit Agricole CIB, said the bank 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.

Eugene Tan, co-head of Infrastructure and Telecom, Media & Technology for Asia Pacific at Société Générale, said the milestone financing highlights the increasing convergence of sustainability and digital transformation. He added that Société Générale 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.

The financing comes as AirTrunk expands its Japanese operations, including the recently announced OSK2, its second hyperscale data center in Osaka, as well as a new Japan headquarters. AirTrunk's total investment in Japan has surpassed ¥1.2 trillion (US$8 billion) across existing and planned projects. Its four Japanese campuses — TOK1, TOK2, OSK1 and OSK2 — are expected to provide approximately 530 MW of total capacity when fully built.