AirTrunk, the hyperscale data centre platform backed by Blackstone and Canada Pension Plan Investment Board (CPPIB), is seeking a $1.7bn green loan to support a new data centre development in Singapore, according to Bloomberg.

The funding will go toward the construction of an 80.2MW greenfield data centre campus for a key US-based client. AirTrunk will lease back a portion of the power allocation under long-term agreements as part of the deal. The project is expected to be completed by the end of 2050.

The move reflects Blackstone and CPPIB’s continued commitment to digital infrastructure across the Asia-Pacific region, where data centre demand is rising sharply amid the acceleration of AI adoption and cloud computing.

The green loan, structured over three years, is being coordinated by Crédit Agricole, DBS Bank, and ING. AirTrunk Singapore Ten is listed as the borrower, with the facility offering an opening margin of 225 basis points over the Singapore Overnight Rate Average (SORA).

AirTrunk is also close to securing a separate $2.8bn-equivalent sustainability-linked loan to fund capital expenditures across its operations in Malaysia, Singapore, and Hong Kong. Blackstone and CPPIB are further exploring the use of asset-backed securities as a funding mechanism to support continued growth in the region.

Asia’s data centre market is projected to expand at a 32% annual growth rate through 2028, far outpacing the US market’s 18% forecast, according to Cushman & Wakefield. Recent activity includes a $2.8bn loan by Bain Capital-backed Bridge Data Centres and a $3.4bn-equivalent financing round by DayOne.