Princeton Digital Group Targets Debt Raise of Up to $5B for Data Centre Expansion

Singapore-based Princeton Digital Group plans to raise up to $5 billion in debt this year to support growth of its hyperscale data centre platform across Asia Pacific.

As part of the initiative, PDG has closed a $350 million debt financing that expands a $400 million loan agreed in May 2025, increasing the total facility to $750 million, according to a Wednesday statement. The firm backed by private equity majors Warburg Pincus and Stonepeak said the facility has been converted into a sustainability-linked loan, aligning pricing with defined operational and sustainability performance targets.

The upsized financing comes as the world’s biggest data centre platforms race for capital to fund expansion, with Blackstone-owned AirTrunk announcing Tuesday that it had secured a $1.2 billion green loan for a Tokyo hyperscale campus.

“As we continue to secure large-scale capacity and win new business, we are building our capital structure in step,” said PDG co-founder, chairman and CEO Rangu Salgame. “Converting the facility into a sustainability-linked structure further demonstrates our commitment to embedding sustainability metrics into our capital framework.”

Global Banks on Board

The $350 million was secured from a consortium of global banks, including Barclays, BNP Paribas, Deutsche Bank, HSBC, SMBC, Societe Generale and Standard Chartered.

The expanded facility will fund capacity under development and the continued buildout of new campuses, supporting PDG’s recent hyperscale client commitments. In November, PDG broke ground on a $1 billion Jakarta campus and announced its entry into South Korea with a $700 million Incheon project.

The planned $5 billion in financing will support delivery of PDG’s fast-growing hyperscale pipeline across Asia, where the company operates in seven markets with a total portfolio exceeding 1.8 gigawatts.

The prospective funding builds on the $2.5 billion in capital raised by PDG in 2025, including a preferred equity investment of $1.3 billion from Stonepeak. With that infusion, the US fund manager joined fellow Manhattan-based player Warburg Pincus in a stable of PDG investors that includes the Ontario Teachers’ Pension Plan and Abu Dhabi’s Mubadala.

Billions for Bit Barns

Blackstone’s AirTrunk will use its $1.2 billion green loan to fund the next phase of its TOK1 campus, scalable to over 300 megawatts, bringing the platform’s total Japan investment to more than $8 billion across four campuses.

The AirTrunk update came one month after Blackstone announced plans to lead a $10 billion debt facility for Australian AI data centre developer Firmus Technologies and a $1.2 billion capital raise for Mumbai-based AI data centre startup Neysa.

In January, data centre operator DayOne, the overseas arm of Shanghai-based GDS Holdings, won the backing of Indonesia’s sovereign wealth fund as part of a Series C round that raised $2 billion in equity. The funding added to the $1.9 billion raised in DayOne’s previous equity rounds in 2024, including from Japan’s SoftBank and Citadel boss Ken Griffin.