AirTrunk Closes AU$4.25 Billion Green Loan for Sydney Campus

AirTrunk has secured an AU$4.25 billion ($2.99 billion) green loan to fund the continued development of its SYD3 data center campus in Western Sydney. A consortium of 32 local and international financial institutions backed the facility, the APAC operator announced this week.

The deal lifts AirTrunk's total committed debt financing to roughly AU$38.4 billion (~US$26.9 billion) globally. More than AU$19.8 billion (US$13 billion) of that sits across its Australian projects.

What does the loan actually build?

SYD3, first announced in 2021 with a development filing in 2023, sits on 8.3 hectares in Western Sydney. At full build-out the campus could reach 400MW across 42 data halls and 70,000 sqm (753,475 sq ft) of technical space. Construction on the expanded development is underway. Completion is expected by mid-2028.

The facility is structured as a green loan with margin adjustments. Construction measures include lower-carbon steel and concrete, plus a target to divert at least 90 percent of non-hazardous construction waste from landfill. A green loan ties pricing terms to sustainability criteria, rewarding borrowers that meet them.

AirTrunk said contributions from margin savings on the facility will flow to its social impact program. That program supports local charities working across STEM education, digital equity, biodiversity and conservation, sustainable innovation and disaster relief.

Tom Mackellar, AirTrunk's 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."

Who is underwriting it?

Fourteen lead banks underwrote the loan:

• 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
• United Overseas Bank Limited

Sumitomo Mitsui Banking Corporation, HSBC and United Overseas Bank served as Green Loan Coordinators. Mallesons and Gilbert & Tobin acted as legal advisers on the transaction.

Where does AirTrunk stand in the market?

The company's Australian platform spans five campuses with more than 1.2GW of capacity. SYD1 opened in 2017; SYD2 followed in 2021.

Founded in 2018, AirTrunk was acquired by Blackstone and the Canada Pension Plan Investment Board for US$16.1 billion in 2024 — at the time the largest-ever deal in the sector. It operates campuses in Sydney, Melbourne, Singapore, Hong Kong, Johor in Malaysia, and Tokyo and Osaka in Japan. This year it entered India through the acquisition of local operator Lumina CloudInfra.

What does this change for the Australian market? It signals banks remain willing to write multi-billion-dollar cheques for hyperscale capacity in APAC, provided the debt carries a green structure — and it positions Western Sydney as one of the region's best-funded build-outs through 2028.