AirTrunk has secured a 4.25 billion Australian dollar green loan, about 2.99 billion US dollars, to fund the continued development of its SYD3 campus in Western Sydney. A consortium of 32 local and international financial institutions backed the loan, which was underwritten by 14 lead banks including Banco Santander, BNP Paribas, Deutsche Bank, ING, Mizuho, MUFG, National Australia Bank, Royal Bank of Canada and HSBC, with Sumitomo Mitsui Banking Corporation, HSBC and United Overseas Bank as green loan coordinators.
The deal brings AirTrunk’s total committed debt financing to about 38.4 billion Australian dollars, about 26.9 billion US dollars, globally, including more than 19.8 billion Australian dollars across its Australian projects. SYD3, first announced in 2021 and filed for development in 2023, sits on 8.3 hectares and could total 400 megawatts at full build out across 42 data halls and 70,000 square metres of technical space. Construction of the expanded development is underway, with completion expected by mid-2028.
The facility is structured as a green loan with margin adjustments. Construction measures include lower carbon steel and concrete and a target to divert at least 90 percent of non-hazardous construction waste from landfill, and any margin savings contributions will go to AirTrunk’s social impact programme. AirTrunk’s Australian platform spans five campuses with more than 1.2 gigawatts of capacity.
AirTrunk, founded in 2018, was acquired by Blackstone and the Canada Pension Plan Investment Board for 16.1 billion US dollars in 2024. Vice President Tom Mackellar called SYD3 a long term investment in Western Sydney and Australia’s digital capability, backed by leading Australian and international banks.