AirTrunk closed its first green loan for a data centre in Japan

One year after issuing the largest sustainability-linked loan in data centre history and industry-first in Asia-Pacific, our Bank has again advised AirTrunk on its landmark green loan in Japan.

AirTrunk data centre

As part of its new Green Financing Framework, Asia-Pacific & Japan (APJ) hyperscale data centre specialist AirTrunk successfully closed the first data centre green loan in Japan and first to use eligibility criteria based on operating power usage effectiveness (PUE) and water productivity. The green loan will finance AirTrunk’s 110+MW West Tokyo data centre, AirTrunk TOK2, enabling progress toward a sustainable digital future for Japan.

The Framework complements AirTrunk’s Sustainability-Linked Loan (SLL), which was announced in late 2021. The A$2.1 billion loan was the largest in global data centre history and first in the region, and has subsequently materially increased in size to support AirTrunk’s APJ expansion to address recent customer demand.

Under the Framework, AirTrunk’s green projects must meet certain eligibility criteria which have a positive impact on the environment, in order to be financed through green loans. The company has defined three categories as green loan eligible – Green Data Centre, Renewable Energy and Water Efficiency. The Framework ensures that AirTrunk’s green loans are aligned to the four Loan Market Association Green Loan Principles (GLP) being the use of proceeds, the process for project evaluation and selection, management of proceeds and reporting. It also aligns to six of the United Nations’ Sustainable Development Goals (SDGs).

After being appointed as one of two Sustainability Structuring Agents to advise on amending the facility to become a SLL in 2021, Crédit Agricole CIB again acted as the joint Sustainability Structuring Agent for the innovative framework and green loan. Global leader in ESG research and analysis, Sustainalytics provided independent verification via Second Party Opinion of the Framework.

“AirTrunk continue to drive sustainable innovation throughout the design, build, operations and financing of our data centres. AirTrunk’s financing platform, including the new Green Financing Framework and SLL, takes AirTrunk to a clear leadership position in sustainable data centre financing. Linking our debt facilities to sustainability performance, holds our business to account on our commitments.” Prashant Murthy, Chief Financial Officer AirTrunk

Antoine Rose“Crédit Agricole CIB is very proud to accompany AirTrunk as Sustainability Structuring Agent for this data centre financing, this is our second collaboration in a row after successfully closing AirTrunk’s inaugural Sustainability-Linked Loan last year. AirTrunk continues to strengthen its footprint in sustainable finance by launching its Green Financing Framework confirming its sustainability ambition and supporting high standards for this sector.” Antoine Rose, Head of Sustainable Banking Asia-Pacific and the Middle East Crédit Agricole CIB