Gilbert + Tobin is pleased to have advised Deutsche Bank, Credit Agricole and MUFG as mandated lead arrangers and underwriting banks on a A$650 million Sustainability Linked Loan (SLL) for AirTrunk’s first Japanese data centre, TOK1.

AirTrunk is a leading provider of hyperscale data centres in the Asia-Pacific and Japan region. The SLL will support the expansion of the TOK1 data centre that is located in Inzai. It was the first Sustainability Linked Loan for a data centre in Japan.

The additional capital further supports AirTrunk’s sustainability commitments, having now raised A$5 billion in ESG financing, all of which G+T has been involved in advising AirTrunk’s lenders. G+T previously advised AirTrunk in 2021 on its A$2.1 billion corporate SLL, which was the largest Sustainability Linked Loan for a data centre globally, the first Sustainability Linked Loan by a data centre operator in the Asia-Pacific region and the first to utilise operating power usage effectiveness (PUE) as a key performance indicator.

The G+T team was led by Banking + Projects Partner, Stuart Cormack. Stuart was supported by consultant Hannah Brellisford and lawyer Cinzia Tisano.

Stuart commented "It was a pleasure to advise Deutsche Bank, Credit Agricole and MUFG on this refinancing that will allow AirTrunk to further expand its global footprint.  AirTrunk continues to be a driver of ESG financing initiatives in the data centre industry. It is very exciting to see the continued emergence of green-financing and to be a part of another milestone transaction for AirTrunk.”