“The private loan, which could have a tenure of around five years, will back the construction of data centres in Johor.

“Discussions remain ongoing, and the deal’s details are subject to change,” the people added, requesting anonymity while discussing a private matter.

However, a spokesperson for Yondr declined to comment.

Yondr’s latest planned financing underscores how tech companies and financiers are bankrolling data centres across Asia to support an accelerating boom in artificial intelligence (AI) development and services.

In August, Mubadala Investment Co said it is investing in the London-based firm, marking the Abu Dhabi wealth fund’s latest foray into the sector.

The world’s biggest corporates are also set to splurge as much as US$60 billion (RM260.27 billion) over the next few years as Southeast Asia’s young populations embrace video streaming, online shopping, and generative AI.

Johor has been a particular beneficiary of this booming demand.

“In May, Yondr raised a loan of up to US$150 million (RM650.65 million) from the International Finance Corp to fund the first phase construction of a data centre campus in Johor’s Sedenak Tech Park,” Yondr said in its press release.

It said the project aims to facilitate regional businesses’ access to AI-cloud workloads and boost digital productivity.

“Shanghai-based company GDS Holdings Ltd is also considering raising around RM10 billion (US$2.3 billion) in loans for its data centre operation in Malaysia,” said Bloomberg in its report earlier, in what would be one of the largest financings for such a project in Asia.