While the release didn’t give further details, the debt comprises two loans of roughly equal size to fund the expansion of the firm’s data centre campuses in India and South Korea, according to a person familiar with the matter, who asked not to be identified as the matter is private.

“Both facilities carry tenors of between five to seven years,” the person added.

About half the proceeds will fund Singapore-headquartered Digital Edge DC’s project at Navi Mumbai, in the western state of Maharashtra — its first such project in India, the person said.

“The remaining amount will finance its campus in Incheon, located on the outskirts of Seoul, known as SEL2,” the person added.

A spokesman for Stonepeak declined to comment on the specifics of the financing.

Digital Edge DC’s loans are the latest examples of a boom in data centre financing, as companies in Asia Pacific look to meet the growing need for services linked to artificial intelligence (AI).

Data centre developer and operator Yondr Group Ltd in December launched a US$835.5 million five-year facility, while Bain Capital-owned Chindata Group Holdings Ltd is in discussions with lenders for a potential loan of around US$2.8 billion — in what would be its largest bank financing ever.

In its latest capital fundraising exercise, Digital Edge DC also raised some US$640 million in equity from both existing and new investors, the company said in the press release.

“Large institutional players and sovereign wealth funds came in as new co-investors,” it added.

Established in 2020, Digital Edge DC operates 21 data centres across India, Indonesia, Japan, Malaysia, the Philippines and South Korea, according to the press release.