(Reuters) – A consortium of seven financial institutions, including the World Bank’s private investment arm International Finance Corporation, will lend more than $900 million to Yondr Group to develop its hyper-scale data-centre campus in Malaysia, the IFC said on Monday.
The financing comes at a time when investors are eagerly lining up globally to get a piece of the booming data centre space in Asia-Pacific despite rich valuations driven by a rapid surge in demand for artificial intelligence-based services.
The consortium includes Southeast Asia’s largest lender DBS, HSBC, Deutsche Bank, ING, Natixis CIB, and Blackrock’s Global Infrastructure Partners.
The consortium will provide the latest round of financing for the Yondr Group’s 98 megawatts (MW) project in Johor Bahru, the capital city of the southern Malaysian state of Johor where a special economic zone is being planned with Singapore.
The UK-based Yondr’s 72.5-acre data centre project will have a 300 MW capacity once completed, IFC said in its statement.
The IFC had announced a financing package of up to $150 million for the project in May.
(Reporting by Nichiket Sunil in Bengaluru; Editing by Janane Venkatraman)
