AirTrunk lands A$4.25bn green loan from 32 lenders for Sydney SYD3 campus

AirTrunk announced on Tuesday 27 October 2026 that it had closed a A$4.25 billion green loan to keep developing SYD3, its hyperscale campus in Western Sydney. The company said 32 local and international institutions joined the lending group, which it called one of the biggest put together for an Australian data centre financing. Fourteen banks underwrote the debt, among them National Australia Bank, ING and Deutsche Bank. Sumitomo Mitsui Banking Corporation, HSBC and United Overseas Bank coordinated the green elements.

The loan carries margin adjustments tied to its green structure. AirTrunk said any money saved through those adjustments will be channelled to its social impact program, which backs local charities. Second Order by TKN noted that the announcement gave no tenor, interest rate or drawing schedule, and did not name SYD3's tenants.

SYD3 is planned at more than 400 MW, with 42 data halls and 70,000 square metres of technical floor on 8.3 hectares. Forbes Australia reported that AirTrunk first announced it in 2021 at more than 320 MW before adding about 80 MW. A W Edwards is leading construction, which is under way, and AirTrunk expects completion by mid-2028. The company expects the project to support more than 10,000 jobs. It is staging and pre-commissioning equipment in a 25,000 square metre buffer zone in Western Sydney and has chartered vessels to deliver gear to Port Botany and Port Kembla.

AirTrunk put its total committed debt at about A$38.4 billion worldwide after the deal, with more than A$19.8 billion of that for Australian projects. It runs five Australian campuses with more than 1.2 GW of capacity, has invested over A$12 billion locally and plans a further A$75 billion across the next decade. Blackstone has owned the company since 2024. Forbes Australia said the new debt is just over five per cent of that planned spend.

The raising follows a rough stretch for the sector. Forbes Australia reported that Jemena delayed grid upgrades needed for NEXTDC's M3 data centre in West Footscray, that NEXTDC cut its revenue outlook as a result, and that the company warned it may not be able to draw all of its $8.75 billion debt facility. Forbes also said Goodman Group recently cancelled a $1.2 billion facility at Lane Cove. W.Media reported that AirTrunk put off a Singapore REIT listing that could raise around US$1.5 billion as technology and AI shares sold off, with reports pointing to early 2027. The Rent and Yield reported the final amount came in just under the A$4.3 billion facility AirTrunk was reported to be negotiating in June.

AirTrunk's Tom Mackellar said SYD3 is "a long-term investment in Western Sydney and Australia's digital capability, backed by the confidence of leading Australian and international banks". Founder and CEO Robin Khuda, according to The Rent and Yield, framed the raising as evidence of "a flight to quality in an increasingly selective capital market."