TOK1: Japan's Largest, Most Energy-Efficient Data Campus

AirTrunk has secured a JP¥191.6bn (US$1.24bn) green loan to refinance and expand its TOK1 hyperscale data centre campus in East Tokyo.

This represents the single largest instance of data centre financing ever completed in Japan.

The hyperscale operator will use the funds to refinance existing facilities and develop additional phases at TOK1, which is planned to scale beyond 300MW of capacity.

The new infrastructure will strengthen Japan’s ability to host power-intensive cloud and AI workloads in a more energy-optimised way.

Structured under the company’s Green Financing Framework, the loan will also support the next development stage, adding more than 100MW of IT load to the Tokyo campus while maintaining stringent energy-efficiency targets.

Energy-led financing for hyperscale growth

The loan was coordinated by SMBC, MUFG, Crédit Agricole CIB and Société Générale, with eight additional banks participating as Mandated Lead Arrangers and Bookrunners – including BNP Paribas, The Chiba Bank, DBS Bank, E.SUN Commercial Bank, Mizuho Bank, Natixis, Oversea-Chinese Banking Corporation and United Overseas Bank.

Collectively, these institutions have enabled a new benchmark for Japan’s data centre market.

“Japan is one of the world’s most important cloud and AI markets, and we’re committed to building the digital infrastructure that enables its long-term growth,” says Robin Khuda, Founder and CEO of AirTrunk.

“AirTrunk has been investing deeply in Japan for this reason – to build the hyperscale platform that will underpin the country’s digital future and connect it to the broader region.

“This landmark financing enables us to accelerate the expansion of TOK1 and continue delivering the capacity our customers need today, while preparing Japan for the extraordinary compute demands ahead.”

Driving low-carbon data capacity

The loan builds on AirTrunk’s ongoing investment strategy in Japan, supporting the nation’s transition to low-carbon and digital-ready infrastructure. It follows the announcement of OSK2, a second hyperscale site in Osaka, and the opening of a new Japan headquarters.

With these developments, AirTrunk’s total investment in Japan now exceeds US$8bn. Across its four campuses – TOK1, TOK2, OSK1 and OSK2 – the operator expects to deliver roughly 530MW of total capacity once all facilities are operational.

“This is the largest data centre financing ever completed in Japan and a testament to the deep collaboration between AirTrunk and our banking partners,” says Masato Hori, Associate Vice President Treasury Japan at AirTrunk.

“We’re especially grateful for the strong support from Japan’s leading financial institutions including SMBC, MUFG, Chiba Bank and Mizuho Bank. The structure of the facility reflects our commitment to transparency, sustainability, and innovation in capital markets, and further strengthens AirTrunk’s financing platform across the region.”

Integrating clean energy and finance

AirTrunk’s green loan aligns closely with Japan’s national energy transition strategy. Under its Green Financing Framework, qualifying projects must meet demanding performance indicators ensuring far higher efficiency than local benchmarks. This reduces the energy input needed for equivalent computing power, directly addressing both emissions and energy security.

The initiative supports AirTrunk’s 2030 Net Zero (Scope 1 & 2) target, while margin-linked incentives will be channelled into the AirTrunk Social Impact Fund — backing STEM education, digital equity, biodiversity, innovation and disaster relief across Japan.

“This milestone reflects our credibility of delivering sustainable digital infrastructure at scale and the strength of our relationships with financial markets in Japan,” says Nori Matsushita, Head of Japan at AirTrunk.

“As we expand TOK1, we remain focused on supporting local communities, investing in resilient infrastructure, and contributing to Japan’s digital transformation.”

Powering Japan’s green transformation

The project complements Japan’s Green Transformation (GX) initiative, which aims to mobilise ¥150trn in investments to drive decarbonisation, energy efficiency and next-generation infrastructure.

AirTrunk’s TOK1 expansion directly supports these objectives by linking high-performance computing growth with more responsible energy use.

It also aligns with Japan’s Basic Plan for Artificial Intelligence, which designates hyperscale data centres as critical to both national compute capacity and energy management resilience.