Princeton Digital Group Closes $1.3 Billion Green Financing for Johor JH1

Princeton Digital Group (PDG) announced on 4 November 2026 that it has secured about US$1.3 billion (roughly RM5.1 billion) in green financing for JH1, its 200MW campus at Sedenak Tech Park in Johor, Malaysia. Six banks underwrote the facility: Affin Bank, HSBC, Maybank, OCBC, Standard Chartered and UOB.

What is known

According to PDG’s announcement, the new financing builds on earlier JH1 debt: three banks committed in April 2024, and four banks upsized the facility in October 2025. Proceeds go to the continued development and expansion of the campus. The loan is structured under PDG’s Green Finance Framework and is tied to JH1’s Green Building Index Gold (Design) and LEED Gold (Operations) certifications.

PDG describes JH1 as a campus for high-density AI and cloud workloads. The company said the deal is part of the plan, announced in March 2026, to raise up to $5 billion in debt to deliver contracted capacity across Asia Pacific, and put its total portfolio at more than 1.8GW across eight countries. Its investors include Warburg Pincus, Ontario Teachers’ Pension Plan, Mubadala and Stonepeak. PDG’s chairman and CEO Rangu Salgame said the financing reflects the confidence of the banking partners in the company’s execution and hyperscaler partnerships.

The size was flagged in advance: Bloomberg, as republished by EdgeProp in mid-October, reported that PDG was seeking up to US$1.2 billion over three years against a 198.8MW Johor campus, with HSBC, Maybank, OCBC, Standard Chartered and UOB as lead arrangers. The final figure is higher and Affin Bank joined the group. Press coverage of the original 2024 loan put the first phase at 52MW.

What it means for buyers of capacity

Debt of this size is raised against capacity that is contracted, so it is a signal about supply timing rather than a price. Our Johor guide covers why the market is tight; the same pattern appeared a few weeks ago in DayOne’s $7.2 billion upsizing. Two large operators have now closed multi-billion financings for Johor within a month, which points to phased delivery over the next several years rather than a sudden release of vacant space.

In our catalog, PDG JH1 is listed as operational at 200MW and the planned JH2 at 300MW; the announcement adds nothing on JH2, and we do not infer its timing from this loan. Malaysia has no published wholesale benchmark in the Colocation Price Index yet, so we make no claim about Johor rates. Buyers evaluating Johor should ask operators for energisation dates per phase, since the financing documents do not disclose them.

What we do not know

PDG has not published the loan tenor, pricing, or how much capacity each phase adds. The release names no tenants. It is also unclear how much of the 200MW is already live and how much is pre-let. Differences in reported figures (RM5.1 billion in the press release against RM5.3 billion in some press coverage) reflect currency conversion, and we use the company’s figure.