Princeton Digital Group said it’s looking to raise US$1 billion ($1.37 billion) in debt across multiple projects as the Singapore-based data centre operator seeks to expand its business.
“Given the business momentum and planned growth, the company constantly assesses its capital needs, including raising equity,” a representative for the company said in a statement.
Founded in 2017, Princeton Digital invests in, develops and operates data centre infrastructure in China, Singapore, India, Indonesia, Malaysia and Japan, according to its website. The company operates 21 data centres in 15 cities. Warburg Pincus invested in and helped set up the company, along with Princeton Digital Chief Executive Officer Rangu Salgame and Chief Operating Officer Varoon Raghavan.
Last year, Princeton Digital raised more than US$500 million in a funding round led by Abu Dhabi sovereign investor Mubadala Investment Co., which contributed US$350 million, according to a statement. The data center operator’s existing shareholders Warburg Pincus and Ontario Teachers’ Pension Plan Board also participated. The proceeds were earmarked to strengthen the firm’s presence in Japan, India, Singapore and China and to accelerate its expansion into other parts of Asia.
The company in May agreed to buy land in Malaysia’s southern state of Johor to build a 150-megawatt hyperscale data centre, which will be its first in the country. Princeton Digital plans to invest 2 billion ringgit ($578.2 million) and the first phase is expected to be ready by the second quarter of 2024.
