Milbank LLP represented a joint venture subsidiary of the project sponsors Digital Edge (a Stonepeak portfolio company) and B.Grimm Power, in connection with the US$880 million green loan financing for the development of the 100 MW BKK Data Center Campus in Chonburi, Thailand – the largest financing secured for a data-center project in Thailand. The financing was provided by Bangkok Bank, Bank of Ayudhya, HSBC, KASIKORNBANK, Mizuho, Natixis CIB, Siam Commercial Bank, SMBC and Standard Chartered.
Located within Thailand's Eastern Economic Corridor, the BKK Campus will deploy AI and cloud workloads at scale, directly supporting Thailand's national digitalization strategy. The financing is arranged in accordance with Digital Edge’s Green Financing Framework, supporting the company’s ambition of reaching carbon neutrality by 2030 while also reflecting B.Grimm Power’s decarbonization goals in Thailand. The campus will be developed in phases. The first building (BKK1) is scheduled to be ready for service by Q4 2026, with the second building (BKK2) to follow in Q2 2027.
"This landmark transaction demonstrates the growing convergence of sustainable finance and digital infrastructure investment in Asia-Pacific," said Milbank Global Project, Energy and Infrastructure Finance partner James Orme. "The transaction reflects the deep market confidence in this project and in the sponsors' shared commitment to delivering AI-ready, low-carbon infrastructure at scale."
"Milbank is very pleased to have advised on this benchmark green loan that brings together leading sponsors and a high‑quality lending group to support Thailand’s digital economy," added Milbank’s Asia Managing Partner David Zemans. "Working with Digital Edge and B.Grimm Power on a transaction of this significance has been a privilege, and we are delighted to have supported our clients in achieving this important milestone that advances their commercial and sustainability objectives."
The Milbank team was led by Mr. Orme and Mr. Zemans and included special counsel Rosaline Yusman, of counsel Desiree Woo, and associates Lewis Blundell and Lauren Kava.
Milbank's Digital Infrastructure Practice Group is a leading legal advisor on digital infrastructure transactions across the entire value chain – from GPU procurement to powered land, data centers, buy-side/sell-side and capital raises (debt/equity) throughout the capital stack.
