Firms have advised on a Singapore-Thai joint venture’s USD880 million green loan to fund the development and construction of a data centre in Chonburi in the largest such project financing completed in Thailand to date.
Singapore-based Digital Edge and Thai conglomerate B.Grimm Power are jointly developing the data centre. White & Case, Chandler Mori Hamada, Baker McKenzie Thailand and Milbank advised parties involved in the project.
White & Case assisted the lenders, which comprised Bangkok Bank, Bank of Ayudhya, HSBC, Kasikornbank, Mizuho, Natixis CIB, Siam Commercial Bank, Sumitomo Mitsui Banking Corporation (SMBC) and Standard Chartered.
Partner Tim Fourteau, who led the team alongside senior associate Maxine Ma, told Asia Business Law Journal that “the financing was structured under Digital Edge’s green financing framework, which is designed to support the company’s 2030 carbon neutrality target”.
He added that the value of the financing was a key highlight.
“The transaction is the largest data centre project financing closed in Thailand to date and the third in a series of green loan deals by Digital Edge in the Asia-Pacific that have each set national records, following earlier transactions in South Korea and Indonesia,” he said.
Chandler Mori Hamada acted as co-lead counsel to the lenders, with co-managing partner V Joseph Tisuthiwongse spearheading the team.
Baker McKenzie Thailand served as Thai legal counsel to Digital Edge and B.Grimm Power with Bangkok-based partner Napas Na Pombejra leading the team.
Milbank also represented Digital Edge and B.Grimm Power, with the team led by Singapore partner James Orme and special counsel Rosaline Yusman.
The 100MW BKK Campus data centre is designed to support AI and data-intensive workloads at scale. The first building (BBK1) is scheduled for completion in the fourth quarter of 2026, followed by the second building (BKK2) in the second quarter of 2027.
