PRINCETON DIGITAL GROUP Secures $230 Million Financing, Charts Out $1 Billion Expansion in China
- Continued progress against an aggressive 300MW expansion plan
- Confirms completion of fully contracted 42MW Shanghai data center campus
- Largest international partner to domestic and international hyperscaler customers in China
SINGAPORE & SHANGHAI–(BUSINESS WIRE)–April 14, 2021–
Singapore-based Princeton Digital Group (PDG), Asia’s leading data center provider, today announced it has secured USD 230 million debt refinancing from China Merchants Bank, as part of its USD 1 billion expansion plan in China.
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Rangu Salgame – Co-founder, Chairman & CEO, Princeton Digital Group (Photo: Business Wire)
The refinancing validates PDG’s momentum, with confirmation of the completion of its fully contracted 42MW Shanghai data center campus. PDG also kicked off construction of its 43MW campus in Nanjing and design work of its 60MW campus in Nantong, and is actively evaluating acquisition opportunities in the Beijing, Shenzhen, and Shanghai areas as part of its 300MW expansion plan. PDG continues to build on its position as the largest international partner to domestic cloud companies in China, with ongoing partnership as they expand across Asia. For international companies, PDG is the only global operator in China offering the scale and service expected from these companies.
“On the heels of our latest round of equity financing from Ontario Teachers’ Pension Plan and Warburg Pincus, this debt from China Merchants Bank is a testament to our ability to successfully execute on our strategy to build and deliver scale across APAC’s fastest-growing markets. Our execution track record has helped us win business from some of the world’s largest cloud companies,” says Rangu Salgame, Chairman and CEO of PDG. “We are delivering on the capacity requirements our hyperscale customers seek, when and where they need it. It is core to our strategy to be the leading data center operator in APAC.”
“China is seeing growth come from both enterprise and hyperscale users of data center colocation. China is home to a number of cloud infrastructure platforms, social media, e-commerce, and content providers that all have multi-MW requirements. This has created a healthy stream of demand that guarantees steady and consistent colocation absorption,” stated Jabez Tan, Head of Research at Structure Research. According to Structure Research estimates, the data center colocation market in China generated USD $13.5 billion in revenue in 2020 and is projected to grow at a 13.6% CAGR in the next five years.
Visit www.princetondg.com for more information about PDG.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210413006080/en/
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