Singapore-based data center provider Princeton Digital Group (PDG), has just secured a 230 million USD debt refinancing from China Merchants Bank to fund its expansion plan in China.

The financing is expected to bolster PDG’s effort in achieving its 1 billion USD expansion plan in China. Already, the company has confirmed the completion of its 42MW Shanghai data center campus. PDG has also commenced the construction of its 43MW campus in Nanjing and design work of its 60MW campus in Nantong.

“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,” said Rangu Salgame, Chairman and CEO of PDG.

“Our execution track record has helped us win business from some of the world’s largest cloud companies. 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.”

As part of its expansion in Asia, this announcement follows PDG’s plan to build one of the largest new greenfield campuses in the Mumbai region, its first data center in India. This PDG Navi Mumbai project is expected to offer up to 48MW of critical IT capacity across two buildings.

Scheduled to be service ready in 2022, the new Navi Mumbai campus is targeted at hosting hyperscalers including internet and cloud companies in the Mumbai region, with infrastructure built to hyperscale design to support the scale requirements of such customers in the region.

The company further disclosed that it is actively evaluating acquisition opportunities in the Beijing, Shenzhen, and Shanghai areas as part of its 300MW expansion plan in China.