Global Infrastructure Partners (GIP) is in talks with lenders to raise about USD 560m in private credit to finance a greenfield data centre in Thailand, four sources familiar said.

The BlackRock-owned infrastructure manager is co-developing the project with Thailand’s True IDC, two of the sources said.

GIP is working with around five to six lenders, including banks and credit funds, to form a mandated lead arranger and bookrunner group, the second and third sources said.

A Thai subsidiary of video streaming platform TikTok is likely to be the data centre’s customer, said two of the sources and a fifth source familiar with the deal.

The data centre, to be located in Bangkok, is likely to offer nearly 100 MW of capacity once completed, the sources said.

The project would mark GIP’s first in greenfield data centre development globally.

In May, GIP announced a strategic partnership with True IDC, a data centre provider under Thai conglomerate CP Group. True IDC plans to deploy over USD 1bn in data centres over the next three to five years. It has an existing 20 MW AI hyperscale facility, also launched in May.

Currently, GIP’s sole data centre investment is Texas-based CyrusOne, which GIP took private alongside KKR in 2022, valuing the business at USD 15bn including debt.

In Asia, GIP counts Indian telecommunications tower company Ascend Telecom Infrastructure as its only digital investment in the region, according to its website.

GIP declined to comment. True IDC, CP Group and Tiktok did not respond to requests for comment.