(Oct 28): Zankore, an Indonesian artificial intelligence infrastructure platform backed by Nvidia Corp, is syndicating a US$3.1 billion (RM12.65 billion) loan to the broader market, according to people familiar with the matter, adding to a flurry of financing for Asia’s AI buildout.

The five-year loan, which funds the purchase of graphics processing units for Zankore’s new AI factory, will pay an interest margin of 330 basis points over the Secured Overnight Financing Rate, said the people, who asked not to be identified discussing private matters. United Overseas Bank Ltd and Citigroup Inc are among the five original underwriters marketing the deal, with other banks invited to join in the senior phase as underwriters or bookrunners, the people said.

Citigroup and UOB declined to comment while Zankore did not respond to requests for comment.

The deal adds to a wave of debt financing backing Asia’s AI infrastructure boom, as regional lenders increasingly look beyond data centre construction to financing GPUs. Moody’s Ratings expects at least US$3 trillion in data centre-related investment over the next five years, even as investors scrutinise lofty AI valuations.

Blackstone-owned AirTrunk secured a A$4.25 billion (RM12.19 billion) green loan for a Sydney data centre campus while Blue Owl Capital-owned Stack Infrastructure Inc is seeking a A$8.6 billion facility for a buildout in Melbourne.

Zankore’s financing is supported by a six-year contract with Nvidia that includes revenue sharing and credit support, helping reduce lenders’ repayment risk, the people said. The arrangement applies to any unsold compute capacity from an initial 100MW, they said.

US fintech companies are the offtakers, buying GPU compute capacity from Zankore, the people added.

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