Haoyang Data Centre secures $590M loan for Thailand AI data center
Hong Kong-listed Zhi Sheng Group Holdings disclosed in a November 5 filing to the Hong Kong Stock Exchange that Haoyang Data Centre 1 (Thailand) Ltd, known as HYDC1, had signed financing facilities of up to $590 million. The Tech Capital, which reported the deal on November 10, says the borrower sits inside a business that Zhi Sheng is seeking to acquire. The filing did not name the lender. Bloomberg describes a leading Thai bank as the lender, and its headline names Bangkok Bank.
The US dollar term loan has an initial tenor of seven years and five months and is meant to cover first-phase construction and development costs, including land, buildings and equipment. A separate THB610 million (about $18.8 million) facility provides working capital. The loan supports a hyperscale AI facility in Thailand's Eastern Economic Corridor on a site of about 140,302 square metres, which the developer says already has its land title deed and largely complete core utility connections.
The revenue base is a 10-year colocation services contract that HYDC1 signed in July with an unnamed international internet company, covering the first of three planned phases. Zhi Sheng values that contract at about $1.6 billion excluding electricity charges. The project targets phased delivery beginning in 2027, and the Thai chairman, Chatchaval Jiaravanon, has said first-phase delivery is due within six months. He reportedly put the loan at $580 million, which differs from the $590 million in the company's announcement.
Why it matters
For founders, the deal shows that lenders will finance AI compute against a signed customer contract, not only against the sponsor's balance sheet. A long-term contract with a large tenant gives lenders contracted revenue before the first phase opens, which is what makes seven-year construction debt workable. Teams that sell capacity can treat a multi-year signed offtake agreement as the document that unlocks project debt.
For buyers and operators, the contract terms carry the financing risk. Delivery schedules, phase definitions and penalties for late delivery matter because the lender's repayment depends on the same timeline. Investors should also separate the borrower from the listed parent: the filing says the target company was not yet a subsidiary and that the acquisition may not complete, so the loan does not confirm control.
Key points
- 1Seven-year, five-month US dollar term loan of up to $590 million for Haoyang Data Centre 1 (Thailand).
- 2Separate THB610 million (about $18.8 million) facility provides working capital for the same project company.
- 3Backing contract is a 10-year colocation agreement worth about $1.6 billion excluding electricity, signed July 2026.
- 4Zhi Sheng disclosed the facilities in a November 5 Hong Kong Stock Exchange filing; the acquisition was still pending.
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