Haoyang secures $590 million for Thailand AI data center

By Daniel Okafor

Haoyang Data Center 1 (Thailand) signed financing facilities worth up to $590 million and THB610 million ($18.8 million), according to Zhi Sheng Group Holdings’ November 5 filing. The borrower entered the agreement with a leading Thai commercial bank that the filing did not name. Zhi Sheng disclosed the facilities to the Hong Kong Stock Exchange in that filing.

The US dollar term loan has an initial term of seven years and five months. The filing said it will finance construction and development costs for the project’s first phase, including land, buildings and equipment. The THB610 million facility will provide working capital for Haoyang Data Center 1.

Availability under both facilities depends on conditions set out in the financing agreement. The filing disclosed neither pricing nor a drawdown timetable. The funding mix has two layers: the $590 million term loan addresses construction and development costs, while the $18.8 million equivalent facility provides working capital. The stated limits do not establish when cash reaches the borrower.

How large is the project?

The filing places the development in Thailand’s Eastern Economic Corridor. Thai investment authorities previously approved a Beijing Haoyang Cloud Data Technology proposal for a 300-megawatt data center in Rayong, according to TechNode. The outlet placed the development within one of Southeast Asia’s fastest-growing data-center markets.

TechNode also reported that Thailand has attracted a series of large cloud and data-center commitments. Operators are seeking capacity for AI and regional digital services, according to the outlet. Thailand’s Board of Investment has approved projects from global and regional developers, TechNode reported. It identified Bangkok and the Eastern Economic Corridor as key locations for new infrastructure.

A linked TechNode report covered $2.7 billion of approved data-center and cloud-services projects in Thailand. That figure shows the wider approval pipeline, while the Haoyang filing remains the specific source for its financing terms.

Why does the acquisition matter?

Zhi Sheng agreed in September to acquire the target company connected to Haoyang Data Center 1. The September acquisition remained incomplete when financing was announced, leaving both the target company and borrower outside Zhi Sheng’s subsidiary structure. Zhi Sheng’s filing said completion of the transaction was not certain.

Zhi Sheng’s filing said the facilities support the project company directly. They do not establish that Zhi Sheng owns or controls the borrower. The financing therefore supports the project without establishing the final ownership outcome, a distinction the filing makes explicit.

Zhi Sheng said the agreement “represented a milestone for the project.” The company also urged shareholders and potential investors to exercise caution because “the acquisition may or may not proceed.” Those statements describe a conditional financing framework and an unresolved ownership transfer.

What remains unresolved?

TechNode placed the Haoyang project among the larger planned developments in Thailand by power capacity. The filing provides a financing framework but gives no updated construction schedule or opening date. It cites the 300-megawatt proposal but provides no phase-one capacity allocation.

Investors need three disclosures to assess execution:

• Lender conditions and future drawdown disclosures will show when committed capital becomes usable.
• The September acquisition outcome will determine whether Zhi Sheng owns the borrower.
• An updated construction schedule and opening date will establish when capacity can enter service.

Until those disclosures emerge, the financing represents conditional lender support for a large Rayong buildout, not completed ownership transfer or a dated opening. The acquisition outcome and first drawdown will test whether the milestone Zhi Sheng described has translated into funded progress.