APAC Data Centre Weekly

Editor’s note

Australia Raised The Money. Indonesia Poured The Concrete.

Lee Heggan · Editor · Week of 21 September 2026

When EdgeConneX cut the ribbon on its 120MW Jakarta campus in February 2024, that was the week Indonesia's hyperscale market stopped being theoretical. The country had about 530MW standing by the end of that year and runs circa 550-600MW today. This week BDx broke ground on one campus — CGK4, AI Campus 2, at Jatiluhur in West Java — at 640MW, with 845MVA already contracted from PLN and the first 120MW building due early 2027. One site, bigger than the whole country's live base.

That matters because it is June's paper turning into steel. BDx signed 1.2GW of PLN supply agreements three months ago, the largest power commitment in Indonesian data centre history, and the fair question then was whether any of it would energise. Contracted grid power, a phased build, a dated first tranche: that sits on the funded side of the line. One caveat on our own numbers — we carry Indonesia at roughly 110MW under construction and have no row for this site. That is a gap in our record, not a doubt about the project.

Australia, meanwhile, raised money. Operators there have taken on AU$35bn of debt this year. AirTrunk is reportedly chasing a US$1.6bn loan behind its Singapore REIT listing — the September-October window it flagged in July, so on schedule. And BlackRock and IFM are in exclusive talks for STACK's APAC platform at about $25bn, which would top the $16bn AirTrunk deal of September 2024. Remember what that price buys: we track STACK at 42MW live against roughly 750MW planned. You are paying for contracts and land, not running load.

The paper kept coming too. CDC proposed a 1.4GW, A$15bn campus near Wagga Wagga. In March it broke ground on 504MW at Marsden Park for A$1.4bn — that one is building. Wagga Wagga is larger than everything we track for CDC across Australia and New Zealand, on a regional site with no date and no disclosed power deal. Same week Amazon won approval for a A$2.17bn Sydney facility and GreenSquare signed Sharon AI as SYD1's first tenant. Australia's under-construction book is 2.3GW against circa 1.6GW live, with an ~11.3GW pipeline behind it.

And permission got more expensive. Victoria wants operators to secure their own renewable supply, the federal guidelines push grid-citizen obligations, and AirTrunk and CDC are themselves asking for national rules with real accountability. Read that as funded operators wanting a screen: clear rules cost them some flexibility and cost undated gigawatt proposals rather more. Thailand's licensing bill, which appeared this week, is the same instinct arriving after the 49-project freeze.

Sources this week