Haoyang Data Center 1 (Thailand) has signed financing facilities worth up to $590 million and THB610 million ($18.8 million) to support the first phase of a large data-center project in Thailand.

Zhi Sheng Group Holdings disclosed the facilities in a November 5 filing to the Hong Kong Stock Exchange. The borrower entered into the agreement with a leading Thai commercial bank, which was not named in the filing.

The US dollar term loan has an initial term of seven years and five months. It is intended to finance the construction and development costs of the project’s first phase, including land, buildings and equipment, according to the filing.

The THB610 million facility will provide working capital for Haoyang Data Center 1. Availability under both facilities is subject to conditions set out in the agreement, and the filing did not disclose pricing or a drawdown timetable.

The project is being developed 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, placing the development within one of Southeast Asia’s fastest-growing data-center markets.

Zhi Sheng agreed in September to acquire the target company connected to Haoyang Data Center 1, but that acquisition had not been completed when the financing was announced. The filing explicitly states that the target company and Haoyang Data Center 1 were not yet subsidiaries of Zhi Sheng and that completion of the acquisition was not certain.

The financing therefore supports the project company directly and should not be treated as confirmation that Zhi Sheng owns or controls the borrower. Zhi Sheng said the agreement represented a milestone for the project while reiterating that shareholders and potential investors should exercise caution because the acquisition may or may not proceed.

Thailand has attracted a series of large cloud and data-center commitments as operators seek capacity for AI and regional digital services. The country’s Board of Investment has approved projects from global and regional developers, while Bangkok and the Eastern Economic Corridor have become key locations for new infrastructure.

The Haoyang project is among the larger planned developments by power capacity. The first-phase loan agreement provides a financing framework, but the filing did not give an updated construction schedule or opening date.

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