Princeton Digital raises $500 million

Princeton Digital Group, a Warburg Pincus-backed Asian data centre operator, has raised $500 million in an equity investment round led by Mubadala, an Abu Dhabi state fund, confirming the sector’s appeal as demand from global cloud providers supports its expansion.

The Singapore-based firm said in a statement on Tuesday that PDG, which was founded by the company’s chairman Rangu Salgame and Chief Operating Officer Varoon Raghavan with Warburg Pincus in 2017, will expand its footprint in its operating areas of Singapore, India, China, Japan, and Indonesia.

PDG has received a $350 million investment from Mubadala Investment Company, with current supporters Warburg Pincus and the Ontario Teachers’ Pension Plan Board also participating in the $500 million fundraising effort, according to PDG.

Over the next five years, the finance will allow PDG to more than treble its secured capacity of 600 megawatts.