US data centre operator Equinix has issued S$500 million ( US$375.35 million ) in green bonds in its inaugural offering in the Singaporean market, becoming the first US corporate to access the Singapore dollar market in over five years.

The company will use the green bonds to advance its longstanding commitment to sustainability, and to further the operational efficiency of its portfolio.

It issued S$500 million 3.50% senior notes due 2030. The offering closed on March 13. Including this latest issuance, the company has issued a total of approximately US$7.3 billion of green bonds globally.

It intends to allocate an amount equal to the net proceeds from the green bonds to finance or refinance, in whole or in part, recently completed or future eligible green projects. Its allocation strategy includes covering project expenditures up to two years before the issuance of the green bonds and three years following the green bond issuance.

These projects, which form the backbone of the company’s sustainability mission, span a wide range of impactful categories – from green building development and renewable energy innovations to advanced energy efficiency, resource conservation and cutting-edge decarbonization solutions.

DBS Bank and Standard Chartered Bank served as joint global coordinators, joint lead managers and bookrunners, while, HSBC and OCBC served as joint lead managers and bookrunners. DBS Bank also served as sole green bond structuring agent.

“As AI  [artificial intelligence] adoption accelerates, advancing energy efficiency and integrating the latest sustainability innovations at our data centres becomes increasingly critical,” says May Leong, the company’s managing director for Singapore. “The issuance of our inaugural green bonds in Singapore underscores our commitment to designing and building energy-efficient infrastructure, and reducing our carbon footprint.

“Equinix has always been a strong proponent of Singapore’s National AI Strategy and Green Plan 2030, and this milestone reinforces our dedication to advancing the nation’s AI vision responsibly and sustainably through our vibrant AI marketplace.”