Evolution DC TH (IFC-48198)

Countries
  • Thailand
Geographic location where the impacts of the investment may be experienced.
Specific Location
Bangkok
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 15, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Evolution DC (Thailand) Co. Ltd.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Communications
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 420.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 29, 2025

Disclosed by Bank Nov 14, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, Evolution DC (Thailand) Co. Ltd. is developing, constructing, and will operate a 52MW data center in Bangkok, Thailand. The project construction is being supervised by Project Managers, a third-party company.The project involves the greenfield development of a data center across approximately 5,000 square meters of land, comprising two phases: Phase I is a four-story building, and Phase II is a three-story building. Construction of the Phase I building commenced in December 2024 and is expected to be completed in the third quarter of 2026. The Phase II building is currently in the initial stages of development, with construction scheduled to commence in mid-2026. This timeline may overlap with the completion of the Phase I building.

Upon completion, data center space will be leased to customers who will store their own data equipment. The Project Company will remain as the landlord, retaining responsibility for housekeeping of public areas and site security, both of which will be outsourced to an asset management company. The Project Company will not be involved in the operations of the tenants.

IFC is considering a loan of up to US$150 million to the Project Company, to be disbursed in phases. The phase I investment will comprise up to US$20 million to support the acquisition of project land and part of core and shell capex, while details regarding subsequent phases are yet to be defined.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC's Policy on Environment and Social Sustainability (2012) because it will have limited adverse E&S impacts that are few, site specific, largely reversible, and readily addressed through existing mitigation measures. Key E&S aspects identified include: i) capacity to develop and implement an ESMS aligned with IFC PSs; ii) labor practices, working conditions, and OHS, including contractor management; iii) energy and water use and cooling systems efficiency and carbon footprint; iv) emergency preparedness; and v) life and fire safety.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The total project cost is estimated at US$[420] million, which will be financed by (i) an IFC Loan of up to US$[150] million, (ii) additional loans to be provided by other lenders, and (iii) equity for the remaining balance.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Evolution Data Centres (the “Sponsor”) is a hyperscale-oriented data center (“DC”) platform focused on serving underserved, high-growth markets in Southeast Asia. To facilitate its expansion in Thailand, EDC established the subsidiary Evolution DC (Thailand) Co. Ltd. in partnership with Central Pattana Public Company Limited, which holds a 15% stake in the Project Company. The remaining 85% is held by EDC’s holding entity. Together, they are developing, constructing, and will operate a 52MW data center in Bangkok, Thailand.

Evolution DC (Thailand) Co. Ltd. is 85% held by Evolution DC Thailand Holdings Pte. Ltd, which is ultimately held by Warburg Pincus (98.5%) and EDC management (1.5%). Remaining 15% shares in the Project Company is held by Central Pattana Public Company Co., Ltd.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Evolution DC (Thailand) Co. Ltd. Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Evolution DC (Thailand) Co. Ltd. 
Ed Martin-Sperry
CIO
+65 9772 0004
ed@evolutiondatacentres.com
Evolution Data Centres, Level 13, The Octagon, 105 Cecil Street, Singapore
https://evolutiondatacentres.com/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works