ING Seeks to Sell $500 Million of Data Center Loans: Report
ING is seeking buyers for roughly $500 million of data center loans, including debt tied to the Stargate artificial intelligence infrastructure project, as investors reassess the sector following the US midterm elections, Bloomberg reported.
The Dutch lender is soliciting offers for about a dozen loans through a competitive bidding process, Bloomberg said, citing people familiar with the matter. Bids are due November 19, with a minimum size of $10 million.
The proposed sale includes a $25 million loan portion backing a New Mexico data center that forms part of Stargate, the infrastructure initiative involving OpenAI, SoftBank Group and Oracle. Loans tied to Vantage Data Centers and CyrusOne are also being offered.
The auction would test demand for data center debt after a sharp retreat from investments linked to the AI expansion. Bloomberg described it as among the first auctions devoted exclusively to loans in the sector. The report did not disclose indicative prices or discounts on the debt.
Concerns over construction restrictions intensified after Democrats swept the US midterm elections. Texas’ Democratic governor-elect has called for an immediate moratorium on data center construction, Bloomberg reported, raising uncertainty in a state that has attracted substantial investment from developers.
The Nasdaq 100 fell 6.4% on November 5, erasing about $2.3 trillion in market value, according to Bloomberg. High-yield bonds tied to CoreWeave (NASDAQ: CRWV) and Galaxy Digital were also among the hardest hit as investors reduced exposure to the AI infrastructure buildout.
The New Mexico project faces additional uncertainty. Oracle sent its developer a notice invoking force majeure, Bloomberg previously reported. Such provisions can offer contractual protection when extraordinary events prevent a party from meeting its obligations.
OpenAI identified Doña Ana County, New Mexico, as one of five new Stargate locations announced in September 2025. That expansion formed part of a broader plan to develop computing capacity across the US.
ING has been an active lender to the industry. Its wholesale banking business says it has supported more than 200 data center transactions globally, placing the bank among the financial institutions exposed to the sector’s growing capital requirements.
The bank has also used risk-sharing arrangements to manage its lending portfolio. PGGM announced on October 13 that it had entered a transaction with ING referencing €5 billion of project finance loans across Europe, the Middle East, Africa and Asia-Pacific.
That agreement provides capital relief and allows eligible new loans to be added over time, according to PGGM. The reference portfolio’s size represents the loans covered by the arrangement, rather than the amount of credit risk transferred.
