Infra lends Humain up to SAR 2.5 bn for GPUs and grid infrastructure sized for 1 GW

Humain is borrowing more for power than for chips: Saudi Arabia’s National Infrastructure Fund (Infra) has signed two financing facilities worth SAR 2.5 bn (USD 667 mn) with the AI company, according to a press release. SAR 1.4 bn will fund substations, transmission infrastructure, and grid connections designed to support up to 1 GW of future data center capacity. The remaining SAR 1.1 bn or so will finance GPUs for about 25 MW of IT load.

These are the first loans under Infra’s AI data center program: They build on a non-binding framework of up to USD 1.2 bn that Infra and Humain announced at Davos in January. Infra’s AI Data Center Financing Program offers corporate capex loans and project finance. Borrowers need a minimum of 50% of capacity contracted or in advanced negotiations at financial close.

Humain has other money lined up. Aramco invested USD 2.6 bn for a 49% stake in Humain, which closed earlier this month, and PIF keeps 51%. Humain is also raising a domestic data center fund seeking an initial USD 2.5 bn, with BSF Capital managing its debt-and-equity structure. A separate fund will finance GPUs and other IT equipment, CEO Tareq Amin told us in October.

The project pipeline is already taking shape: Humain has awarded Al Moammar Information Systems a c. SAR 8.76 bn contract to build 250 MW of AI data centers through phased work orders. For Humain’s planned 6 GW campus in east Riyadh’s Al Saad area, Al Yamama secured the contract for the power network, two substations, and a 2k MVA bulk supply point.

Infra’s financing is a small slice of what Humain plans to build. Humain is targeting 1.7 GW of data center capacity in 2027 and around 3 GW by 2030. It puts building costs at USD 10-12 mn per MW. At that rate, 1.7 GW would cost USD 17-20 bn to build, by our math.