Abu Dhabi-based digital infrastructure firm Zero Two has taken a co-controlling stake in Evolution Data Centres, joining Warburg Pincus in a strategic partnership aimed at accelerating the roll-out of hyperscale-ready, renewable-powered data centres across Southeast Asia.
Zero Two, part of sovereign wealth fund ADQ, is making its first Southeast Asian investment since its 2022 launch. Terms of the transaction were not disclosed. The move follows Warburg Pincus’s initial investment in 2022 under a joint‑venture model to develop sustainable digital infrastructure in undersupplied regional markets.
Evolution has expanded its presence in Thailand, the Philippines and Vietnam since then; all existing and planned facilities are set to operate using renewable energy under Power Purchase Agreements (PPAs) with leading renewable providers. Zero Two brings long-term growth capital to support this expansion.
The deal responds to rising demand for cloud and AI infrastructure in what Warburg Pincus principal Andrew Fitzpatrick identified as “significantly underserved” market segments. Evolution CEO Darren Webb described Zero Two’s entry as accelerating the company’s mission to deliver digital infrastructure across the region. CEO Ahmed Al Hameli of Zero Two said the firm’s strategy aligns with the need to scale energy-efficient, hyperscale computing facilities to meet the rapid rise in cloud and AI demand.
This investment aligns with broader trends in Southeast Asia’s data‑centre market. The sector is expanding swiftly, driven by cloud and AI needs, though it faces issues with energy demand and sustainability. In Malaysia, for example, rapid development of data centres has raised concerns about water and power strains, prompting policies that allow direct sourcing of green energy and premium utility pricing to curb environmental impact. Globally, tech firms are seeking greener operations, but renewable supply and grid reliability remain key constraints.
Further south, data‑centre funding is gaining momentum. Singapore-based Keppel raised S$6.3 billion in private capital in 2025 to invest in education and data-centre assets, targeting $150 billion under management by 2030.
