AdaniConneX achieved financial closure through its maiden construction facility by entering into Financing Framework, raising USD 213 Mn for its under-construction data centerasset portfolio, a press release said on Monday. The tied-up facility will finance two data centerswith an aggregate capacity of 67 MW that includes ‘Chennai 1’ campus with Phase 1 of 17 MW and Noida campus of 50 MW.
India is one of the fastest-growing data center markets in the world, and as per CRISIL estimates the data center capacity in India is expected to double from ~870 MW in FY22 to 1700-1800 MW by FY25. To address the growing need for reliable IT infrastructure, AdaniConneXis investing capital with a mission to build a 1 GW Green Data Center plat form, enabled by hyperscale to hyperlocal data center investments across the country.
The Platform Infrastructure Financing finalized through the Framework Agreement with international lenders shall institutionalize the development agenda for AdaniConneX. ING Bank N.V., Mizuho Bank, Ltd., MUFG Bank, Ltd., Natixis, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation have committed to the facility. The access to the wide pool of liquidity strengthens AdaniConneX strategy to fast-track the implementation of the under-construction asset portfolio in sync with accelerating demand.
The construction facility financestwo data centerprojects in Chennai (Tamil Nadu) and Noida (Uttar Pradesh), with customized enterprise colocation offerings and hyperscale solutions. The ‘Chennai 1’ campuswith ‘Phase 1’17 MW data center capacity is Tamil Nadu’s first pre-certified IGBC Platinum Rated data center providing customized colocation solutions to enterprise segment. The under-construction Noida campus is being implemented with a 50 MW capacityto support strategic expansion needs of hyperscale customers in India.
ING Bank N.V., Mizuho Bank Ltd., MUFG Bank Ltd., Natixis, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation acted as Mandated Lead Arranger, Bookrunner (MLAB). Among other partners, Allen &Overy and Saraf & Partners were the borrower’s counsels. The lenders’ counsels were Clifford Chance and Cyril Amarchand Mangaldas.
