Ahmedabad, India, 26 June 2023: AdaniConneX achieved financial closure through its maiden construction facility by entering into Financing Framework, raising USD 213 Mn for its under-construction data center asset portfolio. The tied-up facility will finance two data centers with 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, AdaniConneX is investing capital with a mission to build a 1 GW Green Data Center platform, 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 is the key ingredient of AdaniConneX capital management plan, providing the pathway for us to deliver on-time a reliable and sustainable data center capacity of 1 GW by 2030,” said Mr Jeyakumar Janakaraj, CEO of AdaniConneX. “The achievement marks a significant milestone in developing this transformative initiative, which is set to revolutionize the digital infrastructure in India.”
“We are committed to delivering a pan-India Data Center platform,” said Mr. Anil Sardana, Director of AdaniConneX (Adani representative on the board). “The facility shall encourage overall implementation philosophy to power the digital infrastructure by delivering clean and long-term renewable energy solutions aiming toward a carbon-neutral footprint. EdgeConneX extensive data center expertise and industry-leading technology solutions combined with Adani’s expertise in full-stack energy management, renewable power, and project development are set to transform the sector.”
“We welcome the banking partners through their participation with AdaniConneX. We are excited about our overall journey with Adani in India that has started with a robust implementation plan and a tremendous customer pipeline that will quickly establish AdaniConneX as the leading digital infrastructure platform for all of India. Leveraging Adani’s proven infrastructure experience and EdgeConneX data center record, we are keen to play an integral and pivotal role - bringing in a digital revolution,” said Edmund Wilson, Director – AdaniConneX (Chief Operating Officer and Co-Founder, EdgeConneX).
The construction facility finances two data center projects in Chennai (Tamil Nadu) and Noida (Uttar Pradesh), with customized enterprise colocation offerings and hyperscale solutions. The ‘Chennai 1’ campus with ‘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 capacity to 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.
 IGBC: Indian Green Building Council