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regular-article-logo Monday, 17 June 2024

AdaniConneX raises $1.44 billion to build data centres

'The transaction raises AdaniConneX’s construction financing pool to $1.65 billion, building on the maiden construction facility of $213 million executed in June 2023'

PTI New Delhi Published 29.04.24, 07:38 AM
Gautam Adani

Gautam Adani File Photo

An equal joint venture between Adani Enterprises and private data centre operator EdgeConneX said on Sunday it has secured financing from lenders of up to $1.44 billion to build data centres. AdaniConneX, the joint venture, last year raised $213 million to fund data centres under construction.

Adani Enterprises, the flagship of billionaire Gautam Adani-run conglomerate, is investing around $1.5 billion in its fledgling data centre business in the next three years. Its joint venture with EdgeConnex plans to build nine data centres with a total capacity of 1 gigawatt by 2030 to provide infrastructure for the booming digital services demand.

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In a statement, the firm said the “financing has an initial commitment of $875 million, with an accordion feature to extend commitment up to $1.44 billion.”

“The transaction raises AdaniConneX’s construction financing pool to $1.65 billion, building on the maiden construction facility of $213 million executed in June 2023,” it said.

AdaniConnex, which has only one operational data centre in Chennai so far, has completed almost two-thirds of the construction in the Noida and Hyderabad facilities.

“The upcoming data centre facilities will employ state-of-the-art technologies and renewable energy solutions to minimise the ecological footprint while optimising operational efficiency.

“The sustainability-linked financing reinforces AdaniConneX’s commitment towards driving a safety-first culture, delivering world-class Power Usage Effectiveness by adopting global best practices, and leveraging renewable energy resources,” it added.

A key feature of the facility is the innovative solution of a syndicated guarantee-backed assurance programme in sync with the procurement strategy.

Definitive agreements have been executed with eight international lenders — ING Bank NV, Intesa Sanpaolo, KfW IPEX, MUFG Bank Ltd, Natixis, Standard Chartered Bank, Societe Generale, and Sumitomo Mitsui Banking Corporation.

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