Adani-EdgeConneX JV enters deal to raise $213 million for two data centres

The framework will finance two data centers with an aggregate capacity of 67 MW including one in Chennai with Phase 1 of 17 MW and another in Noida of 50 MW

Data centre provider AdaniConneX, a 50:50 joint venture (JV) between Adani Enterprises and EdgeConneX, on Friday announced sealing the largest data centre financial deal in India. In a regulatory filing, the company said that several banks have agreed to enter into a financial framework with the company, helping it raise $213 million for its under-construction data centres.

The tied-up facility will finance two data centres with an aggregate capacity of 67 MW. This includes the Chennai 1 campus with Phase 1 of 17 MW and the Noida campus of 50 MW.

"ING Bank NV, Mizuho Bank, MUFG Bank, Natixis, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation have committed to the facility," the company said in the BSE filing.

"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 centre capacity of 1 GW by 2030," said Jeyakumar Janakaraj, chief executive officer (CEO) at AdaniConneX.

According to the filing, "ING Bank NV, Mizuho Bank, MUFG Bank, Natixis, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation acted as mandated lead arranger, book-runner (MLAB) for the deal.

Allen & Overy and Saraf & Partners were the company's counsels. The banks' counsels were Clifford Chance and Cyril Amarchand Mangaldas.

"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," said Edmund Wilson, chief operating officer and co-founder at EdgeConneX and director at AdaniConneX.

"Leveraging Adani's proven infrastructure experience and EdgeConneX data centre record, we are keen to play an integral and pivotal role - bringing in a digital revolution."