AdaniConneX gets $213 mn capital for data center assets

AdaniConneX, an equal partnership between data center provider EdgeConneX with ports-to-power conglomerate Adani Enterprises Ltd, announced on Friday that it had secured a $213 million senior debt facility with input from international banks to fund its 67 MW of under-construction data centers in Noida and Chennai. The project comprises the 'Chennai 1' campus with phase 1 of 17 MW and the 50 MW Noida campus.

This is a boost for India, which is regarded as one of the data center markets with the most rapid growth. ICRA, a rating agency, has predicted that India's data center resources will increase sixfold over the next six years. It is anticipated that approximately 1,500,000 crore rupees will be invested in adding 4,900-5,000 MW of capacity over the span.

The deal's principal arrangers and book-runners were ING Bank NV, Mizuho Bank Ltd, MUFG Bank Ltd, Natixis, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation. Allen & Overy and Saraf & Partners acted as counsel for the borrower. Clifford Chance and Cyril Amarchand Mangaldas served as counsel for the lending institutions.