AdaniConneX, a joint venture between Adani Enterprises Ltd. and EdgeConneX, has completed financing for its data center assets currently under construction in India. The company has signed a Financing Framework and has raised $213 million through its first construction facility. This facility will fund two data centers with a total capacity of 67 MW, comprising the “Chennai 1” campus, which has a Phase 1 capacity of 17 MW, and the Noida campus, which has a capacity of 50 MW.
India's data center industry is expanding rapidly, and AdaniConneX hopes to meet the rising demand for dependable IT infrastructure. According to CRISIL forecasts, India's data center capacity will more than double from around 870 MW in FY22 to 1,700-1,800 MW by FY25. AdaniConneX intends to establish a 1 GW Green Data Center infrastructure, which will include investments in hyperscale and hyperlocal data centers throughout the country.
“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 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.”
AdaniConneX's development goals will be institutionalized through the Financing Framework, which will be developed through a Framework Agreement with international lenders. ING Bank N.V., Mizuho Bank Ltd., MUFG Bank Ltd., Natixis, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation are among the banks taking part. The transaction gives AdaniConneX access to a large pool of financing, allowing it to accelerate the deployment of its under-construction data center portfolio in order to satisfy rising demand.
AdaniConneX is committed to delivering a pan-India Data Center platform, focusing on clean and long-term renewable energy solutions to achieve a carbon-neutral footprint. Anil Sardana, director of AdaniConneX, emphasized the company's aim to power the digital infrastructure and revolutionize the sector by combining EdgeConneX's data center expertise and technology solutions with Adani's experience in energy management, renewable power and project development.
“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, and Chief Operating Officer and Co-Founder, EdgeConneX.
The building fund will be used to fund two projects: the Chennai 1 campus in Tamil Nadu and the Noida campus in Uttar Pradesh. The Chennai 1 campus, Tamil Nadu's first pre-certified IGBC Platinum-Rated data center, provides enterprise colocation options. The under-construction Noida campus will have a capacity of 50 MW and will serve the expansion demands of India's hyperscale customers.
