Adani-EdgeConneX JV partners with 8 global banks with ₹11,520 crore, setting grounds for green data centres

AdaniConneX, a joint venture equally owned by Adani Enterprises and EdgeConneX, secured India's largest sustainability-linked financing arrangement, raising up to USD 1.44 billion (around ₹11,520 crore), the company announced in an official release.

"This successful exercise is a testament to the collective resolve of the parties to meet the challenges of establishing sustainable and robust digital infrastructure, thereby pushing norms and setting new industry benchmarks," said Jeyakumar Janakaraj, CEO of AdaniConneX.

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AdaniConnex announced the financing has an initial commitment of USD 875 million (around ₹7,000 crores), with a feature to extend the commitment up to ₹1.44 billion (approximately ₹11,520 crores).

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The transaction takes AdaniConneX's construction financing pool to USD 1.65 billion (approximately ₹13,200 crores), building on the maiden construction facility of USD 213 million (approximately ₹1,704 crores) executed in June 2023.

Modern technologies and renewable energy solutions will be utilized in upcoming data facilities to reduce the ecological footprint while optimizing operational efficiency, the company claimed.

Internation Banks that collaborated with Adaniconnex

ING Bank N.V., Intesa Sanpaolo, KfW IPEX, MUFG Bank, Ltd, Natixis, Standard Chartered Bank, Societe Generale, and Sumitomo Mitsui Banking Corporation are the eight lenders that the company has entered into definitive agreements with.

"Construction financing is a core element of the AdaniConneX capital management plan, enabling us to deliver a data centre solution firmly rooted in sustainability and environmental stewardship. We are delighted to embark on this journey alongside our esteemed international banking partners."

ING Bank N.V., Intesa Sanpaolo, KfW IPEX, MUFG Bank Ltd., Natixis, Standard Chartered Bank, Societe Generale and Sumitomo Mitsui Banking Corporation acted as Mandated Lead Arrangers. ING Bank N.V. and MUFG Bank Ltd acted as Structuring Banks whereas ING Bank N.V., MUFG Bank Ltd and Sumitomo Mitsui Banking Corporation acted as Sustainability Co-ordinators.

Allen and Overy and Saraf and Partners were the borrower's counsels. The lenders' counsels were Milbank and Cyril Amarchand Mangaldas.