AdaniConneX, a joint venture between Adani Enterprises and EdgeConneX, is on the brink of securing a substantial offshore loan of between USD 900 million to USD 950 million to expand its data centre operations, according to media reports.
The six-year loan, negotiated with a consortium of eight international banks including prominent names like MUFG Bank, Sumitomo Mitsui Banking Corp (SMBC), and Standard Chartered Bank, is expected to be finalised early this week.
The financing, bearing an interest rate of 250-260 basis points over the Secured Overnight Financing Rate (SOFR), currently at 5.3 per cent, will fuel the company's ambitious plans to set up 1 GW of data center capacity across several major Indian cities such as Hyderabad, Chennai, Noida, and Pune over the next decade. This move is a strategic part of AdaniConneX's commitment to raising USD 5 billion by 2030 to support this expansion.
The loan attracted an oversubscription with commitments of over USD 2 billion, demonstrating strong lender confidence in the venture and its growth prospects. This development follows a previous round where AdaniConneX raised USD 213 million last year for constructing two data centers, which now have a combined capacity of 67 MW.
The data centre sector in India is experiencing rapid growth, with Crisil estimating a doubling of capacity from 870 MW in FY22 to between 1,700 and 1,800 MW by FY25.
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