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Green Finance / Treasury & Capital Markets
ING leads US$875 million India data centre SLL
Ground-breaking AdaniConneX facility includes US$1.44 billion accordion feature
The Asset 30 Apr 2024

Dutch lender ING, in its role as mandated lead arranger, structuring bank and sustainability coordinator, has arranged a US$875 million sustainability-linked loan (SLL) for AdaniConneX, a joint venture (JV) between Adani Group and EdgeConneX.

This financing sets a new benchmark for India’s data centre sector as the largest amount raised for a data centre project in India and marks the first use of an SLL in the country’s data centre sector. The financing has an initial commitment of US$875 million, with an accordion feature to extend its commitment up to US$1.44 billion.

The financed project involves the development of three state-of-the-art data centres in Pune and Hyderabad, aiming to deliver a combined capacity of 144 megawatts. This initiative is part of the JV’s broader strategy to establish 1 gigawatt of data centre capacity across India by 2030, positioning it as a leader in India’s burgeoning digital infrastructure space.

ING, alongside MUFG and SMBC, which also served as sustainability coordinators, assisted the JV in integrating rigorous sustainability benchmarks and ambitious key performance indicators (KPIs) as part of the SLL.

The loan is linked to three critical KPIs that are relevant to the data centre sector: energy efficiency, renewable energy adoption and safety standards. This approach underlines the JV’s commitment, it says, “to supporting sustainable and responsible infrastructure development, which is pivotal as India advances its digital economy”.

Anju Abrol, the lender’s CEO and head of wholesale banking for Asia-Pacific, adds: “This ground-breaking SSL will support AdaniConnex in transforming India into a global data centre hub and is well aligned with their sustainable growth ambitions. We want to create a positive impact in the net-zero transition and are proud to set a new industry standard in a growing digital infrastructure market.”

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