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Adani-EdgeConneX JV to expand data centre business, plans USD five bln investment

Friday, 19 Apr 2024
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Adani Enterprises (AEL) plans to expand its data centre business, and in this regard, AdaniConneX, the equal joint venture between AEL and Sweden’s EdgeConneX, will invest USD five billion in the next five years, of which more than half may be infused in this year itself. 

AdaniConneX plans to develop one GW of data centre capacity before 2030. It is in talks with several international banks to raise USD 1.2-1.4 billion in an offshore loan to ramp up growth plans expected to be closed shortly. The proposed expansion of the data centre business comes on the back of rapid acceleration in AI-led businesses.

The Noida and Hyderabad facilities have seen significant work, as also the second phase of the data centre in Chennai, which has 17 MW live capacity. The firm has also tied up with global technology giants to achieve its growth targets.

In June 2023, AdaniConnex had raised USD 213 million through a debt facility to finance the construction of the 67 MW data centre portfolio in Noida and Chennai. It soon signed a MoU to acquire two-wholly owned subsidiaries of Adani Power for Rs 540 crore. 

The Noida data centre is being established with a 50 MW capacity to meet expansion needs of hyperscale customers, while the Chennai data centre aims to scale up to 33 MW. Its other data centres are located in Mumbai, Pune, and Vizag.

Earlier this month, EdgeConneX said it had secured USD 1.9 billion in sustainability-linked financing to support digital infrastructure expansion in Europe, the Middle East and Africa. Data localisation will likely push investment in data centres in India.

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