Record PRJ-006National — multi-site financingTier B — capital record, not a facility11 public sources cross-checked
Closed 28 Apr 2024Financing recordSustainability-linked8 international lenders
$1.44bn
Facility ceiling
$875m
Initial commitment
$1.65bn
Total pool
144MW
Funded capacity
8
Lenders
2
Cities: Pune, Hyderabad
On 28 April 2024, AdaniConneX — the 50:50 joint venture of Adani Enterprises and EdgeConneX — closed India's first and largest sustainability-linked financing in the data-centre sector: up to US$1.44 billion, with US$875 million committed initially and an accordion feature to extend to the full amount. Eight international lenders are party. The facility is asset-specific — it funds three data centres in Pune and Hyderabad totalling 144 MW. This is a capital record, not a facility, and carries no data-centre capacity of its own.
1At a glance
Record ID
PRJ-006 — Gridvik India Data Centre Registry
Record
AdaniConneX construction financing framework
Borrower
AdaniConneX — 50:50 joint venture of Adani Enterprises Limited and EdgeConneX
Nature
A financing milestone. No data-centre capacity of its own — the capacity it funds is recorded against the relevant facility records
Ceiling
US$1.44 bn (approximately ₹11,520 crore)
Initial commitment
US$875 m (approximately ₹7,297 crore), with an accordion feature to extend to US$1.44 bn
Total construction pool
US$1.65 bn, after this facility and the US$213 m maiden facility of June 2023
Announced
28 April 2024, Ahmedabad
Law firms
Borrower: Allen & Overy and Saraf & Partners · Lenders: Milbank and Cyril Amarchand Mangaldas
Gridvik tier
B — capital record. Not a site, not a lead, but the single best available indicator of how much AdaniConneX can build
2Why this record matters more than it looks
Most registries drop financing records. Gridvik keeps them, for a commercial reason: money is the earliest public signal that a data-centre programme is real.
Figure 1The cumulative construction financing pool. The maiden US$213 million facility in June 2023 financed 67 MW across Noida and Chennai phase 1. This facility, plus the earlier one, takes the pool to US$1.65 billion — a measurable, committed capacity to build.
What a financing record tells a vendor that a project record cannot
Deal size bounds the build. US$1.65 bn of committed construction debt implies a specific achievable capacity, and 144 MW is already named for this facility alone.
The guarantee structure is a procurement signal. This facility includes a syndicated guarantee-backed assurance programme explicitly designed 'in sync with the projects' procurement strategy'. In plain terms, lender-backed guarantees support supplier payments. That materially reduces payment risk for vendors bidding on these assets.
Lender covenants shape specifications. Because the loan is sustainability-linked against PUE, renewable share and safety KPIs, the equipment chosen must meet those targets. A vendor proposing a solution that improves PUE or renewable share is selling to the borrower's cost of capital, not just its capex.
3Structure of the facility
Instrument
Sustainability-linked construction financing framework
Size
Up to US$1.44 bn. Initial commitment US$875 m with an accordion feature
Maiden facility
US$213 m closed June 2023, financing 67 MW across the Chennai 1 campus phase 1 (17 MW) and the Noida campus (50 MW)
Total pool
US$1.65 bn across the two facilities
Mandated lead arrangers
ING Bank N.V. · Intesa Sanpaolo · KfW IPEX · MUFG Bank · Natixis · Standard Chartered Bank · Société Générale · Sumitomo Mitsui Banking Corporation
Structuring banks
ING Bank N.V. and MUFG Bank
Sustainability co-ordinators
ING Bank N.V., MUFG Bank and Sumitomo Mitsui Banking Corporation
Borrower's counsel
Allen & Overy and Saraf & Partners
Lenders' counsel
Milbank and Cyril Amarchand Mangaldas
Significance
India's largest sustainability-linked financing in the data-centre sector, and the first use of a sustainability-linked loan in the sector
4What it funds
The specific assets
Per ING, the transaction as lead arranger describes the financed project as three data centres in Pune and Hyderabad with a combined capacity of 144 MW. That is far more specific than most Indian financing announcements, and it is the number to use from this record.
The earlier US$213 m facility funded 67 MW — Chennai 1 campus phase 1 at 17 MW and the Noida campus at 50 MW.
Together these are the assets against which AdaniConneX's build programme has been financed. The 144 MW and 67 MW figures belong to those facility records and are not counted here.
Funded assets by facility
Facility
Capacity
Cities
Status
Maiden facility, June 2023
67 MW
Chennai 1 phase 1 (17 MW), Noida (50 MW)
Financed
This facility, April 2024
144 MW
Pune and Hyderabad
Financed
Total pool
US$1.65 bn
—
Financing
Important — do not add this to anything
This record has no capacity and is flagged non-additive. The 144 MW and 67 MW belong to specific facility records. Adding them here as well would double-count 211 MW into any national total.
5The sustainability link — why it changes the equipment conversation
This is the part vendors routinely miss, and it is the most commercially useful thing on the page.
KPIs
The margin adjusts against key performance indicators covering power usage effectiveness, use of renewable electricity and safety goals
What that means
The borrower's interest rate moves with its PUE and renewable-share performance. Energy efficiency stops being a design preference and becomes a financial covenant
Implication for a cooling vendor
A solution that demonstrably reduces PUE reduces the borrower's cost of capital across the whole US$1.65 bn pool — an argument worth far more than a capex saving
Implication for a power vendor
The same applies to UPS efficiency, transformer losses and renewable integration. Efficiency claims must now be evidenced, because they are being priced
Implication for an EPC
Safety KPIs are in the margin calculation, so safety performance is a commercial metric on this portfolio, not a compliance formality
The guarantee feature
A syndicated guarantee-backed assurance programme supports the projects' procurement strategy — lender-backed instruments that reduce supplier payment risk. A vendor should ask, early, whether its package can be delivered under this structure
6Timeline
AdaniConneX achieves financial closure on its maiden construction facility — US$213 m — financing 67 MW across the Chennai 1 campus phase 1 (17 MW) and the Noida campus (50 MW).
Reports emerge that AdaniConneX is in talks with international banks to raise US$1.2–1.4 bn in offshore loans.
The facility is announced: up to US$1.44 bn, initial commitment US$875 m, eight mandated lead arrangers, taking the construction pool to US$1.65 bn.
ING confirms its role as mandated lead arranger, structuring bank and sustainability co-ordinator, and identifies the financed assets as three data centres in Pune and Hyderabad at 144 MW.
Drawdown against the Pune and Hyderabad assets. Individual facility progress is tracked in their own records, not here.
7What it means for vendors
Straight answer
This record is not a lead. There is no site, no specification and no buyer contact here. Selling 'into' a financing facility is not a thing.
What it is is the strongest available evidence that AdaniConneX has committed capital to build 144 MW immediately, in two named cities, with lender oversight on efficiency and safety. That makes the Pune and Hyderabad facility records the ones to read — this record tells you they are funded.
Is there a procurement window?
Not on this record. The order window belongs to the Pune and Hyderabad facility records it finances
Is it a lead?
No
Why keep it
It converts AdaniConneX from 'a company that announces things' into 'a company with US$1.65 bn of committed construction debt and named assets' — which is what makes those facility records credible
The two questions worth asking AdaniConneX
First, whether packages can be delivered under the syndicated guarantee-backed assurance structure. Second, what PUE and renewable-share targets the loan covenants impose, because those targets determine what equipment will be accepted
Who benefits most from reading this page
Cooling and power vendors with a credible efficiency story, and EPCs with a strong safety record — on this portfolio those are pricing advantages, not marketing claims
Not applicable — no capacity. Flagged non-additive. The 144 MW and 67 MW funded assets are recorded against their own facility records and must not be counted here
Discrepancy note
AdaniConneX's own release describes the financing generically as funding 'upcoming data centre facilities'. The specific 144 MW across Pune and Hyderabad comes from ING's release as mandated lead arranger, which Gridvik treats as the more precise source
Date provenance
The facility is dated 28 April 2024 on the official Adani Enterprises release. An earlier registry entry carried an incorrect 2025 date and was corrected on 21 September 2026
9Limits, conflicts and open questions
What this record cannot tell you
Which specific Pune and Hyderabad buildings the 144 MW refers to, their individual capacities, their stages, or their procurement status
Drawdown status
Whether the full US$875 m or the US$1.44 bn ceiling has been drawn is not public
Sustainability targets
The specific PUE and renewable-share thresholds that trigger margin adjustments are not published
Relationship to PRJ-005
The Adani Maharashtra MoU (PRJ-005) also references 1 GW in Maharashtra. Whether any of this facility's 144 MW relates to that MoU is unresolved, and the two must not be combined
Relationship to PRJ-009
The AdaniConneX national platform is recorded separately. This financing sits at the platform level and is not additional capacity
What we will not claim
No view on drawn amounts, no covenant thresholds, no specific site mapping, and no claim that any package is currently open
10Sources
This record was compiled entirely from publicly available sources, cross-checked against one another.
Adani Enterprises press release, 28 April 2024·ING Wholesale Banking release, 29 April 2024·AdaniConneX press release on the maiden facility, 23 June 2023·Reuters·PTI / ThePrint·Economic Times·The Hindu BusinessLine·BusinessToday·Times of India·Financial Express·Deccan Herald·Milbank client note
Gridvik does not publish source URLs on record pages; citations are retained in the internal source register and are available on request.
What this page is, and what it is not
This is a public-source record of a completed financing transaction. It is not a record of a data centre and carries no capacity of its own.
It is included because committed capital is the earliest reliable signal that a build programme is real, and because the loan covenants materially shape what equipment will be accepted.
No tender insider information, no private contact data, no operator-paid placement. Corrections are free and published with a date.
