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Clifford Chance advises on India's largest data centre financing deal with US$213 million debt facility

28 July 2023

Clifford Chance advises on India's largest data centre financing deal with US$213 million debt facility

Leading international law firm Clifford Chance has advised the group of international lenders, comprising ING Bank N.V., Mizuho Bank Ltd., MUFG Bank Ltd., Natixis, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation, on a US$213 million senior debt facility to finance AdaniConneX's data centre asset portfolio in Noida and Chennai, India. This is the largest data centre financing deal in India.

The two data centres, which are under construction, will have an aggregate capacity of up to 67 MW and includes the ‘Chennai 1’ campus with a Phase 1 capacity of 17 MW and the Noida campus with a capacity of up to 50 MW.

AdaniConneX is a 50:50 joint venture between India's Adani Enterprises Ltd and global data centre provider, EdgeConneX.

Lead associate Tom Capel said, "We are delighted to advise the lender group in supporting AdaniConneX on this important transaction, which represents AdaniConneX's first steps on its journey to delivering a transformative 1 GW of data centre capacity by 2030."

Partner Ross Howard added, "This deal comes at a crucial time, as the growth of data centres continues to gain momentum due to the digitalisation of corporate operations and the increasing use of streaming and internet services. This transaction kickstarts AdaniConneX's plan to build out a national platform of data centres, thereby delivering critical digital infrastructure in support of the government's Digital India programme."

Tom and Ross were supported by associate Crystal Lim and trainee Angalea Varma. In Amsterdam, partner Hein Tonnaer, counsel Mike Niekoop, and associates Menno Postma and Shaun Campbell advised on aspects of Dutch law.