Adani's Data Center JV Seeking Second Loan in Six Months

(Bloomberg) -- An Adani Group joint venture with EdgeConneX is in talks with a group of global lenders to raise as much as $400 million via an offshore loan, which may be the company’s second such transaction since June.

Data center provider AdaniConneX Private will use the money to fund its growth plans this year, with a five-year tenure under discussion, according to people familiar with the matter, who asked not to be identified because the matter is private. 

Adani Group representative did not offer any immediate comment. 

AdaniConnex raised $213 million debt in June to build two data centers with a total capacity of 67 MW, part of the group’s plans to spend about $1.5 billion on this business in the next three years. 

The company is planning to build nine data centers and targeting a total capacity of 1 gigawatt by 2030. About 17 MW capacity at Chennai is already fully operational while others are being built.

The conglomerate has been regaining investor and lender confidence after denying US shortseller Hindenburg Research’s scathing allegations of corporate fraud in January last year. The group’s renewable energy unit plans to raise at least $2 billion in mostly new debt in 2024, Bloomberg reported last month.