Milbank LLP represented the finance parties in the up to $1.44 billion financing of AdaniConneX’s portfolio of hyperscale data centers to be built in India.

The data center portfolio is being financed by an initial $875 million of loan commitments. The facility also includes an accordion feature to extend loan commitments up to $1.44 billion. The transaction marks India’s largest sustainability-linked data center financing, which provides for margin adjustments when certain key performance indicators around power usage effectiveness, the use of renewable electricity and safety goals are achieved. The facility also features a number of innovative features, including a syndicated guarantee-backed assurance program to support the projects’ procurement strategy.

AdaniConneX is a joint venture between Adani Enterprises Ltd and EdgeConneX.

“We’re thrilled to facilitate this landmark, sustainable financing to empower digital growth in India,” said Global Project, Energy and Infrastructure Finance partner James Orme. “Our team looks forward to fostering digital infrastructure financing and development in South Asia and beyond.”

Milbank’s clients include ING Bank N.V., Intesa Sanpaolo S.P.A., KFW Ipex-Bank GMBH, MUFG Bank Ltd., Natixis, Standard Chartered Bank, Societe Generale and Sumitomo Mitsui Banking Corporation.

The Milbank team was led by Mr. Orme and special counsel Rosaline Yusman and included associates Zhen Yang Kua, Deirdre Swift and Wei Sheng Lee.