Singapore's CapitaLand India Trust (CLINT) has secured a Rs 1,300 crore ($155.9m) five-year construction loan for its data center development in Navi Mumbai. India.
The funding, which has been secured by J.P. Morgan India, will be used to finance the first phase of construction of the data center. The facility will have 108MW of power capacity once completed.
Construction on the site has already commenced and is currently set to be completed by mid-2025.
"Securing this onshore loan in India would diversify our funding sources and help us to optimize our funding costs," said Sanjeev Dasgupta, CEO of CLINT.
Wai Mei Hong, senior country officer and head of corporate banking for J.P. Morgan Singapore, added: “The financing of CLINT’s data center in Navi Mumbai reinforces our commitment to support the long-term growth strategies of our clients. CLINT’s project also helps to pivot the transformation of the digital economy in India. We are very pleased to have partnered with CLINT on this milestone and look forward to our continued collaboration.”
CapitaLand first announced plans for the Navi Mumbai facility in July 2021. The development was originally expected to be ready for service in 2024 and to offer a total of 90MW when completed.
According to a CapitaLand fact sheet, the data center will feature 24 data halls and will house a 220kV GIS on-premise substation.
The Navi Mumbai facility was the company's first in India. Since then, the company has been developing three other data centers in the country, located in Bangalore, Chennai, and Hyderabad, and has commenced construction on the latter.
CLINT is the India division of CapitaLand Group, a Singapore-based real estate company.