Milbank LLP advised the finance parties, including the mandated lead arrangers, senior lenders and hedge banks, in the US$403.8 million financing of an up to 120MW hyperscale data center campus for PT Graha Teknologi Nusantara, a subsidiary of the sponsor, EdgeConneX International Coöperatief U.A.
The project includes the expansion of an existing data center building and the development and construction of additional data halls in Jakarta, Indonesia. The sustainability-linked loan facilities provide for margin adjustments when certain key performance Indicators concerning the Power Usage Effectiveness of the data centers, the use of renewable electricity, and achieving safety goals are achieved.
This transaction is yet another example of Milbank’s involvement in first-of-kind deals.
“We are excited to be involved in this project to bring sustainable data center growth to Southeast Asia,” said James Orme, partner of Milbank’s Singapore office and Asia practice. “This first-of-its-kind deal marks a new era of financing for these important projects and is an area in which we are seeing increasing amounts of activity.”
The Singapore-based Milbank team was led by Mr. Orme and included Project, Energy and Infrastructure Finance group members Desiree Woo, Rosaline Yusman, Jenny Zhang, Deirdre Swift, and Marco Ying as well as law clerk Emma Pan.
October 13, 2023
