Data centre operator Nabiax has converted one of their financing in the project finance format into a sustainable one for €320 million (US$379 million).
The cash is set to be used to aid in the provider’s efforts to green its operations, as data centre players across the globe race to reach carbon neutrality by 2030.
This project finance became sustainable once its price mechanism was linked to three ESG indicators, according to a statement.
Two are environmental and related to greenhouse gases and water treatment, while the third is social and connected to gender equality.
The defined indicators include the percentage of renewable electricity, water consumption (m3 / MW), and a target for hiring more women in the workplace.
“If the company meets the levels established for these indicators, Nabiax will receive an improvement in their financing price,” explained Elisabet Furió, corporate & investment banking communications and brand at Spanish bank BBVA which served as the sustainable coordinating bank for the financing.
On the contrary, if it fails to achieve the set goals, Nabiax will be penalised. Valora has served as the project’s sustainability consultant.
Iván Paja, CFO of Nabiax, said: “Nabiax’s commitment to sustainability is of great magnitude and for this project, we have chosen to prioritise goals for the business such as renewable supply and efficient water consumption in our data centres, as well as the promotion of gender equality among our team of professionals.”
Nabiax was created in 2019 after the infrastructure fund Asterion Industrial Partners bought 11 data centres in Spain, Latin America and the US from Telefónica.
Additionally, in May 2021, Telefónica and Asterion agreed to the contribution of another four data centres in exchange for a 20% stake in Nabiax priced at nearly $700 million.
In its first two years, Nabiax increased its IT power capacity by 50%, from 30 MW to 45 MW, combining organic and inorganic growth.