The construction of data centers (DCs) in Russia may face a slowdown due to the increase in the Central Bank's key rate to 21%. Market participants predict that against the background of rising cost of loans and equipment, a shortage of computing power may occur in just a year and a half.
According to a statement by the commercial director of ART Engineering, the increase in the key rate leads to an increase in the cost of borrowed funds, which significantly complicates the implementation of new projects. Long-term infrastructure projects, such as data centers, are usually financed by loans, and in the current environment, the ratio of own and borrowed investments can be 20-30% and 70-80%, respectively. This means that the debt burden on projects may increase by 12-15% due to increased rates, which makes investments in new data centers less attractive.
According to iKS-Consulting, the volume of the Russian data center market in 2023 reached 117.3 billion rubles, which is 31% more than in 2022. Despite this, the demand for data center services continues to exceed supply. It is expected that the sharp increase in the key rate, which occurred at the end of October, may lead to the cancellation or freezing of new projects, as happened in November 2023.
In addition to the increase in credit rates, market participants note an increase in the cost of equipment, which also negatively affects the investment attractiveness of projects. Some companies have already begun to consider alternative financing, including the placement of shares. For example, Rostelecom is preparing for an IPO of its subsidiary Rostelecom Data Centers.
Against the background of these problems, a shortage of computing power may become relevant in just a year and a half if the current conditions do not change. Market participants predict that the payback period of projects is about ten years, and companies may seriously revise their plans for commissioning new capacities.
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