Africa-based data centers secure a ZAR 2 billion growth fund, facilitated by RMB.
In a significant move towards bolstering South Africa's digital economy, Africa Data Centres has secured funding of ZAR2 billion. This financing agreement, coordinated by Standard Bank and RMB, will be utilised for expanding Africa Data Centres' data centre capacity.
The funding aims to meet the increasing demand for cloud computing services in South Africa, addressing the exponential growth in demand for data centre capacity across the continent. RMB served as the Coordinator, Initial Mandated Lead Arranger, and Bookrunner for the ZAR2 billion facility, while Standard Bank acted in similar roles.
The expansion of Africa Data Centres' data centre capacity will further solidify its position as a leading player in the African data centre industry. Following the expansion, Africa Data Centres will provide top-tier interconnected, carrier, and cloud-neutral data centre facilities. The hyperscale data centre capacity will expand by an additional 20MW.
Nana Phiri, head of the corporate client group at RMB, expressed pride in partnering with Africa Data Centres to drive digital transformation across the continent. Hardy Pemhiwa, President & Group CEO of Cassava Technologies, stated that this funding marks a significant milestone in Africa Data Centres' growth.
Africa Data Centres, a subsidiary of Cassava Technologies group, operates a network of data centres throughout Southern, East, and West Africa. The data centre sector in Africa presents a substantial digital infrastructure opportunity due to the current significant supply deficit compared to demand.
This partnership between Africa Data Centres and RMB is one of many addressing the need for digital infrastructure in Africa. Africa Data Centres is dedicated to investing in South Africa's digital transformation, and this expansion is a continuation of its commitment. RMB views the funding of Africa Data Centres as part of its commitment to financing the development of a sustainable digital economy in South Africa.
The financing solution was arranged by RMB, aligning with the current strategic objectives of Africa Data Centres. The facility was structured by RMB, ensuring it meets the specific needs of Africa Data Centres. The financing agreement highlights Africa Data Centres' strong financial standing, further boosting investor confidence.
The network of data centres operated by Africa Data Centres spans across multiple regions in Africa, positioning the company as a key player in the African data centre industry. The additional funding will enable Africa Data Centres to support customers' digital transformation journeys, contributing to the digital transformation of various sectors across the continent.
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