Africa Data Centres, a business of the Cassava Technologies group, has announced that it has unlocked funding worth ZAR 2 Billion (US$ 109 Million) that will allow them to expand data centre capacity and meet the growing demand for cloud computing services in South Africa.
Africa Data Centres operates a network of hyperscale and Edge data centres across Southern, East and West Africa. The funding will allow Africa Data Centres to accelerate expand its hyperscale data centre capacity by an additional 20MW.
“This funding is a significant milestone in the growth of Africa Data Centres,” said Hardy Pemhiwa, President & Group CEO of Cassava Technologies. “It underscores our commitment to growth and our confidence in the future of the South African data centre market. The additional funding will allow us to support the digital transformation journeys of our customers. Data Centres are key to delivering on our vision of a digitally connected future that leaves no African behind.”
This funding was facilitated through a bespoke financing solution arranged by RMB (Rand Merchant Bank), which acted as the Coordinator, Initial Mandated Lead Arranger and Bookrunner on the facility. The facility was structured by RMB taking into account the current strategic objectives of Africa Data Centres.
“The data centre space presents a significant digital infrastructure opportunity, as there is currently a large deficit of supply versus demand. With the exponential growth in demand for data centre capacity in Africa, we are proud to partner with Africa Data Centres as they facilitate digital transformation across the continent,” said Nana Phiri, head of corporate client group at RMB. “We see this funding as part of RMB’s mandate of financing the development of a sustainable digital economy in South Africa.”
