African Data Centres Secures ZAR 2 Billion Expansion Funding from RMB
Africa Data Centres, a subsidiary of the Cassava Technologies group, has secured a significant financing agreement worth ZAR2 billion. This funding, arranged by Rand Merchant Bank (RMB), marks a significant milestone in Africa Data Centres' growth and reinforces their commitment to driving digital transformation across the continent.
The financing solution, which saw RMB acting as Co-ordinator, Initial Mandated Lead Arranger, and Bookrunner, is aimed at addressing the exponential growth in demand for data centre capacity in Africa. With this expansion, Africa Data Centres aims to further solidify its position as a leading player in the African data centre industry.
The funding will be used to expand Africa Data Centres' data centre capacity, enabling them to provide top-tier interconnected, carrier, and cloud-neutral data centre facilities. This expansion will be carried out throughout various regions in Africa, ensuring that the company's network of hyperscale and edge data centres continues to grow and meet the needs of its customers.
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, also stated that this funding reinforces their commitment to growth and confidence in the future of the South African data centre market.
RMB views the financing of Africa Data Centres as part of its commitment to financing the development of a sustainable digital economy in South Africa. The data centre sector in Africa presents a substantial digital infrastructure opportunity due to the current supply-demand deficit. This financing agreement highlights Africa Data Centres' strong financial standing and their ability to attract such substantial investment.
The funding is not just about meeting the increasing demand for cloud computing services in South Africa, but also enabling Africa Data Centres to support their customers' digital transformation journeys. The expansion will enable Africa Data Centres to provide the necessary infrastructure to support the growing digital economy in Africa, furthering their dedication to investing in South Africa's digital transformation.
In conclusion, the ZAR2 billion financing agreement is a significant step forward for Africa Data Centres. It underscores their commitment to growth, their confidence in the future of the South African data centre market, and their dedication to driving digital transformation across the continent. As Africa Data Centres continues to expand, they are poised to play a crucial role in shaping the digital landscape of Africa.
Read also:
- Web3 gaming platform, Pixelverse, debuts on Base and Farcaster networks
- Goodyear in 2025: Advancement in Total Mobility through the Launch of Kmax Gen-3 by Goodyear
- Electric SUV Showdown: Vinfast VF6 or MG Windsor EV - Your Choice Revealed
- United States Secures $632 Million to Fuel Electric Vehicle Revolution
