Funding of ZAR 2 Billion Obtained by Africa Data Centres through RMB for Growth Development
Africa Data Centres Secures ZAR2 Billion Financing for Expansion
Africa Data Centres, a subsidiary of Cassava Technologies group, has secured a significant financing of ZAR2 billion. This funding will be utilised to expand the data centre capacity of Africa Data Centres, further cementing its position as a leading player in the African data centre industry.
The financing solution was customised by RMB, aligning with Africa Data Centres' current strategic objectives. RMB served as the Coordinator, Initial Mandated Lead Arranger, and Bookrunner for the financing agreement.
The expansion will allow Africa Data Centres to provide top-tier interconnected, carrier, and cloud-neutral data centre facilities. This will address the exponential growth in demand for data centre capacity in Africa, which is being driven by the 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. Mr. Pemhiwa reinforced Africa Data Centres' commitment to growth and confidence in the future of the South African data centre market.
Nana Phiri, head of the corporate client group at RMB, is proud to partner with Africa Data Centres. RMB views the funding for Africa Data Centres as an investment in the sustainable development of a digital economy in South Africa.
The additional funding will enable Africa Data Centres to support customers' digital transformation journeys. The expansion will also accelerate the expansion of its hyperscale data centre capacity by an additional 20MW, aiming to meet the growing demand for digital infrastructure in Africa.
The data centre sector in Africa presents a substantial digital infrastructure opportunity due to the significant deficit of supply compared to demand. The financing agreement underscores Africa Data Centres' strong financial standing, underscoring its potential to lead the digital transformation across the continent.
However, the search results do not provide specific information about which bank supported Africa Data Centres through the financing agreement. Typically, such agreements involve financial institutions that are active in supporting infrastructure development in regions like South Africa.
The funding from RMB is part of RMB's commitment to financing the development of a sustainable digital economy in South Africa. This news comes as a boost for Africa Data Centres, as it continues to drive digital transformation across the continent.
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