RMB Backs Africa Data Centres with ZAR 2 Billion for Cloud Service Development in South Africa
What’s this about?
- Africa Data Centres has secured ZAR 2 billion in funding from RMB to expand its data centre capacity and meet the rising demand for cloud computing services in South Africa.
- The financing agreement, arranged by RMB, highlights Africa Data Centres’ strong financial position and commitment to supporting South Africa’s digital transformation.
- The additional funds will enable Africa Data Centres to increase its hyperscale data centre capacity by 20MW, enhancing its ability to provide interconnected, carrier-neutral, and cloud-neutral facilities across Africa.
Zoom in…
Africa Data Centres has secured funding aimed at expanding data centre capacity and meeting the growing demand for cloud computing services in South Africa.
This was facilitated through a bespoke financing solution arranged by Rand Merchant Bank (RMB). The financing agreement demonstrates the strong financial position of Africa Data Centres and its commitment to investing in the digital transformation of South Africa
RMB acted as the Coordinator, Initial Mandated Lead Arranger and Bookrunner on the ZAR2 billion facility. The facility was structured by RMB taking into account the current strategic objectives of Africa Data Centres.
Africa Data Centres runs a group of large and small data centres across Southern, East and West Africa. With the R2bn financing, Africa Data Centres will be able to speed up and increase its large-scale capacity by an extra 20MW. This will enhance its position as a major player in the African data centre industry and allow it to offer top-quality interconnected, carrier-neutral, and cloud-neutral data centre facilities.
What they’re saying…
“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”.
“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. We see this funding as part of RMB’s mandate of financing the development of a sustainable digital economy in South Africa” says Nana Phiri, head of corporate client group at RMB.
Source: techmoran.com
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