WIOCC Group to Raise Over $50M for Digital Growth in Nigeria, South Africa, and DRC
What’s this about?
- WIOCC Group is set to raise over $50 million from international institutions, including IFC, Proparco, and RMB Corvest, to enhance digital infrastructure in Nigeria, South Africa, and the Democratic Republic of the Congo.
- The funding, structured as sustainability-linked debt, will support WIOCC’s expansion of core and edge data centres and fibre networks to improve digital access and economic growth across Africa.
- CEO Chris Wood emphasized that this capital raise will significantly expand WIOCC’s open-access data centre operations and connectivity in key African markets, continuing its long-term investment in the continent’s digital sector.
Zoom in…
West Indian Ocean Cable Company (WIOCC) Group, a high-capacity connectivity provider, is set to raise a significant funding package of over $50 million from a consortium of international institutions to close the digital gap in Africa.
The institutions include the International Finance Corporation (IFC), a member of the World Bank Group; Proparco, a development finance agency and a subsidiary of the Agence Française de Développement Group; and RMB Corvest, a private equity company.
The Big picture
The capital injection will help WIOCC finance its expansion initiatives across three key countries: Nigeria, South Africa, and the Democratic Republic of the Congo (DRC), enhancing digital infrastructure and connectivity on the continent. The financing includes loans of $10 million along with ZAR 200 million ($11.07 million) from IFC and $20 million from Proparco.
Reports indicate that WIOCC expects to sign a loan for $10 million with RMB Corvest for its expansion in Nigeria in the coming weeks.
The funding is structured as sustainability-linked debt, with pricing tied to WIOCC’s commitment to enhance energy efficiency and achieve EDGE green building certification. EDGE, provided by IFC, certifies that data centres are resource-efficient and have zero carbon emissions.
The funding will enable WIOCC to implement its plans to expand its core and edge data centres in Nigeria, South Africa, and the Democratic Republic of the Congo to meet data centre services. WIOCC will also direct some of the money to grow its fibre networks, giving more people digital access and fostering economic growth across Africa.
What they’re saying…
Chris Wood, CEO of WIOCC Group said, “We are excited to conclude this next stage of our capital raise, which will enable significant expansion, adding further capacity to our open-access data centre operation and extending open-access hyperscale national, international, and metro connectivity across our key markets.”
Bottomline
WIOCC since it launched in 2007, has consistently invested in the continent’s digital sector, providing open-access infrastructure to meet the increasing demand for reliable connectivity throughout Africa.
Source: techpoint.africa
