Africa Data Centres, a division of the Cassava Technologies group, has secured approximately US$108.9mn in funding to expand its data centre capacity and meet the growing demand for cloud computing services in South Africa
The bespoke financing solution, arranged by RMB, underscores Africa Data Centres’ strong financial position and commitment to South Africa’s digital transformation.
Hardy Pemhiwa, president & group CEO of Cassava Technologies, emphasised the significance of this funding milestone. He stated, “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.”
RMB played a crucial role as the coordinator, initial mandated lead arranger, and bookrunner for the US$108.9mn facility. The financing structure aligns with Africa Data Centres’ current strategic objectives.
Africa Data Centres operates hyper-scale and edge data centres across Southern, East, and West Africa.The funding will accelerate the expansion of its hyperscale data centre capacity by an additional 20MW, solidifying its position as a leading player in the African data centre landscape. This expansion enables Africa Data Centres to provide top-tier interconnected, carrier-neutral, and cloud-neutral data centre facilities.
Nana Phiri, head of corporate client group at RMB, highlighted, “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.
Africa Data Centres secures expansion funding
Africa Data Centres, backed by Cassava Technologies, secures US$108.9mn funding via RMB to expand data centre capacity in South Africa. (Image source: Adobe Stock)
