Funding of ZAR 2 Billion obtained by Africa Data Centres through RMB for growth expansion
Africa Data Centres, a subsidiary of Cassava Technologies group, has secured ZAR2 billion in funding, marking a significant milestone in its growth. This financing will accelerate the expansion of Africa Data Centres' hyperscale data centres throughout Southern, East, and West Africa.
The funding aims to meet the increasing demand for cloud computing services in South Africa, as the company is dedicated to driving digital transformation across the continent. The financing solution was arranged by RMB, with Standard Bank acting as the coordinator, Initial Mandated Lead Arranger, and Bookrunner for the ZAR 2-billion facility.
RMB served as the Coordinator, Initial Mandated Lead Arranger, and Bookrunner for the ZAR2 billion facility, viewing the funding as part of its commitment to financing the development of a sustainable digital economy in South Africa. Nana Phiri, head of the corporate client group at RMB, expressed that this financing is a testament to the strong financial standing of Africa Data Centres.
The data centre sector in Africa presents a substantial digital infrastructure opportunity due to the current significant deficit of supply compared to demand. Africa Data Centres is dedicated to investing in South Africa's digital transformation and will expand its hyperscale data centre capacity by an additional 20MW.
With this expansion, Africa Data Centres will provide top-tier interconnected, carrier, and cloud-neutral data centre facilities. The additional funding will enable Africa Data Centres to support its customers' digital transformation journeys, further cementing its position as a leading player in the African data centre industry.
Hardy Pemhiwa, President & Group CEO of Cassava Technologies, stated that this funding marks a significant milestone in Africa Data Centres' growth. He added that the expansion will address the exponential growth in demand for data centre capacity in Africa, which is being addressed by partners like RMB and Africa Data Centres.
In conclusion, the ZAR2 billion funding secured by Africa Data Centres will accelerate the expansion of its hyperscale data centres across Africa, meeting the increasing demand for cloud computing services and further cementing its position as a leading player in the African data centre industry. This move aligns with the strategic objectives of both Africa Data Centres and RMB, demonstrating their commitment to financing the development of a sustainable digital economy in South Africa and driving digital transformation across the continent.
Read also:
- Reporter of Silenced Torment or Individual Recording Suppressed Agony
- EPA Administrator Zeldin travels to Iowa, reveals fresh EPA DEF guidelines, attends State Fair, commemorates One Big Beautiful Bill
- Musk announces intention to sue Apple for overlooking X and Grok in the top app listings
- Portugal's EDP dives into bi-directional charging systems, disregarding the absence of a comprehensive regulatory structure in the nation
