Africa Data Centres, a subsidiary of the Cassava Technologies Group, has secured $108.9 million in funding to expand its capacity and meet the increasing demand for cloud computing services in South Africa.
The funding was obtained through a bespoke financing solution arranged by Rand Merchant Bank (RMB).
“This funding is a significant milestone in the growth of Africa Data Centres,” President & Group CEO of Cassava Technologies Hardy Pemhiwa said. “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 acted as the Coordinator, Initial Mandated Lead Arranger, and Bookrunner for the ZAR2 billion facility. The facility was structured by RMB in alignment with Africa Data Centres’ strategic objectives.
Africa Data Centres operates a network of hyperscale and edge data centres across Southern, East, and West Africa. The R2 billion financing will enable the company to accelerate the expansion of its hyperscale data centre capacity by an additional 20MW. This expansion will allow Africa Data Centres to offer the highest standard of interconnected, carrier, and cloud-neutral data centre facilities.
“The data centre space presents a significant digital infrastructure opportunity, as there is currently a large deficit of supply versus demand,” RMB’s head of corporate client group, Nana Phiri, said. He added, “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.”
