Africa Data Centres positions for growth with R2bn funding arranged by RMB

The footprint of Africa Data Centres. SUPPLIED.

The footprint of Africa Data Centres. SUPPLIED.

Published Jun 18, 2024

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Africa Data Centres, a business of the Cassava Technologies group, has unlocked funding that will allow them to expand data centre capacity and meet the growing demand for cloud computing services in South Africa.

This was facilitated through a bespoke financing solution arranged by 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.

Hardy Pemhiwa, president and Group CEO of Cassava Technologies, said this funding was a significant milestone in the growth of Africa Data Centres.

“It underscores our commitment to growth and our confidence in the future of the South African data centre market,” Pemhiwa said.

“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 on the R2 billion facility.

The facility was structured by RMB taking into account the current strategic objectives of Africa Data Centres.

Africa Data Centres operates a network of hyper scale and edge data centres across Southern, East and West Africa.

The R2bn financing will enable Africa Data Centres to accelerate and expand its hyperscale data centre capacity by an additional 20MW, furthering its position as a leading player in the African data centre space. It will also enable Africa Data Centres to provide the highest standard of interconnected, carrier and cloud-neutral data centre facilities.

Nana Phiri, head of corporate client group at RMB, said they saw this funding as part of RMB’s mandate of financing the development of a sustainable digital economy in South Africa.

“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, Phiri said. - BR Reporter