Africa Data Centres, a subsidiary of Cassava Technologies, has secured R2-billion in funding arranged by Rand Merchant Bank.
The money will be used to expand the data centre operator’s capacity and meet growing demand for cloud computing services in South Africa, Africa Data Centres said in a statement.
RMB was responsible for facilitating a “bespoke financing solution” for Africa Data Centres, with Cassava Technologies CEO Hardy Pemhiwa describing it as a “significant milestone” for the company.
“It underscores our commitment to growth and our confidence in the future of the South African data centre market,” Pemhiwa said.
RMB acted as the coordinator, initial mandated lead arranger and bookrunner for the R2-billion facility.
The money will be used to build an additional 20MW of data centre capacity, expanding the company’s network of data centres in Southern, East and West Africa.
“We see this funding as part of RMB’s mandate of financing the development of a sustainable digital economy in South Africa,” said Nana Phiri, head of the corporate client group at RMB, in the statement.
Terms of the financing were not disclosed. – © 2024 NewsCentral Media