Cassava Technologies subsidiary Africa Data Centres has agreed a bespoke financing solution with South Africa’s Rand Merchant Bank (RMB) that will see 20MW of additional capacity deployed.
The investment supports South Africa’s growing demand for cloud computing services and adds to Africa Data Centre’s existing operations in South Africa.
“The additional funding will allow us to support the digital transformation journeys of our customers,” said Hardy Pemhiwa, president & group CEO of Cassava Technologies.
RMB acted as the co-ordinator, initial mandated lead arranger and bookrunner on the ZAR2 billion (~US$ 110 million) facility and also structured the deal.
“The data centre space presents a significant digital infrastructure opportunity, as there is currently a large deficit of supply versus demand,” explained Nana Phiri, head of corporate client group at RMB.
Africa Data Centres already operates two data centres in Johannesburg and one in Cape Town.
It has already started developing a second facility in Cape Town, which will provide 20MW of power when fully operational. It is not immediately clear if the latest funding is to support this project or an entirely new development(s) in South Africa.
“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 added.
Outside of South Africa, Africa Data Centre’s operate one facility in Lagos, Nigeria and one in Nairobi, Kenya.
It also has plans to expand to Rwanda, Togo and Ghana. These new facilities alongside the Cape Town project fit into Africa Data Centres investment program to deliver an additional ten data centres in Africa. Capacity Technoraco Brand
