Africa Data Centres: Africa Data Centres secures $109 million in financing

Jun 17, 2024 | Posted by Abdul-Rahman Oladimeji

Cassava Technologies group ADC has secured a bespoke financing solution worth ZAR2 billion ($109m) arranged by the South African banking group RMB. The funding will allow the company to expand its data center capacity and meet the growing demand for cloud computing in South Africa – expanding its hyperscale capacity by 20MW.

“This funding is a significant milestone in the growth of Africa Data Centres,” said Hardy Pemhiwa, president & Group CEO of Cassava Technologies. “It underscores our commitment to growth and our confidence in the future of the South African data center market. The additional funding will allow us to support the digital transformation journeys of our customers. Data centers are key to delivering on our vision of a digitally connected future that leaves no African behind.”

“The data center space presents a significant digital infrastructure opportunity, as there is currently a large deficit of supply versus demand,” said Nana Phiri, head of corporate client group at RMB. “With the exponential growth in demand for data center 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.”