RMB acted as the Coordinator, Initial Mandated Lead Arranger and Bookrunner on the ZAR2 billion facility

JOHANNESBURG, South Africa, June 20, 2024/ -- Africa Data Centres (https://www.AfricaDataCentres.com/), 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

“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 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 on the ZAR2 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 expand its hyperscale data centre capacity by an additional 20MW, furthering its position as a leading player in the African data centre space enabling ADC to provide 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. 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” says Nana Phiri, head of corporate client group at RMB.

Distributed by APO Group on behalf of Africa Data Centres.

About Africa Data Centres:
Africa Data Centres owns and operates Africa's largest network of interconnected, carrier and cloud-neutral data centre facilities. Bringing international experts to the pan-African market, Africa Data Centres is a trusted partner for rapid and secure data centre services and interconnections across Africa. Strategically located in South, East and West Africa our world-class data centre facilities provide a home for all business-critical data for Africa’s small, medium and large enterprises and global hyper scale customers. https://www.AfricaDataCentres.com/

About RMB:
Rand Merchant Bank (RMB) is a leading African corporate and investment bank (CIB) and part of the largest financial services group (by market capitalisation) in Africa – FirstRand Bank Limited (which is wholly owned by FirstRand Limited). We offer our clients innovative, value-added advisory, funding, trading, corporate banking and principal investing solutions.

As a leading African business, RMB’s expansion on the continent is a key growth strategy. RMB has a deal footprint in over 35 countries in Africa, as well as a presence in the UK, USA, India and China.

At RMB we are passionate about solving problems for our clients by asking the hard questions. We challenge accepted thinking. We analyse and seek solutions beyond the obvious. We are innovative in our thinking and turn challenges into opportunities.

Our ability to think differently, our collaborative spirit, our client-centric solutions and our belief that great minds don’t always have to think alike, is what sets us apart.

SOURCE: Africa Data Centres