Teraco has secured R2.5 billion towards the construction of Africa’s largest data centre – a 38-megawatt hyperscale platform in Ekurhuleni, South Africa.
Teraco’s newly appointed CFO, Samuel Erwin, says that the shareholders and lenders have a long-term vision for Africa’s digital transformation and support its continued investment in data centre infrastructure to serve the sub-Saharan African market.
Erwin joined the company in 2020, bringing with him a wealth of corporate and investment banking experience where he led a team responsible for providing debt financing to clients across the African continent.
He says that this funding round, and continued investments in data centre construction, align with Teraco’s support of the South African Government’s investment drive and Teraco’s 2020 commitment to invest billions of Rands into South Africa’s digital infrastructure.
The funding transaction, led by Absa, includes several large institutions that have joined the lending group, with a view to creating long term partnerships that will support Teraco’s future expansion plans.
“Absa has continued along the growth path with Teraco. Their understanding of our business model and funding requirements and ability to offer tailored funding solutions to suit our needs has contributed to Teraco’s success,” adds Erwin.
At a time of enterprises focussing on cloud adoption strategies, Teraco says that it is making significant investments in providing access to digital infrastructure that is both resilient and highly flexible. This offers enterprises the ability to scale as network strategies evolve in a world where fast and secure interconnection with strategic business partners is a source of competitive advantage.