IFC and Proparco back digital infrastructure company
The IFC and Proparco have announced a financing package for digital infrastructure provider WIOCC Group.
The International Finance Corporation (IFC) and Proparco have announced a financing package for digital infrastructure provider WIOCC Group.
The financing includes loans of $10 million and ZAR 200 million (c. $11.2 million) from the IFC, and $20 million from Proparco. WIOCC expects to sign an additional $10 million loan for its expansion in Nigeria with RMB in the next few weeks.
With the funding, WIOCC Group will expand its core and edge data centres in the DRC, Nigeria, and South Africa to meet growing demand for co-location and other data centre services. It will also grow its fibre networks, helping bridge the digital divide, and fostering economic growth across Africa.
The financing is structured as a sustainability-linked debt, with pricing linked to WIOCC’s commitment to improve the energy efficiency of its data centres and obtain EDGE green building certification for them.
“We are excited to conclude this next stage of our capital raise, which will enable significant expansion, adding further capacity to our open-access data centre operation and extending open-access hyperscale national, international, and metro connectivity across our key markets in Nigeria, southern Africa, the DRC and Greater East and Central Africa,” said Chris Wood, CEO of WIOCC Group. “Our policy of continual investment in infrastructure to create Africa’s first, truly open-access interconnected digital ecosystem means ongoing investment for growth, ensuring readiness to meet the future demands of our clients’ customers throughout Africa.”
Stay ahead in Africa's private equity and venture capital sector with Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe here