African data centre provider Teraco Data Environments has secured R2.5 billion (€140 million) in funding.
The company will utilise the funding to fund the construction of its 28 megawatt hyperscale data centre in Ekurhuleni, east of Johannesburg, South Africa.
Platform Teraco provides enterprises with a direct private connection to all leading cloud providers in what it says is the most latency efficient, secure and resilient manner possible.
The company’s chief financial officer Samuel Erwin said that the investment in Teraco shows that its shareholders and lenders have “a long-term vision for Africa’s digital transformation.”
He also added that the financing aligns with Teraco’s support for the South African Government’s drive to invest billions of Rands into the country’s digital infrastructure.
Erwin said that the funding transaction, which was led by finance services group Absa, will support Teraco’s expansion plans. He said: “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.”
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