IFC and Proparco's finance package for digital infrastructure provider WIOCC Group will fund the company's expansion strategy in three African countries, improving the continent's digital infrastructure and connectivity.
The financing includes loans of $10 million and $11 million (R200 million) from the IFC, a World Bank Group member, and $20 million from Proparco, a development finance agency and subsidiary of the Agence Française de Développement.
WIOCC also intends to sign an additional $10 million loan with Rand Merchant Bank (RMB) soon to fund its expansion in Nigeria.
With the funds, WIOCC Group plans to develop its core and edge data centres in the Democratic Republic of the Congo, Nigeria, and South Africa to fulfil rising demand for colocation and other data centre services.
It will also expand its fibre networks, thereby bridging the digital divide and promoting economic growth throughout Africa.
The funding is structured as a sustainability-linked debt, with price tied to WIOCC's commitment to increasing the energy efficiency of its data centres and obtaining EDGE green building certification for them.
EDGE, an IFC invention, simplifies the design and certification of resource-efficient and zero-carbon buildings.
Since its founding in 2007, WIOCC has invested in Africa's digital backbone, providing open-access infrastructure to fulfil the continent's growing demand for reliable connectivity solutions.
“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 hyper-scale 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.
He added: “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.”
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