New Investments

WIOCC Group Secures $50 Million to Expand Digital Access Across Africa

| Article

WIOCC Group, a provider of high-capacity internet connectivity in Africa, has secured over $50 million in funding from a consortium of international institutions.

This significant investment will fuel the company’s expansion plans in Nigeria, South Africa, and the Democratic Republic of Congo (DRC), aiming to bridge the digital divide and enhance connectivity across the continent.

The funding comes from a group of development finance institutions, including the International Finance Corporation (IFC), Proparco, and RMB Corvest.

The IFC, a member of the World Bank Group, is contributing $10 million and ZAR 200 million (approximately $11.07 million).

Proparco, a subsidiary of the Agence Française de Développement Group, is providing another $20 million.

WIOCC is also finalizing a $10 million loan agreement with RMB Corvest specifically for its expansion efforts in Nigeria.

Uniquely, this financing is structured as sustainability-linked debt. The loan terms will be tied to WIOCC’s commitment to improving energy efficiency and achieving EDGE green building certification for its data centers.

EDGE certification, provided by the IFC, ensures data centers are resource-efficient and operate with zero carbon emissions.

The capital injection will allow WIOCC to expand its core and edge data centers in the targeted African nations, catering to the growing demand for data center services.

Additionally, a portion of the funds will be directed towards expanding their fiber network infrastructure.

This network expansion aims to bring greater digital access to individuals and businesses across Africa, fostering economic growth on the continent.

“We are thrilled to conclude this phase of our capital raise,” said Chris Wood, CEO of WIOCC Group.

WIOCC, established in 2007, has a longstanding commitment to investing in Africa’s digital future.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

You may also like...

© 2021 Empower Africa. All rights reserved.