The West Indian Ocean Cable Company (WIOCC) has recently secured $41 million in debt funding to expand data center infrastructure in Nigeria, South Africa, and the Democratic Republic of Congo (DRC). The funding, led by IFC and Proparco, aims to support the expansion of WIOCC’s data center operations and fiber networks to meet the growing demand for colocation and other data services in these regions.
With this funding, WIOCC plans to expand its core and edge data centers in Nigeria, South Africa, and the DRC, as well as grow its fiber networks to bridge the digital divide and promote economic growth across Africa. The financing is structured as a sustainability-linked debt, with pricing tied to WIOCC’s commitment to improve the energy efficiency of its data centers and obtain EDGE green building certification.
CEO of WIOCC Group, Chris Wood, expressed excitement about the capital raise, highlighting the importance of ongoing investment in infrastructure to create an open-access interconnected digital ecosystem in Africa. The expansion of data center activities in Nigeria, South Africa, DRC, and beyond is seen as a critical step in building a diversified digital ecosystem that includes local data storage and processing capacity.
PROPARCO’s Head of Energy, Digital, and Infrastructure, Ariane Ducreux, emphasized the significance of neutral and open-access data centers in ensuring the resilience of Africa’s digital network. The sustainability-linked structure of the financing aims to incentivize the rollout of energy and water-efficient data centers while adapting implementations to the specific environmental requirements of each site.
IFC Global Industry Director of Infrastructure, Bertrand de la Borde, highlighted the Corporation’s long-standing partnership with WIOCC and its commitment to increasing affordable and reliable digital connectivity in Africa. The new debt facility is expected to help WIOCC establish an integrated, open-access cloud ecosystem from core to edge throughout the African continent, which is crucial for bridging the digital divide.
Overall, the funding secured by WIOCC represents a significant investment in expanding data center infrastructure and fiber networks in key African markets. The focus on sustainability and energy efficiency underscores the importance of building a resilient digital ecosystem that can support the continent’s growing connectivity needs.