(Ecofin Agency) - South Africa’s data center provider Teraco announced it is conducting a project to strengthen business and expand infrastructure in the country. The 2-phase project is valued at R1 billion ($71.4 million).

First phase is already underway and will be completed by Q3 this year. The company said monies to finance the project come from its shareholders and banking groups such as Absa Bank; but the amount injected by the bank has not been revealed.

“Our debt funding partners, Absa, continue to be highly supportive of our business model and are key partners in Teraco’s growth strategy,” commented Jan Hnizdo (photo), the Chief Financial Officer.

Let’s note Teraco is also supported by the investment firms Berkshire Partners LLC and Permira.

Chamberline Moko