from DION HENRICK in Cape Town
CAPE TOWN, (CAJ News) – EAGLE Towers has secured a R100 million (US$5,5 million) loan to support the telecommunications towers company’s expansion plans.
Infra Impact Investment Managers helped its portfolio company get the senior secured loan facility provided by Prescient Investment Management’s Prescient Infrastructure Debt Fund.
“Infra Impact has been instrumental in helping us secure this loan facility, which is a critical component of our growth strategy,” said Avril van Rheede, Eagle Towers Chief Executive Officer.
He lauded their team for providing invaluable insights and guidance to help the company achieve its objectives
“We look forward to continue executing on our strategy to provide Mobile Network Operators with high quality tower infrastructure in South Africa.”
Eagle Towers has been constructing, operating, and maintaining telecommunications towers across South Africa, especially in rural areas.
Rural mobile connectivity is crucial in South Africa, as it helps to bridge the digital divide and provides access to information, communication, and services to people living in remote areas.
In South Africa, where World Bank data suggests approximately 32 percent of the population lives in rural areas, mobile phones are a lifeline for many people.
“We are delighted to have played a significant role in supporting Eagle Towers as they look to expand and grow their business,” said Morné Edas, founder and Co-Managing Partner of Infra Impact.
“The successful funding round is a testament to the hard work and dedication of the respective teams, and we look forward to continuing our partnership to drive value for all stakeholders.”
The Infra Impact Mid-Market Infrastructure Fund 1 provides growth capital for South African focused infrastructure businesses, which own real assets that provide essential services and that have value creation potential.
Conway Williams, Head of Credit at Prescient Investment Management, noted the loan facility would help drive increased telecommunication coverage and reduce the cost of such access in South Africa.
“We believe that we have the responsibility of ensuring that the capital we invest contributes to the greater good of the economy, the environment and broader society,” Williams said.
– CAJ News