IHS secures over US$500 million in financing

African tower network operator, IHS Towers say that it has raised US$522 million in fresh debt and equity, led by new and existing lenders and shareholders.

The combined transaction, which represents one of the largest capital expansion initiatives in Africa during the last 12 months, brings the total financing raised by IHS Towers to over US$1 billion.

IHS said that it will utilise the proceeds to finance the construction of more than 1,000 build-to-suit towers in Nigeria, Côte d’Ivoire and Cameroon, to invest in solar and energy efficiency solutions, and to fund further expansion into new markets.

The company did not name the new shareholder other than to say it was an Asian sovereign wealth fund.

IHS Towers currently has 8,500 towers in its tower portfolio and has built over 3,000 for its clients, making it Africa’s largest independent mobile infrastructure provider.