African Infrastructure Investment Managers (AIIM), Adenia Partners and the IFC have partnered to invest a total of USD 130 million to support Eastcastle Infrastructure, a new company specialising in Africa’s telecoms tower sector. The funding will support Eastcastle’s build-to-suit strategy, to develop new telecom towers initially in the Democratic Republic of Congo, Nigeria and Cote d'Ivoire.
The number of towers across the region needs to increase significantly to accelerate the deployment of 3G, 4G and 5G networks needed for internet access. The financing deal comes as growth in data consumption across Africa is soaring, with traffic per subscriber expected to increase fourfold by 2025, along with an expected 200 million new mobile internet users.
Eastcastle was co-founded in 2020 by Peter Lewis, a former CFO at Eaton Towers and Milicom executive, and Pankaj Kulshrestha, who worked as Eaton Towers COO and at American Tower in India.
