Chapel Hill Denham’s Nigeria Infrastructure Debt Fund (NIDF) has agreed to provide long-term financing to Nigerian solar-based ISP Tizeti.
The senior debt facility will be used to finance the rollout of Tizeti’s fixed broadband network across 15 states.
The operator currently serves over three million residential, business and hotspot users in Nigeria via its network of solar-powered base stations in five states.
Tizeti will deploy the debt funding to build new internet infrastructure and purchase additional equipment to expand its services to Delta, Akwa Ibom, Cross River, Abia, Anambra, Imo, Enugu, Abuja, Kano and Kaduna.
NIDF is Nigeria’s largest and Africa’s first-ever listed infrastructure fund, providing long-term, naira-denominated financing for infrastructure projects in Nigeria.
‘Chapel Hill Denham is excited to partner Tizeti in the expansion of fast, reliable broadband network across Nigeria,’ said Anshul Rai, CEO of NIDF, ‘Digital economy is a key strategic pillar for Nigeria to accelerate its economic and social development, and providing access to affordable internet services is crucial to achieve the true potential of digitisation. We continue to work with all stakeholders to support accelerated development of digital infrastructure in Nigeria by providing access to long-term, naira-denominated financing for such projects – thus realising the government’s vision of reaching 70% broadband penetration by 2025.’