Kenya’s telecom titan, Safaricom (SCOM.NR), shared on Tuesday that it secured 15 billion shillings (around $116.73 million) from the second round of a sustainability-oriented loan procured from a coalition of local banks.
This telecom heavyweight, partially owned by South Africa’s Vodacom (VODJ.J) and Britain’s Vodafone (VOD.L), initiated this green loan project last year, netting a comparable sum in its initial phase.
The fresh funding will be funneled into various eco-friendly initiatives, notably transforming its transmission facilities to run on renewable energy rather than costly diesel generators.
“This agreement propels our sustainability goals forward,” remarked Peter Ndegwa, the CEO of Safaricom, in a press release.
The deal features four major banks: KCB, ABSA, Standard Chartered Kenya, and Stanbic, with Standard Chartered steering the ship as the principal arranger and bookrunner.
(At the time of reporting, $1 was equivalent to 128.5000 Kenyan shillings.)
Reporting by Duncan Miriri, Edited by Christina Fincher
