BluePeak Private Capital, an alternative asset management firm, has injected $20mn capital in ieng, a pan-African provider of engineering and construction, operations and maintenance, and hybrid power solutions to telecom sector, to support the firm’s geographic expansion plan across the continent.
The investment will also advance ieng’s strategy to meet growing consumer demand for telecom infrastructure services, boosting connectivity for last-mile access and deepening the firms’ footprint by providing catalytic capital for new contracts with blue-chip clients.
Rami Matar, partner at BluePeak, commented said that through reliable services and a strong track record, ieng has managed to position itself as a preeminent service provider to blue-chip telecom clients in Africa, competing head-to-head with global service providers.
“We are excited to support ieng and fund its growth plans as development in telecommunications narrows the gap in Africa’s digital divide and is a critical enabler of economic development, productivity, and inclusive growth,” said Matar.
Established in 2007 in Ghana, ieng gradually expanded its operations and is today a prominent service provider to blue-chip tower companies and mobile network operators across Africa. Over the years, the company has developed an extensive track record and currently maintains a portfolio of more than 23,000 towers on behalf of clients in growing economies across the continent including Nigeria, Ghana, Kenya, Uganda, and the Democratic Republic of Congo.
In addition, the company has established an in-house hybrid power solution to reduce carbon emissions of telecom towers through transformative means.
“The investment provides critical capital, enabling ieng to meet the increasing demand for reliable telecom services, improved connectivity, and more efficient power solutions,” Rami Shibley, founder, and CEO of ieng said.
The telecommunications sector is poised for onward growth in Africa, on the back of growing mobile penetration, increasing number of internet users and the rollout of 4G and 5G towers to improve and expand the quality of connectivity.
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