…BluePeak’s investment supports ieng’s strategic objective to: Expand its presence across the continent
…Increase and improve mobile and internet connectivity in Africa through: reliable services to tower companies and mobile network operators, and rollout of telecom towers in rural areas
…Reduce Africa’s carbon footprint through the rollout of hybrid power solutions
MON 04 APRIL, 2022-theGBJournal| BluePeak Private Capital – an alternative asset management firm with a strong focus on impact in Africa – today announced its investment in ieng, a pan-African provider of engineering and construction, operations and maintenance, and hybrid power solutions to Africa’s burgeoning telecom sector.
The $20 million growth capital supports ieng’s geographic expansion plan across the continent, enabling the company to provide innovative and cost-effective solutions to a broader range of clients and industries, solidifying its position as a leading provider of end-to-end infrastructure services and cutting-edge solutions. In addition, the investment advances 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 Private Capital, commented: “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.”
Rami Shibley, Founder, and CEO of ieng said: “We are excited to start this long-term partnership with BluePeak to support ieng’s continuous growth and development. The investment provides critical capital, enabling ieng to meet the increasing demand for reliable telecom services, improved connectivity, and more efficient power solutions”.
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, the Democratic Republic of Congo, and beyond. Further, ieng has established an in-house hybrid power solution to reduce carbon emissions of telecom towers through transformative means.
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. ieng is well-positioned to leverage its competitive geographic reach and long-term relationships with clients to capitalize on the market opportunity and further scale its operations.
The investment is aligned with the Fund’s impact agenda and will support ieng in strengthening mobile and internet connectivity and promoting evolutionary hybrid power solutions.
BluePeak’s $20 million investment promotes UN’s Sustainable Development Goal 3 Good Health and Well-being, Goal 5 Gender Equality, Goal 7 Affordable and Clean Energy, Goal 8 Decent Work and Economic Growth, and Goal 9 Industry Innovation and Infrastructure.
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