Kenya’s biggest telecoms operator Safaricom (SCOM.NR), opens new tab has raised 15 billion shillings ($116.73 million) via the second tranche of a sustainability-linked loan from a consortium of local banks, it said on Tuesday.
The company, which is part-owned by South Africa’s Vodacom (VODJ.J), opens new tab and Britain’s Vodafone (VOD.L), opens new tab, started the sustainability-linked loan program last year when it raised a similar amount in the first tranche.
The cash will be used for investments like the conversion of its transmission sites to renewable energy instead of expensive diesel.
“This deal helps to accelerate the advancement of our sustainability agenda,” Safaricom’s CEO Peter Ndegwa in a statement.
The four participating banks in the transaction are KCB, ABSA, Standard Chartered Kenya and Stanbic, Safaricom said, adding that Standard Chartered acted as the lead arranger and bookrunner.