African tower building Company, IHS, announced on Wednesday that it has acquired $522 million in debt and equity to fund expansion projects across the continent.

The Nigerian based telecom infrastructure provider revealed in an official statement that $280 million in debt was raised from International Finance Corp – the World Bank private sector arm – and $242 million in equity from new and existing shareholders, including Asian Sovereign wealth fund.

“IHS will draw significant benefits from its newest shareholder by having direct access to additional financial and intellectual resources,” the group said.

The combined transaction brings the total financing raised by IHS Towers to over $1 billion over the past 12 months, Reuters reported.

The company said it will use the funds for the construction of 1000 towers in Nigeria, Cote d’Ivoire and Cameroun, as well as investing in solar and energy efficiency solution and expanding its operations to newer markets.

IHS owns and manages over 8,250 towers across Africa and the Middle East, while it has built more than 3000 towers for its clients in 5 countries.

It currently has partnerships with leading telecom companies including MTN Group, France Telecom-Orange and Middle Eastern largest operator, Etisalat.