IHS Nigeria, Africa’s biggest independent phone-tower operator, revealed recently that it has raised $2.6 billion in equity and debt to finance more acquisition of towers, following successful purchases of MTN and Etisalat towers.

The funding, the biggest equity fund raised by an African company since 2007, was raised from new and existing shareholders. The capital was split $2 billion in equity while the remaining $600 million was sourced from loans.

“The contribution of our investors significantly strengthens our position and the ability to move into the next phase of growth and development with confidence. We are clear in our ambition to play a leading role in the creation of the widest, most efficient and reliable mobile networks in Africa. The social and economic benefits to the local economies where we operate are significant,” IHS CEO, Issam Darwish said.

IHS is the largest towers group in Africa with about 20,000 sites in Nigeria, Ivory Coast, Cameroon, Rwanda and Zambia. It has now raised a total of $4.5 billion since 2012. Darwish said IHS may raise further funds before the end of 2015 to meet the growing demand of broadband.

According to him, Africa will need up to 300,000 mobile towers over the next 10 years to meet future broadband demand. The company plans to build new sites and improve existing towers with solar power systems and efficient generator units.

Ecobank, Standard Chartered, Standard Bank, Investec and the World Bank’s International Finance Corporation (IFC) contributed to the funding while Goldman Sachs and UBS advised IHS on the new capital raising.