Telecoms infrastructure company Torrecom has secured a $70m loan agreement as part of plans to deploy more than 300 new towers in LatAm.
The Latin-American-focused company secured loans from three Development Finance Institutions (DFIs): Proparco, DEG, and IDB Invest.
The investment will enable the company to expand its regional tower portfolio to reach 1,700 towers by 2024.
Proparco, which has been Torrecom's financing partner since 2017, served as the lead investor alongside IDB Invest and DEG.
The new financing will support Torrecom and its subsidiaries across 10 different markets, including Mexico, Guatemala, El Salvador, Nicaragua, Panama, Colombia, Ecuador, Peru, Paraguay, and Chile.
“Proparco has provided secured debt financing to Torrecom since 2017 in support of its growth in Central America," said Maria Scotti, CEO of Torrecom.
"We are extremely proud of our longstanding relationship with Proparco and the confidence they have shown in our team to meet our capital needs and increase our funding by adding IDB/Invest and DEG as lenders to support our continued growth throughout all our markets spanning ten countries from Mexico to Chile."
Founded in 2010, Florida-based Torrecom operates a portfolio of over 1,400 wireless infrastructure sites across the 10 markets it's active in.