Albright Capital Management, LP (“Albright Capital”) and Innovattel LLC (“Innovattel”) announced today that they have extended the credit facility provided by Albright Capital to Innovattel’s Argentine subsidiary, Torresec SA (“Torresec”) and agreed to the terms of a new capital commitment. Newly committed funds will be used to expand Torresec’s digital infrastructure assets in Argentina.
In 2016, Albright Capital provided the initial capital to fund Innovattel’s plan to build Torresec as the first independent tower company in Argentina. Today, Torresec is the largest independent developer of telecommunication towers in Argentina with cell sites and fiber deployed throughout the country.
“We are excited to continue our partnership with Manuel Avilés and the Torresec management team as they grow their tower portfolio across Argentina. With this commitment, Torresec will have the capital strength and flexibility to take advantage of the current market dynamics and meet customers’ demand for towers” said Ahmad Al-Sati, Managing Director at Albright Capital. “Innovattel is an established industry leader poised to capture additional market share and seize the burgeoning growth opportunities for wireless infrastructure in Argentina and across the region,” Mr. Al-Sati added.
“The need to improve capacity and coverage, combined with the growing demand for data, make the market opportunity for digital infrastructure attractive in the eighth largest country in the world,” stated Avilés. “Building on our success in Argentina and across Latin America and with fresh financial backing from a partner that understands emerging markets, we are committed to enhancing our existing portfolio and deploying our pipeline, which will enable improved mobile services for all Argentineans.” Mr. Avilés added “Our innovative approach to the market includes agreements with utility companies and municipalities, positioning Innovattel at the forefront of future 5G deployments in Argentina.”
Financial details of the private investment were not disclosed.
About Albright Capital (www.albrightcapital.com)
Based in Washington, D.C., Albright Capital is a global emerging markets private investor that seeks out opportunities across regions and industries. With significant experience in infrastructure, digital infrastructure services, and real assets, the firm seeks to identify compelling investment themes, market inefficiencies, and pockets of capital shortage.
About Innovattel (www.torresec.com)
Headquartered in San Juan, Puerto Rico, Innovattel is a leading pan-Latin America cell tower development company and provider of wireless infrastructure to large mobile network operators (MNOs). Following a strategy of build-to-suit for MNOs as well as opportunistically acquiring existing tower portfolios, Innovattel today has a portfolio of towers in five jurisdictions across Latin America and has previously sold tower portfolios across the region. Innovattel is currently developing tower portfolios in Argentina, Puerto Rico, the Dominican Republic, Ecuador, and Paraguay; and has also previously developed tower portfolios in Colombia and Peru.