Nigerian based mobile tower company IHS Towers has raised $490 million to fund its expansion across the continent, it has been reported.

IHS owns and manages some 10,500 transmitter towers in Nigeria as well as Cameroon and Ivory Coast, and has built a further 3,500 for telecommunications operators.

According to Reuters, IHS has raised $420 million in equity and $70 million in debt for its expansion plans.

Quoting a statement from the company, Reuters said that IHS sold the equity to three new investors: namely Goldman Sachs, the IFC Global Infrastructure Fund, and African Infrastructure Investment Managers including some to existing shareholders.

It was also revealed that IHS secured the $70 million in senior debt from Standard Chartered Bank and plans to use the money to expand its operations in Zambia.

IHS will use the money it has raised "to finance acquisitions, help its customers expand coverage and capacity by building new towers and continue investing in alternative energy", read a company statement.

The move to raise further funding comes as IHS has been on a large expansion drive.

Last year it was also reported that IHS had secured $522 million of debt and equity to help it build more than 1,000 build-to-site towers in Nigeria, Côte d’Ivoire and Cameroon.

And in December, IHS agreed to buy 1,200 tower sites in Rwanda and Zambia from South Africa's MTN, with MTN set to become the anchor tenant on these towers for 10 years.