Brazil Tower Company (BTC) raised $79 million from international lenders as part of a bid to double its tower footprint in the country.

All told, the company expects to raise a total of $104 million by Q3 and said it will use the funds to expand its portfolio from 600 tower sites to 1,200 sites over the next two years. BTC operates wireless towers for major operators in Brazil including Telefonica, TIM and Claro.

The move comes as the company tries to meet what it called the “strongest” demand for new towers it experienced since 2015. BTC CEO Chahram Zolfaghari said the company is “very disciplined in its approach to new site selection” and will focus on “highly trafficked and defensible tower locations”.

Tom Staz, the company’s CFO, added the strategic rollout of new tower sites will help BTC triple its cash flows.

BTC’s latest funding round was led by Canada-based Cordiant Capital. Jonathan Loiacono, an investment banking adviser who works with Cordiant, said he expects continued investment and growth for telecom operators, and neutral host infrastructure in Brazil as operators try to keep up with data demand.

“With the proliferation of smartphones and over-the-top services, network operators are expanding and densifying their networks rapidly to keep pace with burgeoning growth in data demand. Additionally, the positive zoning regime, low fixed broadband penetration and national coverage requirements present a very strong investment case for credit and equity investors.”