The UK Infrastructure Bank has revealed a substantial GBP 35 million (USD 45 million) investment in Wildanet, a Cornwall-based internet provider.
This funding will allow Wildanet to expedite its broadband expansion in rural areas of Cornwall, promoting economic development, boosting productivity, and enhancing social welfare within local communities.
Backed by sustainable infrastructure investment experts at Gresham House, this funding injection will also empower Wildanet to further modernize and extend its high-speed internet infrastructure.
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The upgraded broadband network is set to benefit an additional 20,000 residences and enterprises, delivering markedly faster internet access. This initiative aims to foster equity among rural communities and businesses across Cornwall.
The funding from the UK Infrastructure Bank, coupled with a revolving credit facility arranged by Santander with advisory support from Deloitte, will strengthen Wildanet’s participation in Project Gigabit.
In April 2024, Wildanet secured a GBP 41 million (USD 53 million) contract to expand connectivity to more than 16,800 residences and businesses in East Cornwall, West Cornwall, and St Mary’s island in the Isles of Scilly. This followed their 2023 announcement of two contracts totaling GBP 36 million (USD 46 million) to connect up to 19,250 homes and businesses in South-West and Mid-Cornwall.
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Ian Brown, Head of Banking and Investment at the UK Infrastructure Bank, highlighted that the nature of Cornwall’s location and geography makes it one of the most challenging areas for internet providers to reach, resulting in lower speeds than the UK average. He emphasized that their financing for Wildanet’s rollout will support communities and stimulate economies that might otherwise miss out on the advantages of enhanced connectivity.
Helen Wylde-Archibald, CEO of Wildanet, stated, “Today’s announcement supports and accelerates our far-reaching roll out plans for Cornwall and unlocks growth in our own company as we continue our mission to transform connectivity and opportunities in Cornwall, at the same time as creating a dynamic, profitable and sustainable business.”
“Wildanet’s success in forging strong partnerships with both national and local government, with institutional investors and banks, is delivering new investment into Cornwall. We’re proud of these achievements and the leading role we are playing as a champion for digital inclusion and the creation of a modern digital economy in the Southwest,” she added.
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