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The company says it will use the funds to accelerate its rollout of full fibre infrastructure
Today, Cornwall-based ISP Wildanet has announced that it has received a £35 million investment from the UK Infrastructure Bank (UKIB).
The investment will be used to fund the further expansion of Wildanet’s fibre-to-the-premise (FTTP) network, providing connectivity to a further 20,000 homes and businesses.
“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,” said Helen Wylde-Archibald, CEO of Wildanet.
“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 South West.”
Earlier this year, Wildanet was awarded a £41 million Project Gigabit contract to roll out new connections to more than 16,800 homes and businesses in East Cornwall, West Cornwall and the island of St Mary’s in the Isles of Scilly. Earlier still, in 2023, Wildanet won two contracts worth £36 million to connect up to 19,250 homes and businesses in South West and Mid Cornwall.
For the UKIB, this new investment aims at providing additional support for Wildanet’s Project Gigabit contracts.
“The nature of Cornwall’s location and its geography makes it one of the most difficult to reach places for internet providers and as a result has lower speeds than the UK average,” explained Ian Brown, UKIB’s Head of Banking and Investment. “Our financing for Wildanet’s rollout will support communities and grow economies that would otherwise miss out on the benefits associated with improved connectivity.”
Wildanet is not the only altnet to be benefiting from the UKIB’s renewed support. Just last week the UKIB invested £150 million in major altnet Hyperoptic, aiming to again drive an acceleration of the UK’s full fibre infrastructure.
Wildanet won the Sustainability Award at the 2023 Connected Britain Awards for helping local Cornish businesses to become B-Corps!
Join the operators in discussion at this year’s Connected Britain, the UK’s largest digital economy event
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