The investment will allow the company to accelerate its broadband rollout to underserved rural areas in the county, supporting economic growth, productivity, and social wellbeing for local communities and economies.
It will also enable Wildanet, which is backed by sustainable infrastructure investment specialists Gresham House, to continue to upgrade and expand its high-speed internet network to homes and businesses in Cornwall, which includes some of the most difficult to reach areas in the UK.
The rollout will provide up to a further 20,000 homes and businesses with significantly faster broadband connections, helping to create a level playing field for rural communities and businesses around the county.
The Bank’s financing, alongside a revolving credit facility from Santander structured with the assistance of Deloitte, will support Wildanet’s work in Cornwall as part of Project Gigabit. In April 2024, Wildanet was awarded a £41 million 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. It followed an announcement in 2023 which saw Wildanet awarded two contracts worth £36 million to connect up to 19,250 homes and businesses in South West and Mid Cornwall.
Ian Brown, UK Infrastructure Bank Head of Banking and Investments, said:
“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, it has lower speeds than the UK average.
“Our financing for Wildanet’s rollout will support communities and grow economies that would otherwise miss out on the benefits associated with improved connectivity.”
Helen Wylde-Archibald, CEO of Wildanet, said:
“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 South West.”
Wildanet, which has been backed by specialist alternative asset manager Gresham House’s sustainable infrastructure strategy with close to £100 million invested since 2020, has grown to become a major regional employer, more than doubling its workforce to more than 220 in the last 18 months as well as driving significant economic activity and employment through its strong local supply chain.
Stevie Ingamells, Associate Director, Sustainable Infrastructure, Gresham House said:
“Having supported Wildanet since 2020 to build out rural networks across Cornwall, we are delighted to extend the partnership to include UKIB and Santander, to help fund Wildanet’s third prestigious Project Gigabit contract. Securing this additional capital is a testament to the Wildanet teams’ capability and dedication to continue delivering networks into the hardest to reach areas.
“To date, too many regions across the UK are under served and under invested when it comes to digital inclusion, but Wildanet is changing that and driving impact by focusing on the areas of greatest need.
“The rollout of Wildanet’s high-speed gigabit fibre network across further rural areas of Cornwall will deliver hugely positive social impact in the South West by vastly improving the digital connectivity in the region, bringing communities closer together and supporting local economies to thrive.”
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