The Bank’s involvement in the £230 million deal ensures fast, reliable gigabit-capable broadband can be delivered to a total of 1.5 million homes without delay, with nearly half of the total roll-out (up to 675,000 premises) planned for areas considered to be less commercially viable.
The two-year roll-out of the project will be managed by Netomnia, with internet service provided by YouFibre and offers a significant boost toward the Government’s target of 85% gigabit-capable coverage by 2025.
UK Infrastructure Bank’s loan facility is specifically targeted to accelerate roll-out in areas with current poor broadband connectivity and with high skills among the workforce in order to maximise the benefit from improved connectivity; more than 300,000 premises in these areas will be prioritised.
Improving digital infrastructure and lessening digital inequalities across all four nations of the UK is vital for the future of the economy. With full-fibre broadband using significantly less energy than existing copper connections its roll-out supports the UK Infrastructure Bank’s key objectives of investing in infrastructure that tackles climate change and boosts regional and local growth.
The roll-out is expected to lead to the creation of a total of 1,600 permanent and temporary jobs across the UK.
John Flint, CEO of the UK Infrastructure Bank, said:
Fast, reliable broadband unlocks connectivity, opportunity and growth for people and communities across the UK. This is particularly essential for those in underserved areas who currently struggle to connect with work colleagues, family and friends – something many of us take for granted.
"That’s why we’re pleased to be a lead debt investor in a project which will move quickly to improve broadband services in areas that need help the most.
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