As well as connecting homes, CityFibre’s full fibre network is designed to serve all businesses and public sector sites
CityFibre has put in place an infrastructure debt package of £1.12 billion from seven major financial institutions to fund the first part of its £2.5 billion investment plan to roll-out full fibre to five million homes in the UK. It represents a third of the Government’s target of 15 million homes by 2025.
The financial institutions include ABN AMRO, Deutsche Bank, Lloyds Bank plc, Natixis, NatWest, Santander and Société Générale.
This is the largest debt financing package dedicated to full fibre roll-outs in the UK’s history and represents an important milestone in CityFibre’s plan to improve the country’s digital future.
The debt package will be used to fund the deployment of the first two million homes of CityFibre’s five million homes target and will expand CityFibre’s existing full fibre networks in 37 previously announced towns and cities nationwide.
As well as connecting homes, CityFibre’s full fibre network is designed to serve all businesses and public sector sites, provide a superior backbone for mobile operators’ existing locations, enable the roll-out of 5G and Internet of Things technology and offer transformative, future-proofed connectivity to those joining the Gigabit City Club.
“As our networks are rolled out, this will benefit everyone, driving innovation and increasing fibre penetration across the UK"
CityFibre’s access to the debt market is an important step in creating a large-scale open-access platform that supports innovation, as well as catering for emerging demand for smart city enablement and dense 5G small-cell deployments.
CityFibre is building a network that claims to offer dramatically faster speeds to internet service providers and mobile operators, while also significantly improving service levels and reliability.
“The appetite from these institutions to support our financing is further evidence that CityFibre’s strategy is the right one for the UK,” said Terry Hart, CityFibre’s chief finance officer. “As our networks are rolled out, this will benefit everyone, driving innovation and increasing fibre penetration across the UK, providing the future-proof digital connectivity the UK needs.
“CityFibre’s target to reach five million homes by 2025, as well as thousands of businesses and public sector sites, will catalyse huge economic growth in regional towns and cities across the country.”
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