UK Infrastructure Bank invests £75million in new broadband project to accelerate full-fibre rollout to 1.5million UK premises
UK Infrastructure Bank invests £75million in new broadband project to accelerate full-fibre rollout to 1.5million UK premises
17 March 2023
UK Infrastructure Bank has today announced it will invest £75million in a deal which will see the swift roll-out of full-fibre broadband to a total of 1.5million homes and businesses across England, Scotland, Wales and Northern Ireland by 2025.
The Bank’s involvement in the £230million deal ensures fast, reliable gigabit-capable broadband can be delivered to a total of 1.5million 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 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."