Gigaclear secures funding to reach 500,000 properties by 2023
Gigaclear, the ultrafast rural broadband provider, has secured the next phase of its funding to support its current programme to connect 500,000 homes and businesses in some of the most underserved rural parts of the country to its full-fibre network.
The £190 million facility enables Gigaclear to reach its target of passing 500,000 premises by 2023, which in turn, contributes to the Government’s goal of connecting 85% of UK premises to gigabit capable broadband by 2025.
Ian Wade, CFO of Gigaclear, says, “This round of debt funding secures our ability to deliver our target of connecting 500,000 homes and businesses to our ultrafast, full-fibre network by 2023.”
“Gigaclear operates mostly in rural areas, upgrading the infrastructure in communities that have historically been left behind in terms of internet access. We are grateful to our investors for this show of confidence and look forward to ramping up our roll out in the years to come.”
The £190 million facility was provided by ING, ABN Amro, ING, Lloyds Bank, NatWest, NIBC and UKIB.