{"id":29616,"date":"2021-12-17T07:37:09","date_gmt":"2021-12-17T07:37:09","guid":{"rendered":"https:\/\/www.ispreview.co.uk\/?p=29616"},"modified":"2021-12-17T11:42:56","modified_gmt":"2021-12-17T11:42:56","slug":"gigaclear-get-gbp190m-boost-for-rural-uk-fttp-broadband-rollout","status":"publish","type":"post","link":"https:\/\/www.ispreview.co.uk\/index.php\/2021\/12\/gigaclear-get-gbp190m-boost-for-rural-uk-fttp-broadband-rollout.html","title":{"rendered":"Gigaclear Get GBP190m Boost for Rural UK FTTP Broadband Rollout"},"content":{"rendered":"

Infracapital-backed alternative network ISP Gigaclear<\/a>, which recently passed 250,000 premises in rural parts of  England with their gigabit-capable Fibre-to-the-Premises (FTTP<\/a>) broadband network, has today secured another huge \u00a3190 million investment boost – this time co-financed by the new UK Infrastructure Bank<\/a>.<\/p>\n

The provider, which last year secured \u00a3525 million<\/strong> worth of debt financing to help fuel their future expansion plans (here<\/a>), currently specialises in deploying into remote rural parts of the country – often at great cost – and aims to reach 500,000 UK premises with their full fibre broadband network by the end of 2023.<\/p>\n

NOTE:<\/strong> Gigaclear<\/a>’s network is currently present in rural communities and market towns across parts of Oxfordshire, Buckinghamshire, Hertfordshire, Herefordshire, Gloucestershire, Wiltshire, Berkshire, Somerset, Devon, Dorset, Northamptonshire, Lincolnshire, Leicestershire, Kent and Essex.<\/div>\n

The good news is that, after today’s announcement, they may have enough funding to achieve the aforementioned target, extending into more communities across the South West, the Midlands and South East of England. Overall, the \u00a3100m from the UK Infrastructure Bank<\/strong> (UKIB) has facilitated \u00a390m of private sector investment from five other lenders; ABN Amro, ING, Lloyds Bank, Natwest and NIBC.<\/p>\n

In other words, the total facility of \u00a3190 million<\/strong> will support Gigaclear<\/a> in their current rollout programme and deliver broadband to a further c.250,000 properties. Some 90% of these will be in hard-to-reach rural properties, which are currently underserved by the commercial market.<\/p>\n

Julia Lopez MP, Digital Infrastructure Minister, said:<\/strong><\/p>\n

“Digital connectivity has never been more important and through our \u00a35 billion Project Gigabit the government is levelling up communities with much faster broadband speeds.<\/p>\n

But we can only complete this nationwide internet upgrade with the help of broadband firms such as Gigaclear<\/a>. This significant investment in Gigaclear by the UK Infrastructure Bank brings us closer to making sure everyone benefits from new internet-connected technologies in the coming decades.”<\/p><\/blockquote>\n

Gareth Williams, CEO of Gigaclear, said:<\/strong><\/p>\n

“There are areas of rural England where the internet is around 1Mbps, that is slower than old fashioned dial-up speeds. Astronauts on the International Space Station have better internet access. This investment will help us bring our full fibre network to some of the most underserviced areas of the country that have been left behind in the dark ages of internet access, bringing them speeds of up to 900Mbps and beyond.<\/p>\n

Its hard to put into words the level of impact this kind of upgrade has on communities, but in essence, it means rural businesses can thrive, people can work from home without issue, streaming services are actually usable, and loved ones can stay in touch over long distances. We\u2019re grateful to the UKIB and our other investors for this show of confidence and look forward to lighting up more and more communities across the country.”<\/p><\/blockquote>\n

The UKIB, which was setup during June 2021 after first being announced in last year’s Spending Review, is designed to help crowd-in private investment for key infrastructure projects and follows a similar model adopted by the European Investment Bank<\/strong> (EIB), which the UK can no longer access. The “bank<\/em>” was established via an initial \u00a312bn in capital investment and \u00a310bn in loan guarantees (some expect this to fuel a \u00a340bn spending spree on infrastructure).<\/p>\n

Today’s news marks the UKIB’s third major investment after it was recently used to support the UK’s wind-power supply chain through a loan to Tees Valley Combined Authority<\/strong>, and through its deal with NEXT Energy<\/strong>, which will help to potentially double the amount of subsidy-free solar power production across the country.<\/p>\n

All of this means that Gigaclear is now well-placed to both achieve their next coverage target and to bid on any of the new contracts that may emerge under the Government’s \u00a35bn Project Gigabit<\/a><\/strong> scheme. The latter aims to help make gigabit broadband speeds available to at least 85% of UK premises by the end of 2025 and universal coverage by 2030 (here<\/a>), not least by focusing on those in the hardest to reach final 20% of premises.<\/p>\n

UPDATE 11:34am<\/strong><\/p>\n

Adding a comment from UKIB.<\/p>\n

John Flint, CEO of the UK Infrastructure Bank, said:<\/strong><\/p>\n

“The Covid-19 pandemic has underscored how vital reliable and good quality broadband is to every part of the UK. It\u2019s an essential part of everyday life, as the UK increasingly relies on it for working from home, online shopping, and entertainment. This deal will not only benefit rural residents, but businesses based in the countryside too.<\/p>\n

Nationwide full-fibre broad band will boost UK productivity significantly, support regional and local economic growth, and bring more people back into the workforce through remote working. We are very happy to support the Gigaclear programme alongside our co-lenders and are grateful for the support of Lloyds who acted as Coordination Bank with the UKIB for this specific transaction.”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Infracapital-backed alternative network ISP Gigaclear, which recently passed 250,000 premises in rural parts of  England with their gigabit-capable Fibre-to-the-Premises (FTTP) broadband network, has today secured another huge \u00a3190 million investment boost – this time co-financed by the new UK Infrastructure Bank.<\/p>\n","protected":false},"author":1,"featured_media":29617,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[472,56,416,34],"class_list":["post-29616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk_isp_news","tag-business","tag-fttp","tag-gigaclear","tag-statistics"],"share_on_mastodon":{"url":"","error":""},"yoast_head":"\nGigaclear Get GBP190m Boost for Rural UK FTTP Broadband Rollout - ISPreview UK<\/title>\n<meta name=\"description\" content=\"Infracapital-backed alternative network ISP Gigaclear, which recently passed 250,000 premises in rural parts of  England with their gigabit-capable\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ispreview.co.uk\/index.php\/2021\/12\/gigaclear-get-gbp190m-boost-for-rural-uk-fttp-broadband-rollout.html\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gigaclear Get GBP190m Boost for Rural UK FTTP Broadband Rollout - 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