Gigaclear Receives £ 1.5 Billion to Promote Rural Fiber Optic Broadband

The UK’s largest alternative network provider for all fiber broadband rural areas has announced a debt financing of up to £ 1.5 billion.
Since 2010, Gigaclear has been committed to deploying its all fiber broadband to underserved rural communities, and its network has now expanded to over 500000 households in 26 counties.

The new debt loans are divided into approximately £ 1 billion prepaid loans and approximately £ 500 million unconstrained flexible loans. The loan is provided by a banking consortium that includes ABN AMRO, Credit Industry et Commercial, HSBC, Kombunalkreit, LBBW, Lloyds, NatWest, NAB, NIBC, and SEB. The guarantee products provided by the UK Infrastructure Bank cover a commitment of £ 240 million. UK Infrastructure Bank offers guarantee products covering a commitment of £ 240 million.
The financing will be used to accelerate the long-term plan of this telecommunications company to provide services to over one million rural users by 2027.
Last month (November), Gigaclear received two contracts worth £ 26.5 million to connect approximately 10000 households and businesses in rural Oxfordshire that are difficult to reach. These contracts are part of the UK government’s £ 5 billion Project Gigabit.