More than £1bn invested in London broadband rollout following successful fundraise
Operator, G.Network, is to invest more than £1bn in rolling out connectivity in London, UK following a successful fundraise.
The funding includes an equity investment by UK private pension scheme, USS, with assets of up to £295m over six years, alongside debt secured from four banks of up to £745m.
In the next five years,G.Network plans to dig around 4,500km of streets, reaching approximately 1.4 million London premises, including many in underserved areas. The rollout is expected to create more than 1,250 new jobs.
Commenting on the funding, the UK Secretary of State for Digital, Culture, Media & Sport, Oliver Dowden said: ‘This fantastic investment in our capital is a welcome boost to the government's national mission to revolutionise Britain's digital infrastructure.It will give London a much-needed helping hand as we race to build back better from the impact of Covid and upgrade broadband speeds for well over a million premises while also creating hundreds of new jobs.’
London’s Mayor, Sadiq Khan, added: ‘This additional investment is great news for our city and will mean new jobs in infrastructure and faster internet speeds for Londoners at home and at work. At a time when so many are reliant on good connectivity, we're encouraging more investment in full fibre by working with London's 32 boroughs and TfL to provide better access across the capital.’
Sasho Veselinski, G.Network chief executive officer, concluded: ‘High speed, reliable connectivity is critical to the home and work lives of Londoners. We are rebuilding London’s broadband from the fibre up, bringing first-class connectivity to residents and businesses without expecting them to pay more.’
