£21m from European Investment Bank to help Hyperoptic reach 0.5 million homes
Hyperoptic has secured an eight year loan from the European Investment Bank (EIB) to the tune of £21m which should help the Gigabit broadband provider add another 300,000 premises to its FTTP footprint in the next three years.
Hyperoptic is the largest Gigabit broadband provider in the UK, and second only to Openreach for FTTB/FTTP and if the expansion plans by Hyperoptic go ahead sooner rather than later might even surpass Openreach to be the largest FTTP provider at any speed. If this happens then it is testimony to the efficiencies Hyperoptic has brought to the party as the total investment with the new loan is £75m.
"Hyperoptic is excited by the European Investment Bank’s investment, which will further fuel our roll out and addressable market expansion. The confidence of both EIB and Soros Fund Management LLC supports the importance of FTTP in providing a boost to the UK’s digital infrastructure and economy."Dana Tobak, CEO of Hyperoptic
Hyperoptic targets apartment blocks and operates in 13 UK cities with previously announced plans to increase this to 20 cities and as broadband becomes increasingly important to consumers any new apartment block that does not come with pre-installed decent broadband is going to find attracting new tenants harder.