This substantial funding will enable Wildanet to accelerate its broadband rollout to underserved rural areas across Cornwall, fostering economic growth, enhancing productivity, and improving social wellbeing for local communities.
This investment will allow Wildanet, supported by sustainable infrastructure investment specialists Gresham House, to continue upgrading and expanding its high-speed internet network.
The enhanced broadband infrastructure will provide up to an additional 20,000 homes and businesses with significantly faster internet connections, thus levelling the playing field for rural communities and businesses throughout the county.
The financing from the UK Infrastructure Bank, complemented by a revolving credit facility from Santander structured with assistance from Deloitte, will bolster Wildanet’s efforts as part of Project Gigabit.
In April 2024, Wildanet was awarded a £41 million contract to roll out new connections to over 16,800 homes and businesses in East Cornwall, West Cornwall, and the island of St Mary’s in the Isles of Scilly. This followed a 2023 announcement where Wildanet secured two contracts worth £36 million to connect up to 19,250 homes and businesses in South West and Mid Cornwall.
Ian Brown, head of banking and investment at the UK Infrastructure Bank, commented, “The nature of Cornwall’s location and its geography makes it one of the most difficult to reach places for internet providers and as a result has lower speeds than the UK average. Our financing for Wildanet’s rollout will support communities and grow economies that would otherwise miss out on the benefits associated with improved connectivity.”
Helen Wylde-Archibald, CEO of Wildanet, stated, “Today’s announcement supports and accelerates our far-reaching roll out plans for Cornwall and unlocks growth in our own company as we continue our mission to transform connectivity and opportunities in Cornwall, at the same time as creating a dynamic, profitable and sustainable business.
"Wildanet’s success in forging strong partnerships with both national and local government, with institutional investors and banks, is delivering new investment into Cornwall. We’re proud of these achievements and the leading role we are playing as a champion for digital inclusion and the creation of a modern digital economy in the South West.”
Backed by Gresham House’s sustainable infrastructure strategy with nearly £100 million invested since 2020, Wildanet has grown to become a major regional employer, doubling its workforce to over 220 in the past 18 months.
Stevie Ingamells, associate director of sustainable infrastructure at Gresham House, expressed enthusiasm about the expanded partnership with UKIB and Santander, commenting, “Having supported Wildanet since 2020 to build out rural networks across Cornwall, we are delighted to extend the partnership to include UKIB and Santander, to help fund Wildanet’s third prestigious Project Gigabit contract. Securing this additional capital is a testament to the Wildanet team’s capability and dedication to continue delivering networks into the hardest to reach areas.”
