The European Investment Bank (EIB), state lender CDP and a pool of 13 banks have signed off on a EUR 3.5 billion finance package to fund the fibre-optic broadband rollout plans of Italian wholesale operator Open Fiber. In a statement, Open Fiber said the finance deal is led by banks including UniCredit, Societe Generale and BNP Paribas and is the largest ever for a fibre-optic network in the EMEA region. “The transaction involves the most important Italian and international credit institutions and is an important sign of confidence in the project, in the wholesale-only model and especially in Open Fiber’s employees who have done a fantastic job in recent months,” said the company’s CEO Elisabetta Rippa.
Open Fiber, a joint venture between Italian utility giant Enel and state lender CDP, said the EIB is contributing EUR 350 million, while shareholders CDP and Enel are granting a further EUR 950 million. The new funding will be freed up by October and will allow the company to proceed with plans to bring FTTH connections to around 19 million homes and businesses in 271 Italian cities and 7,000 municipalities.
