Portfolio company Wildanet receives £35mn investment to boost broadband in rural Cornwall

The UK Infrastructure Bank has committed to the investment into Cornwall-based internet provider Wildanet, accelerating its broadband rollout to underserved rural areas in the county, supporting economic growth, productivity, and social wellbeing for local communities and economies.

The investment will enable Wildanet, which is backed by our Sustainable Infrastructure Strategy, to continue to upgrade and expand its high-speed internet network to homes and businesses in Cornwall, which includes some of the most difficult to reach areas in the UK.

The rollout will provide up to a further 20,000 homes and businesses with significantly faster broadband connections, helping to create a level playing field for rural communities and businesses around the county.

The financing, alongside a revolving credit facility from Santander structured with the assistance of Deloitte, will support Wildanet’s work in Cornwall as part of Project Gigabit. In April 2024, Wildanet was awarded a £41mn contract to roll out new connections to more than 16,800 homes and businesses in East Cornwall, West Cornwall and the island of St Mary’s in the Isles of Scilly. It followed an announcement in 2023 which saw Wildanet awarded two contracts worth £36mn to connect up to 19,250 homes and businesses in South West and Mid Cornwall.

Wildanet has grown to become a major regional employer, more than doubling its workforce to more than 220 in the last 18 months as well as driving significant economic activity and employment through its strong local supply chain.

Work is already well under way by the portfolio company to connect hard-to-reach rural communities in South West and Mid Cornwall. Householders in Mullion (South West Cornwall) and Lanivet (in mid Cornwall) were among the first 1,000 homes to see the new service go live, instantly transforming their internet connectivity after years of slow speeds.

In 2023, Wildanet launched a new centre of excellence in Cornwall – the Wildanet Technical Training Academy – providing industry-leading training for the next generation of telecommunication engineers and supporting the roll-out of high-speed broadband to thousands of people living and working in the region. The initiative, together with a ground-breaking new apprenticeship programme with Truro and Penwith College is a key commitment to delivering the Project Gigabit contracts as well as Wildanet’s wider commercial build taking place across Cornwall and Devon.

In January, Wildanet became the first UK AltNet (Alternative Network Provider) to become a Certified B Corporation, recognising its commitment to operating as a force for good, prioritising sustainability, ethical practices and social responsibility as part of its successful ‘profit with purpose’ approach to business.

They are the largest AltNet (Alternative Network Provider) in Cornwall and employ 94% of their staff from Devon and Cornwall. Wildanet has plans to continue its expansion across the South West, serving rural and coastal communities with gigabit-capable broadband, and in doing so helping reduce digital exclusion across the region.

Stevie Ingamells, Associate Director, Sustainable Infrastructure, Gresham House, said:

“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 teams’ capability and dedication to continue delivering networks into the hardest to reach areas.

To date, too many regions across the UK are under served and under invested when it comes to digital inclusion, but Wildanet is changing that and driving impact by focusing on the areas of greatest need.

The rollout of Wildanet’s high-speed gigabit fibre network across further rural areas of Cornwall will deliver hugely positive social impact in the South West by vastly improving the digital connectivity in the region, bringing communities closer together and supporting local economies to thrive.”

Helen Wylde-Archibald, CEO, Wildanet, said:

“This 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.”

Ian Brown, Head of Banking and Investment, UK Infrastructure Bank, said:

“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.”

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Greenhouse
greshamhouse@greenhouse.agency