CityFibre announces £2.5 billion full fibre expansion plan
The investment will see five million homes receive full fibre meeting a third of the target set by government
Five million homes are to be connected to full fibre network thanks to aa £2.5 billion investment from CityFibre.
Over 37 towns and cities across the country will now benefit from superfast broadband speeds capable of 1Gbps and will is estimated to contribute £85 billion to the economy and create 5,000 jobs as a consequence.
The investment follows the acquisition of CityFibre by Antin Infrastructure Partners and Goldman Sachs managed fund, West Street Infrastructure Partners in June this year with more locations yet to be announced.
Five million homes will be able to take advantage of full fibre to the premises and accounts for a third of the target that the government has set to connect 15 million homes full fibre by 2025.
CityFibre CEO Greg Mesch (pictured) said: “With a head-start in 37 towns and cities, this full fibre investment plan enables us to further accelerate our rollout, catalysing huge economic growth in regional towns and cities across the country and transforming the UK’s digital future.
“Our rollout will soon bring to scale an innovative wholesale network, providing internet service providers and mobile network operators with greater choice and unrivalled technical capabilities, benefitting all sectors of the market.
“We now need to work together across Government, Ofcom and industry to create a level-playing field that continues to encourage investment from multiple network operators, so that full fibre can be delivered as quickly and effectively as possible.”
Work is already underway in Milton Keynes, Peterborough and Aberdeen and is due to start in Edinburgh, Stirling, Coventry and Huddersfield before the end of the year and Cambridge, Leeds and Southend-on-Sea shortly afterwards.
Secretary of State for Digital, Culture, Media and Sport Jeremy Wright said: “The Future Telecoms Infrastructure Review set out our plans to maximise full fibre coverage.
“I’m delighted that CityFibre’s investment in 37 towns and cities across the UK will ensure the vast majority of homes and businesses in those areas can access this technology through new fibre networks.
“Significant investment from new network operators is critical to deliver our ambition for nationwide coverage. Through our Industrial Strategy we’re working with businesses and Ofcom to ensure effective network competition that supports investment on this scale.”