Siro secures €200m funding to accelerate gigabit FTTB roll-out

26 Jul 2019766 Views

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Siro plans to continue rolling out fibre-to-the-building broadband across Ireland, using €200m of recently secured funding.

Today (26 July), Siro announced that it has secured €200m in funding from five banks, which it said represents the largest debt investment dedicated entirely to a fibre-to-the-building (FTTB) broadband roll-out in Ireland.

The funding came from a syndicate of international banks, including Ulster Bank, NatWest, HSBC, BNP Paribas and Royal Bank of Canada. The debt package is a five-year revolving credit facility and was led by NatWest.

Proceeds from the package will go towards Siro’s business plan to connect 450,000 homes and businesses in Ireland to a gigabit fibre broadband service. The company’s roll-out is already live in 45 towns across the country and this new funding will be used to accelerate the programme.

Siro CEO John Keaney said: “The seal of approval by these banks, who are major investors in European infrastructure, is testament to the quality of our business model and people. They recognise how fibre-to-the-building broadband is transforming how people access and experience content.”

Broadband expansion

There are now 10 retailers offering Siro’s broadband services to more than 250,000 homes and businesses in the country, but the company said today that it expects to partner with more retailers in the future.

“Siro is offered on an open-access basis to all telecoms retailers in Ireland. Siro has formed partnerships with 10 operators – Vodafone, Digiweb, Sky BT, Carnsore Broadband, Rocket Broadband, Kerry Broadband, Enet, Airwire and Westnet,” it said in a statement.

Earlier this month, Siro invested €20m in a Galway gigabit roll-out, adding Galway city to the list of 45 locations connected to its network. Other locations include Ashbourne, Castlebar, Greystones, Letterkenny, Shannon and Wexford town.

If Siro completes its plan to bring gigabit broadband to 450,000 Irish homes and businesses, the wholesale company will have a 25pc share of Ireland’s fibre market.

Kelly Earley is a journalist with Siliconrepublic.com

editorial@siliconrepublic.com