A Dorset-based local and independent broadband provider has secured £35m of new funding.
Wessex Internet, which is headquartered in Blandford, said the funding will support the expansion of Ƶ Government subsidy contracts to roll out connectivity in rural areas of South West England.
The internet provider delivers ultrafast full fibre broadband across Dorset, Hampshire, Wiltshire, and South Somerset. The finance, including a Senior Debt Facility from Triodos Bank Ƶ, will support the business’s long term growth plans to improve connectivity in rural areas of the region.
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Amandine Tetot, head of project finance at Triodos Bank Ƶ, said: “Wessex Internet has proven its model and successfully installed high-speed internet connections to some of the most rural properties in Dorset, Wiltshire, Hampshire and Somerset.
"We’re pleased to provide finance to accelerate its expansion and roll-out strategy, allowing more businesses and households to cross the digital divide. Promoting inclusion in society is a strategic priority for us and supporting broadband infrastructure enables more people to fully participate in an increasingly digital society.”
Wessex Internet, recognised for its commitment to bridging the digital divide, has previously been awarded subsidy contracts as part of the Ƶ Government’s Project Gigabit and been recognised by Ƶ Fibre Awards as ‘Ƶ Fibre Provider of the Year’ in 2023 and ‘Best Rural Provider’ category for the second year running in 2022 and 2023.
Hector Gibson Fleming, Wessex Internet chief executive added: “As company we remain committed to our vision to deliver full fibre broadband to underserved rural communities across the South West. This additional capital investment and senior debt facility enables us to continue to rapidly scale our operations and accelerate our roll out across the region.
"We are delighted to partner with Triodos, a bank that focusses on delivering positive change and shares our vision of removing the digital divide for our local communities.”
Wessex Internet shareholder, abrdn’s third Infrastructure Fund, ASCI III, completed the process of securing the additional £35m funding in 2023. ASCI III invested in Wessex Internet in September 2022. ASCI III is an Article 8 Infrastructure Fund under the EU’s Sustainable Financial Disclosure Regulation (SFDR) and its strategy promotes environment and social characteristics including improved rural digital connectivity.
