The European Investment Bank is investing €12 million in expanding the national fibre optic infrastructure currently operated by enet. The agreement is the state’s first under Innovfin, an EU programme aimed at streamlining lending for innovation.
Enet’s current projects include the rollout of ‘fibre-to-the-business’ (FTTB) networks in Claremorris, Loughrea, Ardee and Kilkenny. Since its acquisition of by specialist telecommunications and media investment firm Granahan McCourt Capital in September 2013, enet has expanded its geographical reach and operations by investing its own funds in telecom infrastructure that complement the 94 Metropolitan Area Networks (MANs), which it already for the state.
David C. McCourt, chairman and CEO of Granahan McCourt Capital and enet chairman, said: “This new loan is a significant validation in enet from the European Investment Bank. We are pleased to be the first company in Ireland to benefit from the EIB’s new Innovfin programme which in itself, demonstrates enet’s considerable potential to expand further within Ireland.”
Jonathan Taylor, European Investment Bank vice president, added: “Fast and reliable internet access is essential for modern business needs, communications and entertainment. The European Investment Bank is committed to supporting long-term investment in communications infrastructure across Europe and we are pleased to help enet expand their open access networks to towns across Ireland. This marks the first use of new, dedicated finance for innovation in Ireland under the Innovfin programme and we look forward to similar strong proposals in the future.”
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