Wessex Internet, an award-winning local and independent broadband provider delivering ultrafast full fibre broadband across Dorset, Hampshire, Wiltshire, and South Somerset has confirmed £35m of new funding. The finance, including a Senior Debt Facility from Triodos Bank UK, will support the business’s long term growth plans. It is a significant financial milestone that will bolster Wessex Internet's mission to improved connectivity in rural areas of South West England.
The partnership with Triodos Bank is a testament to a shared vision of creating a more inclusive and digitally connected future for rural communities. With gigabit-capable broadband, households will enjoy improved bandwidth, businesses will be able to improve their productivity, and public services will become more accessible to people in remote areas.
Amandine Tetot, Head of Project Finance at Triodos Bank UK, 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 UK Government’s Project Gigabit and been recognised by UK Fibre Awards as ‘UK 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 CEO said: “ 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 Limited 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.
Alex Anderson, Investment Director, abrdn Core Infrastructure, said: “Since September 2022, we have worked alongside and supported Wessex Internet in expanding their network across rural parts of South West England and are delighted to extend the partnership to include Triodos. Securing this further capital investment is a huge testament to the whole Wessex Internet teams’ endless energy and capability in managing and delivering networks in the hardest to reach areas, building on an impressive existing footprint and under a number of exclusive contracts. We look forward to seeing the business continue to grow, helping to drive productivity, connect communities and reduce the digital divide across the UK.”
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About Triodos Bank
Founded in 1980, Triodos Bank has become a frontrunner in sustainable banking globally. As an independent bank that promotes responsible and transparent banking, it does not see any conflict between a focus on people and the planet and a good financial return. Instead it believes that they reinforce each other in the long-term.
Triodos Bank has banking activities in the Netherlands, Belgium, the UK, Spain and Germany as well as Investment Management activities based in the Netherlands but active globally. Triodos Bank co-founded the Global Alliance for Banking on Values (GABV), a network of sustainable banks. Together these banks want to grow sustainable banking and its impact on the real economy substantially.
Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales Company No. 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. VAT reg no 793493383.