The European Investment Bank (EIB) has signed a EUR 10m loan with Spanish company Adamo Telecom Iberia to support the expansion of its “fibre-to-the-home” network in several Spanish regions. The project plans to bring this technology to up to 200 000 new homes – providing them with the fastest internet access possible – and has the support of “InnovFin MidCap Growth Finance” (MGF) for the growth of small and medium-sized enterprises (SMEs).
The EIB financing for Adamo will facilitate the continued roll-out of high-speed fibre-optic broadband across Spain, supporting the European Union's strategy to create a digital single market in Europe. Since its creation, Adamo has progressively developed its own fibre-to-the-home infrastructure. Adamo's fibre-optic network currently reaches more than 85 000 homes, with the aim to expand this to over 285 000 in the coming years. The expansion will mainly focus on residential and commercial areas in large cities, but may also reach less densely populated regions with sufficient demand for the service. The EIB financing will enable this Spanish SME to continue the rapid growth it has seen over the last few years.
Carlos Moedas, Commissioner for Research, Science and Innovation, said: “Investing in innovation in the 21st century also means investing in better-connected societies. This agreement will provide hundreds of thousands of Spanish homes with new high-speed internet connections, making a direct contribution to the Commission's strategy to create a digital single market. It will connect individuals and businesses with the rest of the world and will help create a stronger society and economy in Spain and the European Union.”
Adamo's project in Spain is supported by the “InnovFin – EU Finance for Innovators” mechanism, a new range of EIB Group products that benefit from the financial support of the European Union under Horizon 2020 Financial Instruments and are designed to facilitate access to finance for fast-growing and innovative businesses.