Highland Broadband engineers working on installation.<\/p>\n
A \u00a350m investment is set to boost Highland Broadband\u2019s roll-out of superfast internet to more than 150 towns and villages by the end of the year.<\/p>\n
The large cash injection was announced on Thursday by Deputy First Minister Kate Forbes, who has hailed the \u201csignificant\u201d success of Highland Broadband\u2019s network, which has already connected around half of the region\u2019s rural premises to full fibre infrastructure.<\/p>\n
The cash injection features \u00a340m from Alpha Real Capital and a further \u00a310m from the Scottish National Investment Bank.<\/p>\n
The new funding ensures that the company, which is Inverness and Edinburgh based, has the capital as well as the capability and capacity to continue the expansion of its fibre network.<\/p>\n
Speaking ahead of her visit to the Grantown Hub to unveil the investment, the Deputy First Minister said: \u201cThis is a significant success story for Scotland. The roll-out of Highland Broadband\u2019s network has made a real difference to people and businesses in rural areas, supporting jobs and boosting economic growth.<\/p>\n
\u201cI am delighted to see substantial new investment flowing into the company and the rural communities it serves, including a further \u00a310 million from the Scottish National Investment Bank. This takes the Bank\u2019s total investment to \u00a360 million, which has helped Highland Broadband raise an additional \u00a340 million of private capital.<\/p>\n
Highland Broadband has been rapidly installing superfast broadband in communities across the Highlands.<\/p>\n
\u201cCommercial investment in future-proofed broadband infrastructure is a key part of Scotland\u2019s digital strategy. We are working with operators like Highland Broadband to expand full fibre coverage, while also targeting public funding where it is needed most to support communities the length and breadth of Scotland.\u201d<\/p>\n
Gavin Rodgers, CEO of Highland Broadband, added: \u201cThis injection of \u00a350 million of new capital means we have the funding as well as the capability to continue network expansion throughout rural Scotland.<\/p>\n
\u201cWe are delighted to secure the backing of Alpha Real as a new funder and also welcome the ongoing support of the Scottish National Investment Bank.<\/p>\n
\u201cRaising this capital ahead of a series of important projects means we can focus on operational delivery rather than sourcing further finance.\u201d<\/p>\n
Brad Bauman, head of alternative credit at Alpha Real, added: \u201cWe are delighted to provide this initial funding to Highland Broadband.<\/p>\n
\u201cThe highly differentiated business model, quality of the platform and the experienced management team attracted us to provide this funding for digital infrastructure in rural Scottish communities.<\/p>\n
\u201cWe look forward to working with Gavin and his team to expand the company\u2019s base of high-quality digital infrastructure.\u201d<\/p>\n
Andy Clapp, executive director of investment portfolio management at the Scottish National Investment Bank, added: \u201cHighland Broadband has moved from strength to strength, while delivering tangible benefits to rural communities in Scotland.<\/p>\n
\u201cThis funding round will ensure Highland Broadband continues to expand its network, connecting rural Scotland and combatting place-based inequalities. As a significant equity investor, we look forward to working closely with the team as they target a series of important projects.\u201d<\/p>\n