An investment fund owned by Luxembourg-based Cube Infrastructure Managers has recently announced a first-phase investment of 50 million euros into a wholesale fiber-to-the-home/ fiber-to-the-office project in southern Italy.
When completed, this network will bring fiber broadband to 130,000 locations within two years, reaching over 20 municipalities and a number of business parks in rural and semi-rural areas. It will create new job opportunities in the region.
“We are pleased to announce this new investment which will allow the deployment of new fiber networks connecting less populated areas across the Apulia region in Italy,” said Izzet Güney, a partner at Cube IM in a statement.
Tenth investment
The Cliofiber investment is the tenth investment for the Cube IM fund, known as the Connecting Europe Broadband Fund (CEBF), which together amount to 250 million euros in fiber to the home projects targeting the connection over 1.7 million homes and businesses. It will be the fund’s second project in Italy.
“Securing this level of funding from CEBF not only underpins our ambitious growth plans but is also a vote of confidence in ClioFiber as a business and the product we offer,” said Moreno Grassi, Cliofiber’s CEO.
The fund was registered in Luxembourg as a Reserved Alternative Investment fund or Raif, in April 2018. As a “greenfield fund” its strategy is to invest in new production facilities to start a new production activity.
In recent years, Cube IM has raised 3.9 billion euro across its four European-focused funds including its brownfield Cube I, II and II funds, as well as CEBF.
This fund is the first investment platform supporting broadband and digital infrastructure investments from private and public investors under the European Fund for Strategic Investment.
It was created to implement the European Commission’s Gibabit Society targets. Its investment strategy aims to respond to the growing demand for financing greenfield projects across Europe.