MUFG Bank provides funding for German fibre optic venture Glasfaser Nordwest
01, February 2023 - MUFG announced the closing of a financing package for Glasfaser Nordwest GmbH & Co. KG. The package, arranged as part of a bank consortium, will support Glasfaser Nordwest in the coming years with the expansion of the fibre optic network in North-West Germany along with provisions for general working capital.
As a result of the Glasfaser Nordwest project, 1.5 million households and companies in North-West Germany are expected to receive a fibre optic connection by 2030.
Markus Schröder, Head of Structured Finance Office for Germany, MUFG, said: “We are delighted to have closed the financing of this project with Glasfaser Nordwest. This is an incredibly important deal that will secure timely roll out of fibre optic infrastructure in North-West Germany and is further evidence of our track record of success in major European telco and IT financing. We would like to congratulate Glasfaser Nordwest on securing important investment for the future digital infrastructure of a significant part of Germany.”
Glasfaser Nordwest was founded in 2020 as a joint venture by Telekom Deutschland GmbH and EWE AG. The Oldenburg-based company is pursuing the goal of significantly expanding the fibre optic network in North-West Germany and providing a future-proof digital infrastructure for its customers in the region.
Andreas Mayer, Managing Director of Glasfaser Nordwest, said: "I am extremely pleased that we were able to obtain this project finance for our Open Access business model. This is an important milestone, which will enable us to reach our corporate goals, while maintaining financial flexibility."
MUFG is a global leader in project finance and has enjoyed notable success in financing telecommunications and digital infrastructure projects across Europe.
The deal closed in December 2022.
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