London, 3 July 2023 – Gresham House plc (“Gresham House”), the specialist alternative asset manager, has invested a further £50mn into Wildanet Limited (“Wildanet”), Cornwall’s leading alternative broadband network provider, via “BSIF II” (British Sustainable Infrastructure Fund II LP). 

The investment follows the initial commitment of £50mn from Gresham House in December 2020. The extra funds will enable Wildanet to accelerate its ambitious plans to turbo charge the rollout of gigabit capable broadband to hard to reach homes and businesses across Cornwall and Devon, enabling a significant increase in the number of properties across both counties that enjoy high-speed connectivity.

It also lands following the award of two government contracts earlier this year, totalling £36mn, under Project Gigabit (F20), the UK Government’s programme to enable hard-to-reach communities to access fast gigabit-capable broadband. This will see Wildanet provide gigabit-capable broadband to over 19,250 premises in South West Cornwall and Mid Cornwall.

The expanded network, expected to be rolled out over the next three years, will combine to reach tens of thousands of properties across Cornwall and Devon. It will also help to create new skilled jobs within Wildanet’s own operations, with plans to recruit a further 200 employees from its current base of 150. 

Wildanet, which was established in 2017 to bring high-speed internet to rural areas in the South West, has rapidly grown its fast and reliable fibre broadband network in the region. This second instalment of investment from Gresham House will enable Wildanet, the only alt-net that is building out in Cornwall, to expand its gigabit-capable network to more of the most digitally deprived areas of the UK. 

A report released in March 2022 by Wildanet determined that full-fibre coverage in Cornwall currently stands at just 44% of premises. This number could reach 90% by 2030, with around half of this increase attributed to Wildanet’s ambitious rollout plans. The study suggested that gigabit broadband could create an annual value of £70mn per year for Cornwall out to 2030. This equates to over £1bn of gross value added (GVA).

Simon Adcock, Head of Portfolio & Co-Fund Manager, Sustainable Infrastructure at Gresham House, said:

“Wildanet is having a transformative impact on communities across Cornwall, creating a truly gigabit-capable network that is both vastly superior to and materially more energy efficient than copper-based broadband. This is critical infrastructure that will enable the South West to benefit from digital transformation and Gresham House are delighted to be working with the market leading team at Wildanet to achieve this.”

Stevie Ingamells, Associate Director, Sustainable Infrastructure at Gresham House added: 

“This is exactly the kind of sustainable infrastructure project we were looking to create through our BSIF funds, generating attractive returns for our investors while providing critical economic, social, and health and wellbeing benefits for a region that has traditionally been overlooked.”

Helen Wylde, Wildanet’s CEO said,

“Gresham House are a fantastic partner to Wildanet and fully share our vision for sustainable infrastructure development in the South West. We are grateful for their continued support and for the significant difference this investment will make to our own rollout plans and to lives and opportunities in communities where we are bringing modern, high-speed digital connectivity residents and businesses both need and deserve.”

ENDS

For further information, please contact Greenhouse Communications at [email protected]

For investment enquiries for Gresham House, please contact Peter Bachmann at [email protected]

About Gresham House’s Sustainable Infrastructure team and the BSIF strategy

The Sustainable Infrastructure team at Gresham House seeks to invest in real asset-based solutions that tackle the key environmental and societal challenges faced by humanity. The team’s British Sustainable Infrastructure Strategy (BSIF) invests in innovative sustainable infrastructure projects and comprises two closed-ended flagship funds and four locally focused co-invest funds with 12-year horizons. By investing in activities supporting digital inclusion, job creation, resource efficiency, improving health and social care, or delivering environmental benefits, the strategy aims to have a positive social and environmental impact on the UK. BSIF is backed by seven leading local authority pension funds (LGPS), one Treasury investor and family offices. greshamhouse.com/sustainable-infrastructure-investment

About Gresham House 

Gresham House is a specialist alternative asset management group, dedicated to sustainable investments across a range of strategies, with expertise across forestry, housing, infrastructure, renewable energy and battery storage, public and private equity. Our origins stretch back to 1857, while our focus is on the future and the long term. Quoted on the London Stock Exchange (GHE:LN) we actively manage £7.8bn of assets (31 December 2022) on behalf of institutions, family offices, charities and endowments, private individuals, and their advisers. We act responsibly within a culture of empowerment that encourages individual flair and entrepreneurial thinking. As a signatory to the UN-supported Principles for Responsible Investment (PRI), our vision is to always make a positive social or environmental impact, while delivering on our commitments to shareholders, employees, and investors. greshamhouse.com

About Wildanet 

Wildanet is a Cornish internet service provider, using market leading fibre to the premises and fixed wireless technology to provide Cornish businesses and homes with gigabit-capable broadband connectivity. The business is head quartered in Liskeard, employs over 180 with plans to recruit up to a further 200. www.wildanet.com