Rural internet service provider Xplore announced Wednesday it has finalized a total of $375 million in previously announced financing commitments from the Canada Infrastructure Bank (CIB), which the ISP said would help it to expand fibre broadband access for rural and remote communities across Canada.
“The CIB financing — combined with contribution agreements from federal and provincial governments and private investment from Stonepeak (Xplore’s controlling shareholder) and other institutional investors — means that Xplore has finalized all funding required to complete its upcoming fibre builds,” reads an Xplore press release.
When completed, Xplore’s next-generation fibre internet service will be available across Ontario, Alberta, New Brunswick, Prince Edward Island and Newfoundland, the release said.
“This represents an important milestone — both for Xplore and for people in rural communities across Canada,” Geoff Lowe, president and chief financial officer of Xplore, said in a statement. “We’re excited to be partnering with CIB to help bring fast, reliable fibre Internet service to underserved communities across the country.”
