PROJECT ODYSSEY NETWORK EXPANSION

Promoter – Financial Intermediary

SIRO LIMITED

Location

• Ireland

Description

The project relates to the design and deployment of a fibre-to-the-home (FTTH) fixed very high capacity (VHC) network throughout Ireland to provide fibre connectivity to around 320 000 premises. The Promoter will act as a pure wholesale operator and will sell its services to the retail telecommunication operators.

Additionality and Impact

The project relates to the design and deployment of a fixed very high capacity network (VHCN) throughout Ireland of the fibre to the home (FTTH) type to provide fibre connectivity to around 320k premises on a step change basis. The promoter will act as a pure wholesale operator and will sell its services to the retail telecommunication operators.

The project is fully in line with the 2025 Gigabit Society targets. The improved VHCN coverage provided by the project in currently underserved areas in Ireland will have significant impact on regional development, as these broadband connections are required to reap the benefits of digitalisation of economic sectors, such as agriculture, tourism and commerce. 

The Bank's financing will diversify Siro's lending pool and will give other lenders confidence in Siro's business plan, management and financial structure, helping to establish Siro as a borrower in its own name.

Objectives

The project concerns the rollout of a FTTH broadband network in Ireland. The long-term target is to connect 320 000 premises with very high capacity broadband access line by 2025. The rollout is focused on areas with no or only limited very high capacity broadband coverage. The implementation will take place from 2021-2025. The project will bring a significant uplift in the provision of broadband services on an open access basis.

Sector(s)

• Telecom - Information and communication

Proposed EIB finance (Approximate amount)

EUR 170 million

Total cost (Approximate amount)

EUR 342 million

Environmental aspects

Investments in fixed telecommunications projects (mainly civil works for fibre rollout) do not fall under the EIA Directive 2014/52/EU amending Directive 2011/92/EC. The related works have limited environmental effects, apart from disturbances during civil work constructions, which can be mitigated by appropriate measures. Full environmental details will be assessed during appraisal, including the possible impacts on protected flora and fauna.

Procurement

The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to the EU public procurement legislation then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.

Status

Signed - 12/11/2021