KfW IPEX-Bank provides financing for fibre expansion in Spain

KfW IPEX-Bank participates as Mandated Lead Arranger (MLA) in the EUR 350 million new financing provided in June 2023 to Adamo, a Spanish fibre-to-the-home (FTTH) operator owned by Ardian Infrastructure.

The new financing, on top of the EUR 600 million debt package raised by Adamo in 2021, is aimed to increase high speed broadband internet coverage across underserved rural areas of Spain.

Being the first FTTH project in Spain for KfW IPEX-Bank, it fits very well with the bank’s strategy to diversify its digital infrastructure portfolio geographically. Furthermore, it continues to support Sponsor Ardian, which is known to KfW IPEX-Bank from other infrastructure projects.

Adamo is a wholesale and retail fibre operator. It has a leading footprint in the Spanish greenfield rural areas, being the first independent open access fibre platform in rural Spain. With more than 2.5m homes passed and 400k subscribers, Adamo is the largest alternative fibre provider in rural Spain.