EU invests €10 million in expansion of high-speed internet access in Spain
Brussels, 24 October 2016
The EU-funded loan supports the expansion of Adamo's fibre optic infrastructure and will help to deploy its "Fibre To The Home" (FTTH) coverage in different Spanish regions. Currently, the company's network reaches more than 90.000 homes and the company expects to expand it to 285.000 in the next phase.
Carlos Moedas, European Commissioner for Research, Science and Innovation, said: "Investing in innovation in the 21st century means also investing in better connected societies. Thanks to this agreement, hundreds of thousands Spanish homes will get a new high-speed connection to the internet. This directly contributes to the Commission's strategy to create a European digital single market. It brings people and enterprises closer together with the rest of the world, and helps to build a stronger society and economy in Spain and the EU."
This deal falls under the InnovFin MidCap Growth Finance, which is part of the new generation of financial instruments supported under Horizon 2020 (IP/14/670). Under this facility, loans are guaranteed against a proportion of any losses incurred on the debt financing covered under the facility.
InnovFin MidCap Growth Finance is part of "InnovFin – EU Finance for Innovators", the new generation of EU financial instruments and advisory services that was developed under Horizon 2020 to help innovative firms access finance more easily. It will help inject up to €48 billion in investments in Research and Innovation across Europe. It offers long term loans in order to improve access to finance mainly for innovative larger midcaps (up to 3000 employees), but also SMEs and small midcaps. Loans from €7.5 million to €25 million will be delivered directly by the EIB.
About Horizon 2020
On 1 January 2014, the European Union launched a new research and innovation funding programme called Horizon 2020. Over the next seven years €77 billion will be invested in research and innovation projects to support Europe’s economic competitiveness and extend the frontiers of human knowledge. The EU research budget is focused mainly on improving everyday life in areas like health, the environment, transport, food and energy. Research partnerships with the pharmaceutical, aerospace, car and electronics industries also encourage private-sector investment in support of future growth and high-skilled job creation.
About the Digital Single Market
Europe needs to embrace digital opportunities to create new sources of jobs and growth on our continent. This is why the European Commission has made the creation of a Digital Single Market one of its top priorities: the aim is to help every European, from students to artists, from young entrepreneurs to industry leaders, seize the benefits of digital technologies.