APG creates joint venture with SiFi Networks to further 10G FTTP builds
APG Group NV, a Dutch pension fund manager, has expanded its relationship with fiber to the premises (FTTP) infrastructure builder SiFi Networks America Ltd. In addition to acquiring a 16.7% direct stake in SiFi Networks, APG says it will create a joint venture, backed by $500 million, with the company to accelerate the deployment of open access FTTP networks to underserved areas of the U.S. Whitehelm Capital will provide asset management services for the joint venture during the roll-out period.
The two companies first got together via APG’s participation as the cornerstone investor in the Smart City Infrastructure Fund (SCIF) in November 2018. Whitehelm manages the SCIF. The first project in which the SCIF was involved was SiFi’s effort to deploy fiber in Fullerton, CA (see "Smart City Infrastructure Fund invests in SiFi Networks" and "Fullerton FiberCity FTTP network deployment to begin this month"). The Fullerton network deployment remains ongoing, with customer connections underway. SiFi Networks has several more network deployments underway and agreements for more. With the influx of capital, the two firms expect SiFi Networks to spend “billions of dollars” over the next several years.
“APG is excited to announce an additional investment with SiFi that will position the company to provide vital infrastructure to underserved markets and customers well into the future,” said Patrick Kanters, managing director of global real assets at APG. “This partnership also contributes to APG’s ambition to support digitalization and the energy transition, as fiber is more energy efficient than copper or cable. Importantly, this investment is expected to deliver an attractive and sustainable return for our pension fund clients and their participants. APG looks forward to our continued partnership with both SiFi and Whitehelm Capital.”
“We couldn’t have asked for a better partner in APG, who has the financial resources and desire to create real social impact to enable our market leading open-access networks to roll out across the USA,” added Ben Bawtree-Jobson, CEO at SiFi Networks. “Cities, consumers, and ISPs can all benefit from our citywide fiber-optic networks. From enabling smart city applications, driving economic development, and closing the digital divide, the advantages of becoming a FiberCity are staggering and we’ve only just scratched the surface of what is possible.”
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Stephen Hardy | Editorial Director and Associate Publisher, Lightwave
Stephen Hardy is editorial director and associate publisher of Lightwave and Broadband Technology Report, part of the Lighting & Technology Group at Endeavor Business Media. Stephen is responsible for establishing and executing editorial strategy across the both brands’ websites, email newsletters, events, and other information products. He has covered the fiber-optics space for more than 20 years, and communications and technology for more than 35 years. During his tenure, Lightwave has received awards from Folio: and the American Society of Business Press Editors (ASBPE) for editorial excellence. Prior to joining Lightwave in 1997, Stephen worked for Telecommunications magazine and the Journal of Electronic Defense.
Stephen has moderated panels at numerous events, including the Optica Executive Forum, ECOC, and SCTE Cable-Tec Expo. He also is program director for the Lightwave Innovation Reviews and the Diamond Technology Reviews.
He has written numerous articles in all aspects of optical communications and fiber-optic networks, including fiber to the home (FTTH), PON, optical components, DWDM, fiber cables, packet optical transport, optical transceivers, lasers, fiber optic testing, and more.
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