Infranity, the global infrastructure business of Generali Investments, has disclosed participating in a €300m financing extension secured by Spanish fibre network operator Adamo.

Infranity, which made an initial investment in Adamo in 2021, said it contributed €104m in the latest upsizing financing round by Adamo.

Last week, Ardian-owned Adamo said it signed a €350m extension to its financing. This was in addition to the existing €600m financing secured by the company in September 2021.

The additional capital is designed to help Adamo continue to grow its network organically and through acquisitions, to reach 3.4m homes in rural Spain in the next few years. As of the end of last year, Adamo provided fibre to 2.5m homes.

Sacha Kamp, head of infrastructure debt investments at Infranity, said: “As a long-term infrastructure investor, we are convinced of the relevance of fibre-to-the-home networks for an inclusive digital development which services both urban and rural communities.

“Infranity is one of the most active infrastructure debt investors in Europe and will continue to act as a key partner in the build-out of high-quality digital infrastructure to deliver on national and EU digitisation targets.”

Martin Czermin, CEO at Adamo, said: “The significant interest of the market and high level of oversubscription in this financing highlights the strength and attractiveness of Adamo’s business model. This additional support enables us to carry on with our growth story and with the execution of our strategy to connect rural Spain.”

Juan Angoitia, co-head of infrastructure Europe at Ardian, said: “We are proud to close a new financing agreement which enables Adamo to carry on materialising its firm commitment on the whole national territory and contribute to bridge the digital gap where others do not get.”

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