Cube Infrastructure Managers (Cube IM), through its Connecting Europe Broadband Fund (CEBF), today announced it has invested in ASTEO Red Neutra, a new wholesale fiber-to-the-home (FTTH) operator in Spain, with funds directed towards a FTTH project operated by the company. Specifically, Cube IM is investing a total of €40m into ASTEO’s project which will deploy new fiber networks in rural areas of Spain.
ASTEO Red Neutra – Backing from Cube Infrastructure Managers (Cube IM)
ASTEO Red Neutra’s fiber infrastructure facilitates connectivity for telecommunications operators to provide their services (e.g., broadband) to rural and less populated areas across Spain. Initially, the company plans to cover 500 towns and villages with its fiber-to-the-home (FTTH) infrastructure. ASTEO is currently deploying fiber in Spain’s autonomous communities of Extremadura and Castilla León, as shown below.
For its initial build-out, ASTEO will deploy 808 route miles (1.3k route kilometers) of fiber to connect these 500 communities. Overall, with funding from Cube Infrastructure, ASTEO’s FTTH will enhance connectivity for homes and businesses in rural markets of Spain.
ASTEO Red Neutra is led by Pedro Abad (CEO), Manuel Garnelo (CTO and COO), and Luis Rodríguez (CFO). Collectively, ASTEO’s team has prior experience from companies including Adamo Telecom, Lyntia, Nokia, and Ericsson.
Universalization for Cohesion Program (UNICO)
Spain’s government recently launched a broadband initiative called the Universalization for Cohesion Program (UNICO). Importantly, ASTEO Red Neutra has applied to be included in this program to secure incremental funding. Notably, the UNICO program includes a budget of €250m that will be used for projects awarded in 2021.
Recipients of funds from the UNICO initiative will have the obligation to offer third-party operators wholesale access to their subsidized infrastructure for a minimum of 7 years.
Cube Infrastructure Managers – Connecting Europe Broadband Fund (CEBF)
Cube Infrastructure Managers, through its €555m Connecting Europe Broadband Fund (CEBF) invests in greenfield and expansion broadband projects in underserved markets of Europe. Presently, the fund has made 8 investments (including 2 in Spain) which focus on the fiber sub-sector of digital infrastructure. Particularly, Cube Infrastructure’s portfolio companies include ASTEO Red Neutra (Spain), Rede Aberta (Spain), Rodin Group (Netherlands), RuNe (Croatia and Slovenia), Scancom (Czech Republic), Trooli (United Kingdom), and Unifiber (Italy).
In addition to ASTEO Red Neutra, Cube Infrastructure’s other investment in Spain is through Rede Aberta. Similarly, Rede Aberta is a wholesale fiber-to-the-home (FTTH) operator in Galicia, an autonomous community in the northwest of Spain. Overall, Rede Aberta targets 400k passings for residential and business users in Galicia.