Canada Infrastructure Bank, Valley Fiber Ltd., and DIF Capital Partners achieve financial close on Manitoba Fibre project
March 08, 2021
328.00 Million CAD
Canada Infrastructure Bank ("CIB"), DIF Capital Partners and Valley Fiber Ltd. partnered to execute and deliver a financing to support the Manitoba Fiber Project (the “Project”), a project to connect approximately 48,500 underserved households in rural Manitoba with dedicated fibre-to-the-home cabling to improve internet connectivity and provide internet, telephone and television services.
The approximately C$328 million Project is expected to have a meaningful impact on the lives of the people of rural Manitoba. The construction of 2,657 kilometres of mainline fibre-optic cabling provides a broadband service that will offer speeds up to 1 gigabit per second through state-of-the-art active ethernet technology, enhancing telecommunications services for residents, creating jobs in business and public services, bringing digital equity to historically underserved rural areas, and transforming the economic possibility of Manitoba.
The investment by CIB, as a Canadian Crown Corporation, in this Project evidences the commitment Canada has in ensuring that all Canadians have access to high quality and high speed internet services to not only create new economic opportunities, but to also support public services (such as health and education). The construction is already underway and by 2024 it is anticipated that approximately 48,500 underserved households in rural Manitoba will have access to dedicated fibre-to-the-home cabling, providing much needed connectivity to some of our rural regions in Canada.
McCarthy Tétrault LLP provided legal services to CIB in connection with its investment in the Project with a team led by Lynn Parsons that included Samantha Cunliffe, Liezl Behm, Genevieve Loxley and Selina Lee-Andersen.