Cignal invests €25m in infrastructure to boost telecoms
Telecoms infrastructure company Cignal is to invest €25m in building telecom towers in Ireland.
The investment will see it build 300 new towers, improving the availability of high-speed wireless broadband in rural areas, and helping mobile phone operators to address coverage blackspots.
Cignal currently has a portfolio of over 450 towers, representing almost 20pc of the Irish market for infrastructure that supports mobile, wireless broadband, and broadcast services.
"We are pleased to announce our plans to invest €25m to add 300 towers to our existing portfolio," said CEO Colin Cunningham. "Through our strategy of hosting equipment for multiple operators on each tower they can provide a much more cost-efficient service."
The latest planned investment will cover every county in Ireland, with sites constructed on 'Build to Suit' contracts, and then leased back to mobile phone and wireless broadband operators.
The announcement was welcomed by the Minister of State for Natural Resources, Community Affairs and Digital Development Sean Canney.
"The construction of 300 new towers represents a significant investment in network infrastructure, which will assist in addressing mobile phone coverage blackspots and the availability of wireless broadband across rural Ireland," Mr Canney said.
Cignal's investment has been supported by its majority shareholder Infravia Capital Partners, a specialist infrastructure investor managing more than €4bn in assets.
Included in its assets is the Mater Private and nursing homes operator CareChoice.
The news comes as Eir earlier this month announced that it is to invest €150m in rolling out 4G mobile broadband that will cover 99pc of Ireland's geographical territory within two years.
This is the first time that a mobile operator has offered universal land coverage.