Cornish Internet service provider (ISP) Wildanet has secured a £35 million ($45m) investment from the UK Infrastructure Bank (UKIB).

The investment will be used to support Wildanet's broadband rollout across rural areas in the county of Cornwall, UK.

According to Wildanet, UKIB's investment will support the company's plans to provide a further 20,000 homes and businesses with broadband connectivity.

The UKIB financing, alongside a revolving credit facility from Santander structured with the assistance of Deloitte, will beef up the ISP's rollout plans.

It follows a £41m ($53m) contract awarded to Wildanet in April for the rollout of more than 16,800 homes and businesses in East Cornwall, West Cornwall, and the island of St Mary’s in the Isles of Scilly.

Last year, Wildanet, which is backed by sustainable infrastructure investment specialists Gresham House, was awarded two contracts worth £36m ($47m) to connect up to 19,250 homes and businesses in South West and Mid Cornwall.

“The nature of Cornwall’s location and its geography makes it one of the most difficult to reach places for Internet providers and as a result has lower speeds than the UK average," said John Flint, UK Infrastructure Bank CEO.

“Our financing for Wildanet’s rollout will support communities and grow economies that would otherwise miss out on the benefits associated with improved connectivity.”

Helen Wylde-Archibald, CEO of Wildanet, added: "Today’s announcement supports and accelerates our far-reaching rollout plans for Cornwall and unlocks growth in our own company as we continue our mission to transform connectivity and opportunities in Cornwall, at the same time as creating a dynamic, profitable and sustainable business."

Since 2020, Gresham House has invested close to £100m in Wildanet.

Last week another UK ISP, Hyperoptic, secured £150m ($192m) from UKIB to further ramp up its full fiber network rollout.