UTOPIA Fiber will soon be branching out as they continue to forge partnerships with local communities in their region. In addition to expanding their own infrastructure, the organization is working across the state line to help Idaho Falls expand a municipal network.
Funding in Place
The Utah Infrastructure Agency (UIA) recently announced that it will provide $48 million to UTOPIA Fiber to facilitate expansion of the network. UIA is a separate entity, but the two operate as an integrat; leaders from both entities credit this approach for the growth of the network since 2009. According to a November 14th press release, UIA secured the funding with Lewis Young Robertson & Burningham, Inc. (Financial Advisor), KeyBanc Capital Markets Inc. (Senior Managing Underwriter), and Gilmore & Bell (Bond and Disclosure Council).
Executive Director of UTOPIA Fiber Roger Timmerman said:
“We have the best partners in the business who have worked relentlessly over the past few months to get us to this point. The demand for municipally-owned fiber has skyrocketed and we are excited to be a leader in the industry. Over the past four years, UTOPIA Fiber has doubled the number of subscribers on its fiber network and has entered into partnerships with several additional communities.”
The newly acquired funding demonstrates a growing interest in open access fiber network infrastructure as investment. The UTOPIA Fiber network is currently an option for more than 100,000 premises, providing multiple options for households and businesses in a competitive environment. Other open access networks in locations around the U.S. are in the works, including publicly and privately owned infrastructure.
According to the press release, this is the fourth round of funding that UIA has closed on within the last year in order to meet demand and expand to additional communities.
Connecting an Expanding List of Communities
The town of Morgan City, which will be the 13th community in Utah to connect to the publicly owned open access network,...Read more