Irish submarine cable group Aqua Comms has begun building a 5,400km cable that will run under the Atlantic from the west coast of Ireland to New York.
Aqua Comms said it had arranged a debt offering through Japan’s Nomura to part-fund the US$300m…
Irish submarine cable group Aqua Comms has begun building a 5,400km cable that will run under the Atlantic from the west coast of Ireland to New York.
Aqua Comms said it had arranged a debt offering through Japan’s Nomura to part-fund the US$300m build.
The loan will be worth US$125m, reports the Irish Times, citing a filing with the country’s Companies Registration Office. Aqua Comms did not reply to questions about how it planned to finance the remaining US$175m.
Contractor TE SubCom has started construction of the system, called AEConnect, which is due to become operational in December. It will connect with Aqua Comms’ CeltixConnect system, which links Ireland to the UK, enabling connectivity to the rest of Europe.
Aaron Stucki, CEO of TE SubCom, commented: “The AEConnect cable system will provide the infrastructure necessary to support Europe’s expanding data needs and we look forward to working with AquaComms on their future builds.”
