To have the single network we will have to wait at least until spring 2025: this is the time necessary to negotiate the union between the Telecom And that of Open Fiber. In any case it will not happen before Netco has passed to the consortium led by kkr. Yesterday the board of directors of Open Fiber - which is 60% owned by CDP and for the remaining 40% to the Italian infrastructure fund Macquarie – approved the industrial plan which will be delivered to banks with whom we have been discussing the issue for months refinancing of loans, currently 7,2 billion, to be increased by 1-2 billion. In addition to the plan, the banks are waiting for a signal from the Government, considering that Open Fiber is under public control and that thecapital increase of 500 million approved almost two years ago has not yet been carried out, reports Il Sole24Ore.
The rebalancing of the Plan: the funds have not yet been identified
Open Fiber has advanced negotiations with the government, in particular with Mimit, also to define the rebalancing of the financial economic plan of the concession relating to the white areas where the infrastructure is state-owned, while in the gray areas the network belongs to those who build it. There rebalancing request it had already been forwarded at the beginning of autumn and the starting point was a figure of 870 million, which then, according to Il Sole24Ore, was reduced during the negotiations to just under 800 million. In any case, the funds have not yet been identified and a meeting with the Treasury Minister, Giancarlo Giorgetti, is scheduled for the next few days on this topic.
Gray areas at risk Pnrr: difficult to meet commitments on time
In the meantime, Open Fiber will have to support the projects it is committed to on its own: the completion of the network in the white areas, those with market failure where private individuals without incentives would not invest and the work on the gray areas, those with partial market failure, where the construction of the fiber network is financed with Pnrr funds.
Open Fiber has already obtained 540 million advance payments so far Pnrr funds which concern the gray areas but the company reported difficulties in complying with the commitments of coverage in expected times. Open Fiber is committed to cabling the gray areas by June 2026 winning one of the two "Italy at 1 Giga" tenders (the other was awarded to Tim) prepared by the Minister of Innovation of the Draghi Government, Vittorio Colao.
But, having carried out a field reconnaissance, the company had to note a very different situation to that hypothesized on paper: to reach all the buildings included in the tender it would take at least a year more e 20 thousand km of additional network compared to the 60 thousand put in black and white in the announcement. Openfiber illustrated the risks with respect to the Pnrr in a meeting with the Department for Digital Transformation led by Undersecretary Butti and with Infratel, which took place in recent days. A solution must be found, so as not to lose the funding. One hypothesis could be to postpone the coverage of the most difficult to reach structures, with the possibility of compensating by using other previously unidentified civic addresses. In the gray areas have also emerged extra costs for a few hundred million of which, however, Open Fiber will be responsible for completing the work.
Turns of seats at Open Fiber and Cdp
In this complex picture it is also necessary to take into account that in the spring not only Open Fiber, but also its main shareholder, Cdp, will be dealing with the renewal of their respective boards of directors. Last September the changing of the guard at the helm of the fiber company was brought forward, with Joseph Gola who took over from Mario Rossetti as CEO.
