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Wednesday, 13 July 2011 15:30

Pacific Fibre locks in $NZ91m capacity sale to REANNZ

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Pacific Fibre, the New Zealand company that is hoping to build a new submarine cable link from Australia and New Zealand to the USA, has signed a long term binding capacity sale agreement with REANNZ - operator of the New Zealand research and education network - for $NZ91m.

When the deal was announced in May REANNZ CEO, Donald Clark, said: "At current market rates, the value of the capacity commitment is over $NZ400m, though obviously we are paying far less than that. This is a long term commitment, and one that recognises our support for the Crown's policy goals of increased international cable competition at the right stage in the market process."

He added: "Pacific Fibre will provide us with effectively unconstrained capacity to Australia and the USA from mid-2014, allowing us to collaborate with the rest of the world on an equal footing."

REANNZ said at the time "The deal will see the amount of capacity available to KAREN [the name for the network operated by REANNZ] subscribers rise from today's 1Gbbs to an initial 40Gbps and then to 160Gbps over time.

Pacific Fibre is still trying to secure around $US400m in funding needed to build the system and its CEO Mark Rushworth said: "Announcing the REANNZ key terms in May gave important momentum to our engagement with our vendors, finance partners and other foundation customers. While today's news marks another important step, we have also made considerable progress across the board."

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