The EBRD has agreed to provide an unsecured loan to one of Russia’s leading broadband internet providers, helping fund the company’s expansion plans which include bringing new service to more than 130 cities. The four-year loan, valued at RU 450 million, will go to Enforta’s Russian subsidiary, LLC Prestige Internet.
The company will launch the expansion by connecting approximately 25 Russian cities with wireless broadband service in 2011 and 2012. Among the 130 targeted cities, 15 have populations in excess of 250,000. The deal marks the second loan provided to Enforta by the EBRD, following a USD $15 million loan granted in 2008.
Enforta is one of only a few Russian companies offering wireless broadband service using WiMAX and pre-WiMAX technology. In addition to wireless broadband, the company also provides local phone service, Internet access, and virtual private networking services. As of this past summer Enforta provided service to commercial and residential customers in 70 cities throughout Russia. With its latest acquisitions, Enforta is now in a strong position to meet its goal of being in 100 cities by the end of this year.
In 2009 the company employed 1,700 people and produced total revenues of RUB 1.6 billion. Enforta headquarters are located in Moscow.