10:37 AM EST, 01/14/2025 (MT Newswires) -- Power Sustainable Infrastructure Credit (PSIC), a subsidiary of Power Corporation of Canada ( PWCDF ) , on Tuesday said it has closed an $85 million financing for Canadian Fiber Optics Corporation (CFOC), to support the build-out of broadband internet in rural Western Canada.

A statement noted CFOC designs, builds, and operates fiber optic networks to provide high speed internet services in rural or remote communities. Since 2017, the statement said, it has built 1,000km of fiber, with over 4k subscribers as of Dec.31, 2024. CFOC's current ownership group includes funds managed by Tikehau Star Infra and the Bloomer Family Office.

CFOC said it intends to utilize the financing provided by Power Sustainable to contribute towards improved rural connectivity for communities that often lack basic internet. An Alberta government report showed that 67% of rural Albertans and 80% of Indigenous Communities have unreliable access to high-speed internet at federal target speeds. "Addressing this gap has been frequently cited as a key lever to support economic growth and productivity," it added.

Launched in 2023, PSIC has now completed four transactions across North America.

Power Corp was last seen down $0.12, to $42.16, on the Toronto Stock Exchange.

Price: 42.16, Change: -0.12, Percent Change: -0.28