Strategic refinancing for rural digital inclusion in France
Orange Concessions, a fibre network infrastructure operator, supports local authorities in their digital development strategies and the deployment of fiber optics in rural or sparsely populated areas, known as Public Initiative Networks. Societe Generale acted as Debt Advisor, Mandated Lead Arranger, Hedge Provider, Facility and Security Agent in the refinancing of €1.29 billion transaction.
Public Initiative Networks: a response to the digital divide
The “France Très Haut Débit” Plan, launched by the French government, aims to provide nationwide coverage with ultra-high-speed broadband and to generalize fiber optics to ensure fast and reliable internet access for all citizens, businesses, and public administrations including low-density areas. This plan is associated with the shutdown of the copper network by 2030. Fiber optics are replacing the aging nationwide copper network, which requires frequent repairs and no longer provides sufficient internet connection quality for everyday use. The shutdown is underway across France, and as of August 5, 2025, fiber optics coverage reaches 39.85 million households, representing 91.5% of French territory.
Fiber deployment is nearing completion in major cities, while Public Initiative Networks (or Réseaux d’Initiative Publique-RIP), led by local authorities, continue to connect rural areas in France, often under a concession framework with private operators. RIPs now cover more than 60% of the territory, serving 18.5 million inhabitants. Their goal is to ensure access to ultra-high-speed internet for all, supported by government financial aid. Furthermore, the arrival of fiber optics in rural areas promotes local digital transformation by boosting employment, access to online services, teleworking, distance education, and telemedicine.
Founded in 2021, Orange Concessions is jointly owned by Orange SA, a global telecommunications leader and Europe’s leading fiber operator, and Holding d'Infrastructures Numériques, a consortium of leading long-term investors including Banque des Territoires, CNP Assurances, and EDF Invest.
With a portfolio of 23 Public Initiative Networks in mainland France and overseas territories, Orange Concessions has accelerated the deployment of FTTH (Fiber To The Home) over the past four years.
Making 4.6 million homes eligible for fiber
By 2026, Orange Concessions aims to make 4.6 million homes eligible for fiber coverage, spanning over 33 departments and 6,800 municipalities, thereby reducing the digital divide between rural and urban areas. With approximately 4 million households connected by December 2024, the rollout has been very successful so far, and completion of the initial deployment plans is well underway.
Orange Concessions has signed a 7-year senior secured refinancing agreement totaling €1.29 billion, including a €1.23 billion term loan and a €60 million revolving credit facility.
Through this refinancing, Orange Concessions and its shareholders provided the Company with an efficient capital structure for the years to come – a structure now well-aligned with the mature profile of the business.
Societe Generale acted as Debt Advisor, Mandated Lead Arranger, Hedge Provider, Facility and Security Agent. The bank has thus reinforced its trusted relationship with Orange Concessions, established in 2021 during the Company’s initial financing.
This landmark transaction strengthens Societe Generale’s leadership in fiber optic infrastructure financing at the European level and marks a significant milestone for the fiber sector in France and Europe.
This transaction represents a significant milestone for Orange Concessions and its shareholders. Societe Generale’s support as Debt Advisor to structure, coordinate and arrange the refinancing was instrumental in getting optimized financing terms, maintaining tension throughout the process and reaching financial close within challenging deadlines.
We were very pleased to support Orange Concessions and its shareholders as Debt Advisor on this refinancing process. The successful outcome of this landmark transaction is a testimony of the strong appetite from both banks and institutional investors for digital infrastructure transactions.
We are very proud to have supported Orange Concessions and its shareholders in the successful refinancing of its debt. This achievement not only strengthens the company’s financial structure but also contributes to securing from banks and institutional investors optimal terms and conditions confirming strong interest for critical digital infrastructures.