Cinia said it has signed a letter of intent with investors and representatives of the cities of Hanko and Raasepori to build a new endpoint from the recently opened C-Lion1 submarine cable system, which directly connects Central and Northern Europe. The budget for the cable branching is approximately EUR 10 million, of which EUR 3 million will be invested by a group of institutional investors based in the coastal resort of Hanko. Based on preliminary plans, the Hanko cable branch will be ready for acceptance tests in the second half of 2017, which would suggest commercial availability in early 2018.
The final investment decisions and the final cooperation agreement are scheduled to be completed in autumn 2016. Under the letter of intent, investments of EUR 0.5 million each will be made by Tammisaaren Energia, Karjaan Puhelin, and Osuuspankki Raasepori. N3M Group will invest EUR 0.25 million, and investments of EUR 0.1 million will be made by Forcit, Port of Hanko, Tammisaaren Saastopankki, Bjorn Siggberg, and Olof Exell.