EIB grants Cellnex a €375 million loan for 5G infrastructure in four EU countries

The European Investment Bank and Cellnex have signed a €375 million loan to expand mobile telecommunications infrastructure supporting 5G networks in France, Italy, Spain and Portugal. The financing, announced on 3 November, contributes to a project with an estimated total cost of €770 million, combining the construction of new sites with the modernisation of existing ones.

In brief, the EIB and Cellnex signed a €375 million loan on 29 October for mobile infrastructure in France, Italy, Spain and Portugal. The project has an estimated total cost of €770 million. France accounts for €202.5 million of the signed financing, Italy for €86.25 million, Spain for €60 million and Portugal for €26.25 million; these amounts do not represent payments already made. The investments include new towers and sites, upgrades for shared infrastructure and 5G, distributed antenna systems, and the modernisation of digital terrestrial television in Spain. Approximately half of the new towers will be installed in cohesion regions. The objective is to expand coverage and increase capacity in rural and urban areas, with the participation of mobile operators. It is the third EIB–Cellnex operation for mobile infrastructure and is part of TechEU. The EIB’s assessment indicates low environmental and social risk, with compliance with the conditions applicable to the sites.

The contracts were signed on 29 October, according to the EIB project fiche. The largest share of the loan goes to investments in France, at €202.5 million, followed by Italy, at €86.25 million, Spain, at €60 million, and Portugal, at €26.25 million. The amounts recorded represent the financing signed for each country; they do not indicate the full value of national investments or money already transferred to the company.

The project finances new telecommunications towers and rooftop sites where mobile operators can install their base stations. Other works will adapt existing infrastructure to accommodate equipment from multiple operators or allow the addition of 5G equipment. The EIB is thus targeting both expanded coverage in underserved areas and increased capacity in cities with heavy traffic.

Cellnex primarily provides the physical infrastructure used by mobile telephone operators. Sharing a site allows multiple networks to be installed on the same tower instead of building separate structures. The EIB says this model can reduce the number of towers required while maintaining service capacity and coverage. For users, the outcome also depends on the active equipment and services that mobile operators actually put into operation.

The financing also includes distributed antenna systems, which increase capacity in locations with large numbers of users and heavy traffic. In Spain, the project additionally covers the transition of the digital terrestrial television network to a newer standard. The investment package therefore has a broader scope than the installation of new 5G antennas.

Approximately half of the new towers will be located in cohesion regions, the EIB says. The bank links this component to reducing connectivity gaps between territories. The share refers to the new towers, not to half of the loan or half of all the works planned in the four countries.

Cellnex Chief Financial Officer Raimon Trias says the loan’s maturity and competitive terms will strengthen the company’s financial structure and extend the average maturity of its debt. The company presents the agreement as support for investments made together with its customers in shared infrastructure and 5G expansion. The interest rate and detailed repayment schedule were not disclosed in the announcement.

This is the third operation through which the EIB and Cellnex are financing the development of European mobile infrastructure. In 2023, the bank signed a separate €315 million loan for a project estimated at €631 million at the time, in five countries including Poland. The current agreement concerns four countries and should not be confused with the previous financing.

The operation is part of TechEU, the EIB Group programme that aims to mobilise €250 billion in investment by 2027 for innovative companies, startups and expanding firms. This is the target for the programme as a whole, which also attracts other sources of capital, not the amount lent to Cellnex.

The EIB’s environmental assessment classifies the project as low risk, with anticipated adverse effects generally local, temporary and reversible, associated mainly with construction works. The necessary assessments will be carried out in accordance with the rules applicable in each country. The project excludes sites within or in the immediate vicinity of Natura 2000 sites, according to the document’s conclusions.

The bank anticipates benefits from infrastructure sharing and avoiding network duplication, but the project is not included in its carbon-footprint calculation exercise. The documentation does not provide a quantified emissions reduction attributable to the loan. The agreement’s concrete focus remains financing the infrastructure that mobile operators will use to expand coverage and increase capacity in the four markets.