Hawaiki Cable and SIL Long Term Holdings Limited (SIL), the family investment vehicle of Sir Eion Edgar, are pleased to announce they have signed a binding agreement to become equity partners to build the Hawaiki submarine cable system.
Hawaiki submarine cable system is a new trans-Pacific cable, based on coherent fiber technology and with designed capacity of over 25 Tbps, which will link Australia and New Zealand to the United States, also connecting to a number of South Pacific Islands and Hawaii, by the end of 2017.
Under the multi-million dollar agreement, Hawaiki Cable and SIL acknowledge their common interest to enter into a long-term partnership and will join forces to develop and implement the US$300mm cable system.
Sir Eion Edgar said, “We are delighted to invest in the Hawaiki project, which represents major progress for the connectivity of New Zealand and the Pacific Islands. This cable will not only provide faster and better Internet, but will also significantly enhance the security of our data connection to the globe and, ultimately, improve the everyday life of our communities. As a family, we have endeavoured to support and invest in projects that not only make sound business sense, but which also make a positive contribution to New Zealand society, in particular in the areas of health and education. Our investment in Hawaiki fits squarely with this endeavour. In order to be a centre of education excellence, New Zealand must have access to secure and competitively priced data. And in the area of health, greater connectivity can have hugely positive implications. For example, new telemedicine applications, boosted by Hawaiki broadband connection, will reduce the need for patients to visit distant hospitals, greatly enhancing the quality of healthcare that can be provided right across New Zealand and the Pacific Islands. We are excited to be part of Hawaiki and make a positive contribution to the development of New Zealand and our region.”
Rémi Galasso, Chief Executive Officer of Hawaiki Cable, said “we consider Hawaiki as an important strategic asset for New Zealand and its future generations. Our capacity contracts with New Zealand customers, including REANNZ, symbolized the first cornerstone of the project and now, with the Edgar family on board, we demonstrate once again our commitment and ability to provide New Zealand with state-of-the-art infrastructure."