Breda, CIAM, and ONI partner to build the CX subsea cable
Breda Financial Corp (Breda) and Capital Investment & Asset Management Group (CIAM) have partnered with Ocean Networks Inc (ONI) to invest in the construction of the Caribbean Express (CX) subsea cable.
“We are very excited to enter into a partnership with Ocean Networks to construct the Caribbean Express Submarine Cable system. Breda and CIAM have full trust in the Ocean Networks team to successfully implement this important project,” said Walter Guevara, CEO of Breda Financial.
Under the terms of the agreement, the companies will also create a platform to develop subsea cable systems globally once the CX subsea cable project is completed. Breda and CIAM will provide 100% of the required equity financing to bring the CX project to contract in force with the system supplier, while ONI will be managed and operated the system.
“We are very impressed with the business plan and the technical know-how of Ocean Networks, Inc. We are confident that the team will further develop this venture into a huge success," said Leo Theyskens, Group CEO at CIAM.
"Our valued and trusted partner Breda International and Breda Capital have done a wonderful job, and we are delighted to be able to work with both respective teams and support this project with all our business acumen.”
Connecting Boca Raton in Florida, Balboa in Panama, Cancun in Mexico, and Cartagena in Colombia, the 3,472km CX system will use the latest Space Division Multiplexing (SDM) technology with 18 fibre pairs. ONI will sell a limited number of dark fibre pairs on a first come, first serve basis.
The system has been designed for future connectivity options to the Bahamas, Guatemala, Honduras, Grand Cayman, Jamaica, Nicaragua and Costa Rica.
"We are delighted about partnering with Breda Financial Corp and Capital Investment Asset Management on this important project. Their investment allows us to start construction on the CX system immediately," added Scott Schwertfager, CEO of ONI.
"Breda and CIAM recognise the demand for the CX route that will serve the Central and South American markets. The CX system will utilise the latest SDM high fibre count technology which allows us to offer dark fibre pair IRUs (indefeasible rights of use) to the market. The investment by Breda and CIAM displays a commitment and confidence in the Ocean Networks team and the CX system.”
In February, Capacity spoke to ONI's senior management team to discuss the details of this project and how it fits into the wider roadmap of subsea assets for the company.