CFO interview: Orange Concessions’s Anne Loussouarn and Adrien Ollivier talk about FTTH financing in France

Analysys Mason Partner, Omar Bouhali, talked to Orange Concessions CFO, Anne Loussouarn, and Financing and Treasury Director, Adrien Ollivier, to explore how the transition from build-out to operation affected the funding process for Orange’s fibre to the home (FTTH) operations in France.

The French national broadband plan was set up in 2013 to extend FTTH coverage into rural areas where private operators had expressed no interest in commercial deployment. It set out a framework by which the national government would support local public authorities in setting up public initiative networks (PINs). The plan allowed the construction and operation of fibre networks to be delegated to telecoms operators, supported by government subsidies, with an obligation to offer open access to all operators on a non-discriminatory basis.

Orange Concessions was created in 2021. 50% of the company is owned by Orange SA; the remaining 50% is owned by a consortium made of La Banque des Territoires (Caisse des Dépôts), CNP Assurances and EDF Invest. Orange Concessions operates a portfolio of 23 PINs in metropolitan France and overseas territories as a pure wholesale telecoms operator.

In their conversation, Omar, Anne and Adrien discuss:

• Orange Concessions’s progression from build-out to operation
• the investment climate among lenders looking at complex PIN structures
• the pros and cons of refinancing via existing or new lenders
• the outlook for future funding rounds.