Background:

In 2022, the City of Memphis launched its Smart Memphis Fiber Initiative procurement, which aims to provide fiber-based internet service across the city. In Q4 2022, Meridiam was selected preferred bidder to deliver, finance and operate a dark fiber network for the City of Memphis in addition to a build-to-own fiber-to-the-premise (FTTP) network throughout Memphis, which is intended to serve eventually 330,000 premises (the “Asset”). The City’s dark fiber network will connect key anchors (government and municipal areas) as identified in the City’s comprehensive plan. The City will provide a $20 million subsidy, which will contribute to the dark fiber and FTTP buildout across the city.
Meridiam is the sole developer and equity investor for the Asset and will contract with the City of Memphis and the City-owned utility company Memphis Light, Gas and Water under a 50-year framework to provide certain rights of use for city-owned infrastructure assets, local tax incentives, access to public rights of way, and expedited permitting.

Stage:

Under development

ESG/SDG Key Facts:

Meridiam has launched several initiatives with the City of Memphis in order maximize internet access and other impacts throughout communities in Memphis. Similar to its program in H-Net, Meridiam will deploy a digital equity program aimed at leveraging federal subsidies, local partnerships, digital literacy programs and City subsidies to support affordable connectivity across low-income communities.
Meridiam has also partnered with locally-based minority-led business enterprises to contribute to local job growth as well as support community engagement and digital and social inclusion during the network buildout.

Image source: iStock