Telus announced an additional $17 billion investment in Ontario’s network infrastructure over the next three years.
The new fund announced on May 17 is more than a third of what the company invested in Ontario between 2000 and 2020. The money will go towards expanding Telus’ 5G network in 24 communities across the province using the company’s current spectrum holdings.
On the same day, Telus also announced a $9 billion investment in Quebec in parallel to its investment in Ontario. Additionally, Telus is looking to hire 10,000 Ontarians and 8,000 Quebecers in construction, engineering, and other relevant roles through 2024.
Vic Fedeli, Ontario’s Minister of Economic Development said that this investment will capitalize on Ontario’s workforce in tech, manufacturing, and construction.
In 2019, the company paid CA$931 million for 12 licenses in the 600MHz 5G spectrum auction. These licenses will allow Telus to deliver 5G cell service over the 600MHz band to 19.8 million Canadians. Telus will also compete against Bell and Rogers in the 3,500MHz mid-band spectrum auction that will begin on June 15, 2021.
Heralded as the network for everything, 5G will be used to connect IoT devices, smartphones, and provide high-speed internet to remote areas. Telus expects 5G to create 250,000 jobs and contribute $150 billion to the Canadian economy over the next 20 years.