Federal regulators may have an opportunity to review the Federal Communications Commission’s approval of Wave Internet’s new wave broadband service.
Wave has secured a $1.1 billion loan from a bank for a $3 billion network to be built in Atlanta and Chicago, but it has yet to secure a federal approval to build in those cities.
Wave’s board said on Monday it is now reviewing the Federal Energy Regulatory Commission’s decision to approve the loan and expects to announce an official decision within the next couple of weeks.
Wave will build a network that will cover more than 30,000 homes in the Chicago area and 30,500 homes in Atlanta, the company said.
Wave said the investment in Chicago was more than half of the total investment it has made in the Atlanta market and more than 10 times what it had planned.
The Chicago network will also be a more reliable and cost-effective option than Wave’s Atlanta network, Wave said.
In the meantime, Wave is looking for other financing and has also filed a lawsuit against the Federal Bureau of Investigation, the Federal Trade Commission and the U.S. Postal Service, accusing them of conspiring to make the loan more favorable to Wave.
