Canada-based satellite operator Telesat will raise some C$500 million (€333.5m) in fresh borrowings in order to fund its new fleet of Lightspeed low Earth orbiting satellites.

The cash-raising exercise will happen before the end of April, according to CEO Dan Goldberg. The total cost of the Lightspeed 298 satellite project are reportedly about $5 billion.

Thales Alenia Space is building the system at a cost of some $3 billion, and the first satellites will launch in 2022.

Telesat has been promised incoming finance for the project from the Quebec government (C$400 million) and the Canadian government (C$600 million). Services are scheduled to start in 2023.

Other posts by :

1. Bank uplifts RocketLab
2. AST SpaceMobile’s BlueBird/FM1 en route to India
3. D2D satellite battle hots up
4. Eutelsat share price rockets
5. AST SpaceMobile recovers after Verizon agreement
6. Bank has mixed messages for AST SpaceMobile
7. EchoStar clears key regulatory hurdles for Starlink deal
8. Starlinks falling to Earth every day
9. 650 Starlink D2C craft in orbit

Categories: Articles, Business, Funding, Satellite

Tags: canada, lightspeed, telesat