Space42, the Emirates-based SpaceTech business, has signed financing facilities worth $695.5 million (€592m), backed by Export Credit Agency guarantees to fund Space42’s two next-generation geostationary satellites Al Yah 4 and 5.

The borrowings are arranged by Crédit Agricole CIB, Santander CIB, Societe Generale and Natixis and backed by Bpifrance Assurance Export.

The satellites are set for launch in 2027 and 2028 and in time will replace Al Yah 1 and 2, launched in 2011 and 2012.

Andrew Cole, CFO of Space42, said: “The Al Yah 4 and Al Yah 5 programme is underpinned by a 17-year, $5.1 billion Government contract commencing in 2026 and advances our goal to become the trusted leader in secure connectivity by providing multi-path critical connectivity solutions. This strategic pillar focuses on enhancing secure communication capabilities across defense and civil domains through multi-orbit satellite networks that ensure uninterrupted connectivity for mission-critical applications. The ECA financing structure optimises our cost of funding and provides increased financial flexibility to execute our growth agenda.”

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Tags: GEO, space42