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.

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Categories: Articles, Business, Funding, Satellite

Tags: canada, lightspeed, telesat