Abu Dhabi's Space42 lines up $695.5m to build new satellites

Dubai: Abu Dhabi's satellite services company Space42 will be able to tap $695.5 million to build its next set of geostationary satellites - Al Yah 4 and Al Yah 5. The launches are for 2027 and 2028.

These will eventually replace Al Yah 1 and Al Yah 2, launched in 2011 and 2012 respectively.

The funding has been arranged by Crédit Agricole CIB, Santander CIB, Societe Generale, and Natixis and backed by Bpifrance Assurance Export. The deal 'demonstrates the company's continued appeal to leading international banks'.

"The Al Yah 4 and Al Yah 5 program is underpinned by a 17-year, $5.1 billion (UAE) Government contract commencing in 2026," said Andrew Cole, Chief Financial Officer of Space42, which is listed on ADX.

"The Export Credit Agency (ECA) financing structure optimizes our cost of funding and provides increased financial flexibility to execute our growth agenda."

The Al Yah 4 and Al Yah 5 will carry 'fully flexible payloads' that can be reconfigured in orbit.

"This technology enables real-time optimization of coverage, bandwidth, and frequency allocation to meet evolving operational requirements across the Middle East, Africa, Europe, and Asia," said a statement.