UAE-based satellite company Space42 announced on Wednesday that it has signed a US$695.5 million Export Credit Agency (ECA)-backed financing facility to fund the development of its next-generation geostationary satellites, Al Yah 4 and Al Yah 5.
The facility, arranged by Crédit Agricole CIB, Santander CIB, Societe Generale, and Natixis and backed by Bpifrance Assurance Export, will fund the two satellites scheduled for launch in 2027 and 2028.
Space42 said the facility provides the company with cost-effective, long-term financing aligned with its satellite development timeline. It also strengthens Space42’s liquidity position to support future growth initiatives.
The US$695.5 million financing facility is on top of the US$5.1 billion contract that Space42 signed with the UAE government in December 2024 to provide satellite services until 2043, which also goes towards funding the Al Yah 4 and Al Yah 5 satellites.
Space42 CFO Andrew Cole said the latest facility represents a pivotal step in Space42's strategy to establish critical connectivity capabilities across multiple orbits.
"This strategic pillar focuses on enhancing secure communication capabilities across defence and civil domains through multi-orbit satellite networks that ensure uninterrupted connectivity for mission-critical applications,” Cole said in a statement.
The Al Yah 4 and Al Yah 5 satellites feature software-defined architecture with fully flexible payloads that can be reconfigured in orbit. Space42 said 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.
The satellites will complement and eventually replace Al Yah 1 and Al Yah 2, which have been in orbit since 2011 and 2012, respectively.
