EIB Global, the extra-European arm of the European Investment Bank (EIB), has signed a loan agreement with Luxembourg-based satellite-enabled connectivity and content solutions provider SES, to fund three medium Earth orbit (MEO) satellites.
The loan is worth €125-million.
The three satellites are SES second- generation O3b mPower spacecraft. The company plans 13 of these, of which eight have already been launched. Their orbit is at an altitude of 8 000 km.
“We are pleased to have secured this term loan from the EIB, which reflects their confidence in our business and network and underscores our ability to secure funding from diverse sources while bolstering SES’s financial foundation,” said SES CFO Sandeep Jalan. “This agreement further enables us to deliver high-performance, multi-orbit connectivity services securely and reliably to our customers worldwide.”
The new satellites will enable the company to strengthen the broadband connectivity it provides through its MEO satellite constellation. This will allow it to reach underserved and remote areas in Africa, Asia and Latin America. It will also help reduce the digital divide between urban and rural areas and provide better access to essential services, including healthcare, education and e-governance.
“Digital connectivity is essential for economic and social development, particularly in regions where access to broadband is limited,” highlighted EIB VP Robert de Groot. “By fostering enhanced connectivity, this collaboration with SES will not only help bridge the digital divide but will also unlock new opportunities by improving quality of life for millions of people. The project will also help strengthen Europe’s independence in the area of access to space-based data traffic – reflecting the EIB’s commitment to supporting Europe’s strategic autonomy in the domains of space and global connectivity.”
The EIB is the EU’s long-term lending agency and is owned by the EU member States. 