Space42 secures USD 695.5 mn from European lenders for Al Yah satellites: AI-powered space tech firm Space42 secured USD 695.5 mn in loans through a consortium of European banks to fund the development of its next generation geostationary satellites, according to a press release. The funds will go towards developing the Al Yah 4 satellite, scheduled for launch in 2027, and the Al Yah 5 satellite, launching in 2028.

Who’s involved? The funding came from a consortium of Spanish and French banks, with France’s Crédit Agricole, Société Générale, Natixis, and Spain’s Santander arranging the facility — backed by Bpifrance Assurance Export, France’s export credit agency.

REFRESHER- Space42 received AED 3.7 bn in advance payments to develop the Al Yah 4 and Al Yah 5 satellites, part of a wider 17-year AED18.7 bncontract with the UAE government. The program will provide secure and multi-path communications capabilities for the defense and civil sectors, according to Space42’s Chief Financial Officer Andrew Cole. The satellites have flexible payloads, meaning their capabilities — such as coverage area, bandwidth, and frequency — can be adjusted in real-time while in orbit.

Lots of outside support: Al Yah 4 and Al Yah 5 satellites are being developed by the European firm Airbus Defence and Space under an AED 3.9 bn contract signed last year. They will be launched using Falcon 9 rockets developed by Elon Musk’s SpaceX and will eventually replace the UAE’s older-generation Al Yah 1 and Al Yah 2 satellites.

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