[SatNews] Export Development Canada (EDC) has announced financing of 140 million euros to the HISPASAT Group (Hispasat), a Spanish satellite telecommunications operator, for the construction of Amazonas 5 by Canada’s MacDonald, Dettwiler and Associates Ltd (MDA).
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Amazonas 5 satellite will be built by SSL, a subsidiary of MDA. This new multi-mission satellite will respond to growing demand for satellite capacity, primarily for TV platforms, in Latin America. This will be the fourth satellite SSL constructs for Hispasat Group.
EDC has the capacity as a global financier to support projects of any size. This is the second time EDC has provided financing to Hispasat, with the first loan provided in August 2014.
A key piece of Canada’s high-tech sector, MDA employs more than 4,800 people around the world and has Canadian offices in Richmond, Brampton, Ottawa, Montreal, and Dartmouth. This contract has helped to solidify the relationship between MDA and Hispasat, which has the potential to ultimately bring more business to other Canadian SMEs in MDA’s supply chain.
EDC is Canada’s leading provider of financing, insurance and bonding products for Canadian companies that have business outside of Canada. EDC also provides financial services for foreign companies that buy from Canadian companies, or those that have Canadian supply and services in their corporate value chains.
“MDA is an industry leader and a leader within Canada’s growing satellite technology sector,” said Carl Burlock, Senior Vice-President, Financing and Investments, EDC. “EDC’s financial solutions can be an important asset to companies like Hispasat and MDA with unique business needs.”
“When MDA earns new business, it helps to grow their supply chain of Canadian small and medium companies,” says Burlock. “This is a great opportunity for any Canadian company in the satellite industry, and EDC is here to help all of them.”
