The European Investment Bank’s global arm, EIB Global, has signed a €125 million loan agreement with satellite operator SES to fund three satellites of its second-generation medium Earth orbit (MEO) system O3b mPOWER. SES has already launched eight of 13 O3b mPOWER satellites, which operate 8,000 kms away from the Earth, delivering high throughput and flexibility.
SES says the loan will enable SES to provide enhanced broadband connectivity through its MEO system, reaching underserved and remote areas across Africa, Asia and Latin America. It will also help close the urban-rural digital divide and improve access to essential services like education, healthcare and e-governance.
“Digital connectivity is essential for economic and social development, particularly in regions where access to broadband is limited. By fostering enhanced connectivity, this collaboration with SES will not only help to 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,” said EIB Vice-President Robert de Groot.
Sandeep Jalan, CFO at SES, commented: “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. This agreement further enables us to deliver high-performance, multi-orbit connectivity services securely and reliably to our customers worldwide.”
SES added: “The loan aligns with the European Union’s Global Gateway initiative, which promotes investment in secure and sustainable infrastructure to connect people and improve lives around the world. It is also part of the EIB’s activities related to the EU Space Programme 2021-2027, strengthening Europe’s position in space technology and innovation.
