Artistic rendering of the Al Yah 4 and 5 satellites. Photo: Airbus

Space42 has secured export credit agency (ECA)-backed financing to fund the Al Yah 4 and Al Yah 5 satellites. 

Space42 announced $695.5 million in financing on Wednesday, arranged by Crédit Agricole CIB, Santander CIB, Societe Generale, and Natixis and backed by Bpifrance Assurance Export. 

Yahsat, now part of Space42, contracted Airbus Defence and Space last year to build the two Geostationary (GEO) satellites, which will replace Al Yah 1 and Al Yah 2. The satellites, both based on the Airbus Eurostar Neo platform, are scheduled for launch in 2027 and 2028.

The satellite program is backed by a $5.1 billion, 17-year government contract that starts in 2026 for multi-path critical connectivity solutions, Space42 said. 

“This strategic pillar focuses on enhancing secure communication capabilities across defense and civil domains through multi-orbit satellite networks that ensure uninterrupted connectivity for mission-critical applications. The ECA financing structure optimizes our cost of funding and provides increased financial flexibility to execute our growth agenda,” CFO Andrew Cole said.