EIB Global signs $130m loan deal with SES for O3b mPOWER
The loan will partially fund SESs continued O3b mPOWER fleet expansion for additional capacity worldwide.
The European Investment Banks global arm, EIB Global, has signed a 125m ($130.16m)loan agreement with SES, a provider of satellite-enabled content and connectivity solutions. The loan will support the deployment of three satellites as part of SESs second-generation medium earth orbit (MEO) O3b mPOWER system. To date, SES has launched eight of the 13 planned O3b mPOWER satellites, which operate 8,000 km from Earth.
The funding will enable SES to expand broadband connectivity through its MEO system, providing internet access to underserved and remote areas across Africa, Asia and Latin America. This initiative aims to reduce the urban-rural digital divide and enhance access to essential services such as education, healthcare, and e-governance.
EIB Vice-President Robert de Groot said: '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 Europes independence in the area of access to space-based data traffic reflecting the EIBs commitment to supporting Europes strategic autonomy in the domains of space and global connectivity.'
Sandeep Jalan, Chief Financial Officer at SES, added: '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 SESs financial foundation. This agreement further enables us to deliver high-performance, multi-orbit connectivity services securely and reliably to our customers worldwide.'
The loan aligns with the European Unions Global Gateway initiative, which promotes investment in secure and sustainable infrastructure to connect communities and enhance global living standards.
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