SES and the European Investment Bank (EIB), the financing institution of the European Union, have revealed details of their €300 million financing agreement.

The seven-year term loan will back investments related to the design, procurement and launch of three previously announced satellites that will deliver advanced broadcast and broadband services spanning Western Europe, Africa and the Middle East. The loan is the largest amount ever provided by the EIB to a Luxembourg-based company.

The project supported via EIB financing includes the procurement of three satellites from Thales Alenia Space to deliver video broadcasting as well as network services. Operating from SES’s prime TV neighbourhood of 19.2 degrees East  (ASTRA 1P, ASTRA 1Q) and 57 degrees East (SES-26) will enable SES to strengthen its satellite broadcast over Europe and Africa, and support dynamic connectivity needs for companies and governments from the heart of Europe across Africa and the Middle East.

Two of the three satellites are next-generation, flexible and fully software-defined satellites that will enable service reconfiguration and instant in-orbit adjustment to SES customers’ demands. All three satellites, when launched in 2024, will be operated from SES’s headquarters in Luxembourg.

EIB Vice-President Kris Peeters said: “Space is a key driver of innovation in Europe and we are eager to support space entrepreneurship. The size of the loan, the largest ever provided by the EIB to a Luxembourgish company, also demonstrates how strategically important the space sector is for the EIB and the European Union.”

Sandeep Jalan, Chief Financial Officer of SES, said: “We have secured this term loan from the European Investment Bank. This diversifies SES’s sources of financing on attractive financial terms. The agreement enables us to deliver on our commitment to broadcast high-quality content from our prime TV neighbourhood serving 118 million TV households across France, Germany and Western Europe.”