Space42 has secured a $695.5 million export credit agency-backed financing facility to support the development of two new geostationary satellites, Al Yah 4 and Al Yah 5, scheduled for launch in 2027 and 2028.
The financing is arranged by Crédit Agricole CIB, Santander CIB, Societe Generale and Natixis, and backed by Bpifrance Assurance Export. The facility provides long-term funding tied to the project timeline and enhances Space42’s liquidity for future capital commitments.
The satellites are part of a broader $5.1 billion, 17-year contract with the UAE government beginning in 2026. The programme aims to expand multi-orbit communications infrastructure to support defence and civil applications.
Al Yah 4 and Al Yah 5 will feature software-defined payloads capable of real-time reconfiguration, allowing flexibility in bandwidth, coverage and frequency allocation. The new assets will extend coverage across the Middle East, Africa, Europe and Asia, and are expected to replace the ageing Al Yah 1 and Al Yah 2, which were launched in 2011 and 2012.
According to publicly available records, Al Yah 1 and 2 were manufactured by Airbus Defence and Space and Northrop Grumman, respectively. Space42, formerly known as Yahsat, is owned by Mubadala Investment Company and is part of the UAE’s national space strategy.
The deal follows a trend among satellite operators to turn to export credit agencies to secure capital for infrastructure amid rising interest rates and increased demand for flexible, software-defined satellites. ECA-backed financing remains a preferred option for sovereign-linked projects in capital-intensive sectors.
Space42’s CFO, Andrew Cole, said the structure optimises funding costs and supports execution of the company’s growth agenda through expanded satellite capabilities.
