Canada bank helps fund Hispasat satellite
March 27, 2015
By Chris Forrester
Export Development Canada is financing €140 million towards the overall costs of building Amazonas-5.
Amazonas-5 is being built for Madrid-based satellite operator Hispasat by Canadian satellite-builder MacDonald, Dettweiler & Assoc (MDA). MDA owns Space Systems/Loral. This is the fourth SSL-supplied satellite for Hispasat. The order was placed with SS/L back in December 2014 and is due to launch in 2017.
“MDA is an industry leader and a leader within Canada’s growing satellite technology sector,” said Carl Burlock, SVP/Financing and Investments, EDC. “EDC’s financial solutions can be an important asset to companies like Hispasat and MDA with unique business needs.”
A key piece of Canada’s high-tech sector, MDA employs more than 4,800 people around the world. This contract has helped to solidify the relationship between MDA and Hispasat, which has the potential to ultimately bring more business to other Canadian SMEs in MDA’s supply chain.
EDC is Canada’s leading provider of financing, insurance and bonding products for Canadian companies that have business outside of Canada. EDC also provides financial services for foreign companies that buy from Canadian companies, or those that have Canadian supply and services in their corporate value chains.