Kacific closes $160m fresh funding
December 9, 2019
By Chris Forrester
Kacific Broadband will see its ‘condominium’ satellite launched next week on December 16th by a SpaceX Falcon 9 rocket, subject to weather. The ‘condomium’ term refers to a satellite that is a single unit but owned by two organisations. Kacific’s satellite partner is Japan’s JSAT/SkyPerfect for its JCSAT-18 craft.
Kacific has also closed a $160 million line of credit with a group of financial institutions headed by the Asian Development Bank. The financing from ADB comprises a loan from ADB and a parallel loan provided by the Leading Asia’s Private Infrastructure Fund (LEAP), which is administered by ADB. LEAP is one of ADB’s co-financing vehicles dedicated to private sector infrastructure in Asia and the Pacific.
The financing enables Kacific to repay short-term facilities used to fund the construction of the Kacific1 payload and the associated infrastructure and launch costs. The financing reflects the recognition, by Asian Development Bank and GuarantCo, of the impact Kacific1 will have on development within the region and the benefits that Kacific1 will bring to un- and under-served communities in Asia and the Pacific, particularly in rural and remote areas of small island nations in the Pacific, and larger island nations like Indonesia and the Philippines.
Kacific’s satellite is manufactured by Boeing, and will offer direct internet access, via wholesale channels, to government agencies, institutions, businesses, community groups and households within the satellite’s total footprint area following the launch.