Hispasat Secures Canadian Export Credit Backing for U.S.-built Satellite
PARIS — The Canadian export-credit agency, Export Development Canada, has approved 123 million euros ($160 million) in financial support to Spanish satellite fleet operator Hispasat to build the Hispasat 1F satellite, whose construction will occur mainly at(SSL) in Palo Alto, California.
The agreement illustrates the suppleness of the export-credit markets, which have long entered into deals such as the use of the Belgian export-credit agency to finance a launch aboard Europe’s Ariane 5 rocket even though Belgian industry’s role in the rocket is not substantial.
SSL is owned by Canada’s MDA Corp. In its Sept. 12 announcement, the Canadian agency said steering work to SSL through favorable financing is of automatic benefit to Canadian industry.
“Being awarded this contract will allow MDA to continue to bring high-quality research and development to the industry, encourage growth of its business, and ultimately bring more business to Canadian companies in its supply chain,” Export Development Canada said in a statement.
MDA’s purchase of SSL in 2012 gave SSL, a major commercial satellite manufacturer, a second source of export-credit support after the U.S. Export-Import Bank.
Carl Burlock, senior vice president for financing and investments at Export Development Canada, said in a statement that the agency “is looking forward to financing more opportunities for MDA’s global supply chain and satellite telecommunications around the world.”