EDC finances $190M MDA satellite order
Spanish telecommunications satellite operator HISPASAT Group orders a fourth Amazonas 5 satellite from Canada's MDA
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OTTAWA—Export Development Canada (EDC) has provided C$190.7 million (EUR140M) in financing to Spanish telecommunications satellite operator HISPASAT Group (Hispasat) for a satellite to be built by Canada’s MacDonald, Dettwiler and Associates Ltd (MDA).
The Amazonas 5 satellite will be built by SSL, a subsidiary of MDA. This new multi-mission satellite will respond to growing demand for satellite capacity, primarily for TV platforms, in Latin America. This will be the fourth satellite SSL constructs for Hispasat Group.
“MDA is an industry leader and a leader within Canada’s growing satellite technology sector,” said Carl Burlock, senior vice-president of financing and investments at EDC. “EDC’s financial solutions can be an important asset to companies like Hispasat and MDA with unique business needs.”
This is the second time EDC has provided financing to Hispasat. The first loan was signed in August 2014.
“When MDA earns new business, it helps to grow their supply chain of Canadian small and medium companies,” says Burlock. “This is a great opportunity for any Canadian company in the satellite industry, and EDC is here to help all of them.”
A key piece of Canada’s high-tech sector, MDA employs more than 4,800 people around the world and has Canadian offices in Richmond, B.C., Brampton, Ont., Ottawa, Montreal, and Dartmouth, N.S.
EDC is a Crown Corporation that provides financing, insurance and bonding products for Canadian companies that have business outside of Canada.
MDA is a global communications and information company providing operational solutions to commercial and government organizations worldwide.