Aerospace joint venture Thales Alenia Space has won ECA backing for a US$1.8bn satellite project.

The financing of the project, which will be 95% backed by France’s ECA Coface, is being syndicated through French and other major international banks, with Société Générale, Goldman, Sachs &Co and Hawkpoint Partners advising the company over the deal.
The deal is expected to close before the end of September this year.

The loan will be used for the funding, building and deployment of its next-generation satellite system, named Iridium NEXT.

The loan will be a fixed-price contract with Thales Alenia Space, a joint venture between aerospace business Thales and Italian aerospace company Finmeccanica.