Export Development Canada (EDC) has announced its intention to increase satellite financing after agreeing a €123mn satellite financing package for Spanish telecoms giant Hispasat.

In a statement, senior vice-president, financing and investments at EDC, Carl Burlock, says: “As the Canadian satellite industry has continued to grow, EDC has developed a depth of satellite industry financing expertise and we’re looking to grow our satellite financing business.”

The Hispasat 1F satellite is being built by Canadian communications firm Macdonald, Dettwiler and Associates (MDA) and its subsidiary SSL, and will enable Hispasat to increase its transatlantic coverage, adding capacity across both Europe and the Andean region in Brazil.
“EDC’s focus was to provide Hispasat with competitive financing critical to building a stronger relationship with MDA and SSL, ultimately encouraging growth in Canada’s high-tech sector,” adds Burlock.