The federal government has agreed to loan billions of dollars to satellite operator Telesat to support its work in developing the Lightspeed Low Earth Orbit (LEO) network.
The $2.14 billion loan came after “months of negotiations,” the company said in a statement on Monday.
Telesat’s Lightspeed network consists of 198 LEO satellites that will provide highly secure and low-latency broadband connectivity, according to the company’s website. The operator expects to launch its satellites in 2026 and begin to offer services in 2027.
Dan Goldberg, Telesat’s CEO, applauded the Government of Canada for the support.
“I am delighted with the engagement we have had with the Government of Canada on this flagship program, which will help bridge the global digital divide, create and sustain thousands of high-quality jobs in Canada, spur domestic innovation, investment and exports, and ensure that Canada is at the forefront of the rapidly growing new space economy,” Goldberg said.
This isn’t the first time the federal government provided financial support for the project. In 2021, it invested $1.44 billion. The Québec government also made a $400 million investment earlier that year.
Image credit: Telesat
Source: Telesat
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