European satellite firm Eutelsat has signed almost €975 million ($1.1 billion) in export credit agency (ECA) financing to procure low-Earth orbit (LEO) satellites for its OneWeb constellation.

The funds will support Eutelsat’s contract with Airbus Defence and Space for 340 LEO satellites, which will be manufactured at Airbus’ Toulouse facility. The satellites are being built to ensure operational continuity for the OneWeb constellation, replacing existing satellites at the end of their operational life.

Eutelsat said that financing would be provided by a pool of commercial banks, benefitting from a French state guarantee obtained through the ECA, Bpifrance Assurance Export.

The financing, which will be provided to Eutselsat Communications SA and rank on equal footing with its other debts, remains subject to several conditions, including a bond issuance at Eutselsat Communications.

Jean-Francois Fallacher, CEO of Eutelsat, said: “We are delighted to secure this crucial aspect of Eutelsat’s refinancing plan. We are grateful to the French state for its unwavering support. This funding significantly strengthens our financial structure and gives us the means to support the deployment of our LEO activities.”

The OneWeb constellation currently consists of more than 600 satellites flying in 12 synchronized orbital planes at an altitude of 1,200km.

Eutelsat acquired OneWeb in 2023. The constellation is one of only two operational LEO networks solely operated in Europe.