Eutelsat has completed its refinancing plan.

The Paris-based European satellite giant announced the completion of the final milestone in the group’s €5 billion ($5.7bn) equity and debt financing strategy, closing €1.5bn ($1.7bn) senior notes last week.

“[The milestone] marks a decisive turning point in the Group’s transformation,” Sebastien Rouge, chief financial officer at Eutelsat, said in a statement. “With this strengthened financial foundation, Eutelsat is well positioned to accelerate the deployment of its multi-orbit strategy, support the future European IRIS² constellation, and reinforce its position as Europe’s leading provider of space connectivity.”

Eutelsat previously completed a €1.5bn two-part equity raise in late 2025 through reserved capital increases of €828 million ($947m) from French and British government agencies and a rights issue of approximately €670m ($767m), which led to rating upgrades from Moody’s and Fitch, strengthening Eutelsat’s position on debt capital markets.

The financing strategy was assisted by a recent loan from the French export credit agency, issued to fund the 440 replacement OneWeb satellites Eutelsat has ordered to meet expanding European satcom demand.

Eutelsat completed its all-share combination with low-Earth orbit (LEO) operator OneWeb in September 2023, creating a merged entity that possessed a multi-orbit fleet of satellites with a long history of service provision.

The news follows Eutelsat’s failure to sell its passive ground infrastructure in late January after the French finance minister blocked the deal on the basis that the assets represented strategic infrastructure for the nation.

OneWeb’s revenues, however, increased 60 percent year on year in the six months ending Dec 31 to about €111m ($127m) on a like-for-like basis, with LEO connectivity now accounting for a fifth of the combined company’s total revenue as its geostationary TV business continues to shrink.

Video revenues at the company fell 12.3 percent to €267m ($306m) in the period, as connectivity revenues from the GEO fleet fell 4.5 percent to €197m ($225m). Added together, revenues are only up 0.1 percent to around €592m ($678m), thanks to the performance of OneWeb, which prior to the merger, saw many difficulties, going bankrupt in 2020.

In October last year, Eutelsat signed a deal with the Greenland national telecommunications company Tusass to enable LEO satellite connectivity to industrial and domestic markets, setting in stone plans to equip a geopolitically prized region with dense strategic networks of maritime and military infrastructure.