UK-based satellite operator, Avanti has secured funding to launch a second satellite negotiating a £194m (€135 million) debt facility.
The UK stock exchange listed company also announced plans to raise £86 million via a share placement to launch the Hylas2 for service in 2012.
The satellite will provide broadband services to customers in urban and rural areas across western and eastern Europe, the Middle East and parts of north and east Africa.
“This technology is part of the future of broadband access and we expect to have at least five years before any other company starts launching its own satellite, plenty of time to build up a market leading position,” said Avanti CEO David Williams.
The company said it had agreed to a 10-year, £194m debt facility with French and US export credit agencies to help fund the project.
Hylas 2 has nearly three times as much capacity as Hylas 1, Avanti's maiden superfast broadband satellite, which is set to launch in the second quarter of next year.
Analysts estimate that Hylas 2 has capacity for 1 million subscribers, compared with Hylas 1's capacity to handle 350,000 subscribers.