Telesat Lightspeed will bridge the digital divide, create hundreds of new high-quality jobs in Canada, spur domestic investment and exports, and ensure Canada is at the forefront of the rapidly-growing New Space Economy
OTTAWA, Ont., August 12, 2021 (Telesat PR) – Telesat, one of the world’s largest and most innovative satellite operators, announced today that it expects to receive a $1.44 billion [USD $1.15 billion] investment from the Government of Canada to support Telesat Lightspeed, the world’s most advanced Low Earth Orbit (LEO) satellite network. This investment will drive economic growth and innovation in Canada and help ensure affordable broadband Internet and LTE/5G connectivity for all Canadians.
Under the terms of the agreement, the Government of Canada would provide a loan of $790 million and make a $650 million preferred equity investment in Telesat Lightspeed. In return, Telesat will commit to make certain minimum capital and operating expenditures in Canada in connection with the program and, in addition, to create hundreds of Canadian high-quality, full-time jobs and co-ops and provide academic scholarships. Through Telesat and its Canadian supply chain, the Telesat Lightspeed program is expected to support over 1,500 Canadian jobs, largely in STEM.