New Dawn Satellite on track for lift-off in Q1 2011

Convergence Partners recently visited Washington, DC and had the opportunity to spend time with New Dawn joint venture partner, Intelsat, and to see the New Dawn craft in advanced stages of construction, at the premises of craft manufacturer, Orbital Sciences Corporation. David Frankel of Altirah Capital, partner in the New Dawn venture, joined Convergence Partners’ Chairman, Andile Ngcaba, and Executive, Idan Segal.

New Dawn is a joint venture between Intelsat, the global leader in fixed satellite services, and an African consortium led by Convergence Partners, to create a new geostationary communications satellite for Africa. This first of its kind venture has a 25% African shareholding and is more than 90% financed by African institutions, including Nedbank, The African Development Bank and the Industrial Development Corporation.

The satellite is due for completion during Q4 2010, at which time it will be delivered to the launch site in French Guiana. Launch is scheduled for Q1 2011, whereafter the satellite will commence operating, providing much needed capacity for the African telecommunications and broadcasting sectors.

After the tour, Andile Ngcaba, said “it is both fascinating and very rewarding to see the physical New Dawn craft, after so many years of conceptualising and planning. I have no doubt it will make a difference to the continuing African growth story”.

See attached photographs of the New Dawn satellite in construction