Satellite broadband provider Avanti Communications has announced plans to send a second rocket into orbit.

The firm raised £280 million to fund the development of HYLAS 2 - £86 million from existing shareholders and £194 million in debt facilities from French and US-based credit agencies.

David Williams, Chief Executive at the broadband provider, said he was delighted to announce the "highly efficient" financing of the project.

He said that through the initiative, Avanti would be diversifying its risks by launch, satellite manufacturer and geography, making it a more attractive business proposition.

Mr Williams commented: "HYLAS 2 is a much larger satellite and therefore greatly increases our revenue and profit potential. With equity dilution of less than 50 per cent, we gain additional satellite revenue generating capacity of 275 per cent.

"It is clear to Avanti that the market for Ka band broadband services is growing at a much higher rate than originally anticipated."

He said the project would enable the firm to secure its position as "a world leader in satellite broadband" and one of the only firms with more than one Ka band satellite.

Avanti's HYLAS 1 satellite is being readied for launch ahead of a mid-2010 take-off into space.