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Home Forex News

EGA secures green loan to fund US recycling firm acquisition

by Tradinghow
December 29, 2024
in Forex News
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EGA secures green loan to fund US recycling firm acquisition
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Emirates Global Aluminium (EGA), the world’s largest producer of premium aluminium, announced it has financed its recent acquisition of a majority stake in US-based aluminium recycling firm Spectro Alloys Corporation through a green loan facility arranged with international banks.

The green loan facility provides access to a broader liquidity pool to support low-carbon projects while optimising borrowing costs.

EGA completed the acquisition of an 80 per cent stake in Spectro Alloys in September 2024.

Located in Rosemount, Minnesota, Spectro Alloys is a leading producer of secondary foundry alloys with an annual production capacity of approximately 110,000 tonnes of aluminium ingots.

The acquisition represents a significant step in EGA’s global expansion into aluminium recycling and enhances its business in the US, already one of EGA’s largest global markets.

“Aluminium demand is expected to grow worldwide by up to 80 per cent by 2050,” said Abdulnasser Bin Kalban, EGA’s CEO.

He added: “Recycled and low-carbon primary aluminium is expected to account for around 60 per cent of supply growth between now and 2030. Developing low-carbon projects, including a global business in recycling, is a key strategic priority for EGA to capitalise on market growth opportunities.

“The green loan facility to fund our acquisition of Spectro Alloys enables us to access a deeper pool of liquidity to finance projects that contribute to the transition to a low-carbon economy.”

Citi, ING, and Standard Chartered acted as joint green loan coordinators for the financing.

This is EGA’s second major ‘green’  transaction

This marks EGA’s second major transaction under its Green Finance Framework, published in June 2024 to support decarbonisation initiatives. The framework was also used earlier this year to secure a green loan for the acquisition of European speciality foundry Leichtmetall.

https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB

In addition, EGA was among the first companies in the region to adopt sustainable corporate bank accounts in 2022, ensuring that cash reserves contribute to financing sustainability-focused initiatives. Over the past three years, EGA has deposited approximately $180m in these accounts, maintaining an average balance of $25.5m.

The Spectro Alloys acquisition underscores EGA’s commitment to the aluminium recycling sector and its strategy to contribute to the transition to a low-carbon global economy.





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