The European Investment Bank (EIB) on Wednesday announced the approval of a 10-year 75-million-euro loan to Elval, and specifically for its ElvalHalcor’s Aluminium Rolling Division, a sum aimed to finance, by 50 percent, of a new investment by the latter.
According to the EIB, the first phase of ElvalHalcor’s five-year investment program to gradually increase overall production capacity of flat rolled aluminum to more than 500,000 tons per year, was completed in 2020, with the installation of a four-stand Tandem hot-rolling finishing unit at the Elval plant at the Oinofyta site, due north of Athens.
The new investment concerns the implementation of the second phase of the investment program with an additional 150 million euros in order to achieve increased production capacity targets responding to a growing market demand for rigid packaging and other aluminum products, driven by global mega trends.
The agreement was announced in Athens on Wednesday during a signing ceremony attended by EIB President Werner Hoyer and Michael Stassinopoulos, the chairman of ElvalHalcor’s board of directors.
“The European Investment Bank is pleased to provide EUR 75 million new financing to accelerate investment in innovation, energy efficiency and recycling by ElvalHalcor. This visionary investment will strengthen sustainable production at one of Europe’s leading aluminum companies as part of our broader support for transformational private sector investment across a range of industries,” stated EIB President Werner Hoyer.
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