France: Ecoslops and EIB sign EUR 18m loan agreement
24 June 2019
Loan signature announced on 11 February 2019
EUR 18 million loan over period 2019-2027
Finance provided for projects in Marseilles and Antwerp and R&D schemes (Mini-P2R)
Ecoslops and the EIB are pleased to announce the signing of a EUR 18 million loan agreement to help finance the construction of plants in Marseilles and Antwerp. This funding will also enable the firm to push ahead with its R&D programme, especially under the mini-P2R banner, and build up its teams. The loan is being provided under the Connecting Europe Facility (CEF), aimed at fostering sustainable sea transport. It consists of two tranches of EUR 10 million and EUR 8 million.
The Marseilles project (75% ECOSLOPS, 25% TOTAL) is under construction and the loan will start being drawn down in the next few months. The plant is scheduled to open in early 2020.
In Antwerp, environmental studies are under way following the conclusion of an agreement with the ATPC refinery (VITOL Group) and the Port of Antwerp.
Mini P2R tests were carried out in the first half of 2019 and met our expectations in full. The company is now working on building the first plant with a view to on-site testing in real conditions.
EIB Vice-President Ambroise Fayolle, said:
“The EIB, the EU bank, is fully committed to backing Ecoslops, which offers an especially innovative solution to combat climate change at pan-European level, addressing a market gap by reprocessing used maritime fuel. This is also the first concrete initiative under the new Connecting Europe Facility.”
Vincent Favier, CEO of Ecoslops, added:
“Ecoslops is proud to be able to count on this EIB support for the circular economy. Our technological solution is unique on the market and it is important for us to position ourselves quickly in the most attractive ports. This is why being able to depend on EIB backing for our European projects is a major asset that will enable us to speed up our growth. Our innovation fostering the circular economy and energy transition generates industrial investment and qualified jobs. It ensures resource conservation and pollution reduction, cutting CO2 emissions by two thirds compared to traditional technologies. This proves that industry, the environment and the economy can go hand-in-hand.”
This wide-ranging collaboration between the bank of the European Union and the Lazio Region will lead to funding of €500m in all production sectors in the coming years. This is the goal of the agreements already signed or still being finalised that were announced today by Dario Scannapieco, Vice-President of the EIB, and Nicola Zingaretti, President of the Lazio Region, and which are also intended to support the post COVID-19 recovery.
The EIB will provide €100 million to the Valencia Region for the reconstruction of infrastructure damaged in late 2019 by extreme weather caused by a phenomenon described as “isolated high altitude depression” – or a “DANA” as it is known in Spain – and by Storm Gloria in early 2020. The objective is to get industry and tourism in the affected areas up and running again and to restore basic services infrastructure. The financing will also be used to mitigate the effects of any similar weather events that may occur before the end of 2021. Divided into two tranches of €50 million each, the loan will also help improve the region’s climate resilience, promoting investments in flood prevention and a better response to future adverse weather events.
The EIB and the Polish Ministry of Finance have agreed today on a financial support programme to cope with the consequences of COVID-19. The EU bank will lend €650 million to help the Polish government cover expenses and investments related to the ongoing pandemic.