ELVALHALCOR ALUMINIUM PROCESSING INVESTMENT

The project supports the strategic investment of the Promoter, located in a less developed cohesion region in Greece and active in aluminum processing. It encompasses new advanced manufacturing technology (AMT) equipment and other high-tech, state-of-the-art equipment with the primary aim to increase the recycling capacity of aluminum scrap and to increase manufacturing of recyclable aluminum packaging solutions.

The project supports the strategic investment of the Promoter who is located in a cohesion region in Greece and active in aluminum processing. The major goal of the investment is to debottleneck upstream and downstream processing capacity with regard to the recently installed new aluminum hot rolling mill.

The project supports a strategic circular economy investment of the promoter, located in a less developed cohesion region in Greece, and active in aluminum processing. It generates significant positive externalities through an investment that enables an increase in circular economy production processes and products, resource efficiency and reduces the specific environmental pressure of the promoter's operations. The implementation of advanced manufacturing technology (AMT) equipment and machinery, which is in line with industry 4.0 principles, will help to further develop relevant knowledge, skills and competences, strengthen the promoter's technology edge and increase collaboration with its suppliers. Furthermore, the project generates a range of economic and social benefits and will contribute to make the region an engine of economic development and an attractive place for working, living and investing. Through this investment, the surrounding area will contribute to the creation of a healthy and affordable living environment.

The project addresses the market failures of insufficient investment in circular economy in the EU.

The EIB's financial contribution is considered valuable to the Borrower, as the Bank is offering more favourable than market alternatives under various dimensions and allow the promoter to diversify its financing sources, lengthen its average debt maturity and strengthen its overall financial position among others.

Some components of the investment potentially fall under Annex II of the EIA Directive 2014/52/EU amending the EIA Directive 2011/92/EU. Hence, it will be appraised during due diligence if any component of project will require an environmental impact assessment (EIA) or a screening decisions as defined in the EIA directive. Furthermore, the project will support the circular economy and reduce the environmental footprint of the Promoter's operation to some extent.

The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to EU public procurement legislation, then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.