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Signature(s)

Amount
€ 30,000,000
Countries
Sector(s)
Spain : € 30,000,000
Industry : € 30,000,000
Signature date(s)
2/12/2024 : € 30,000,000
Link to source

Summary sheet

Release date
1 July 2024
Status
Reference
Signed | 02/12/2024
20230764
Project name
Promoter - financial intermediary
CUNEXT ELECTRO COPPER REFINING
CUNEXT COPPER INDUSTRIES SLU
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 30 million
EUR 104 million
Location
Sector(s)
Description
Objectives

The project will finance the construction of a greenfield copper electrolysis plant for high purity cathode fabrication to be installed in Cordoba.

The aim is of the new electrolysis plant is to allow the company to internally produce 100,000 tonnes of high purity copper cathodes from 100% copper scrap (recycled copper) in Cordoba. The benefits of the project include lower carbon footprint, improved energy efficiency and improved resilience.

Additionality and Impact

The Project is in line with the InvestEU objective of research, development and innovation through the deployment of an innovative technology.


The Project is eligible under Article 309 point (c) Common interest and qualifies under the Bank's "Innovation; Digital and Human Capital" public policy goal. The Project is located in a Less Developed Region in Spain supporting the Bank's economic and social cohesion cross-cutting policy objective.


The Project consists of the Promoter's investment in the construction and ramp-up of an innovative first of a kind in the EU greenfield electrolysis plant for the production of high purity cathodes based on recycled copper scrap. The high purity cathodes will be used internally within the group for the production of copper wire displacing primary copper cathodes which are sourced from mines. The use of scrap will result in improved profitability and a reduction in the carbon footprint of the copper products produced.


The Project is aligned with the Climate Bank Roadmap and, as such, with the principles outlined in the Paris Agreement. In particular, the Project is part of the supported activities listed in Annex 2 of the CBR (Table B: Industry) corresponding to Manufacturing in Energy-Intensive Industries (EII)/ETS sectors based on low-carbon technologies.


The financing of this Project supports advanced manufacturing that generate significant positive knowledge, technology, and environmental externalities, through the development and deployment of state-of-the-art processes and equipment and upskilling employment.


The Bank will support the company with access to long-term financing with customised and flexible financial terms and conditions, which better mirror the economic life of its investments. In addition, the EIB loan will provide a signalling effect on the soundness and quality of the Project and the Promoter, which expects to speed up the crowding-in of other commercial financiers.


The Project would not have been carried out (to the same extent) by the EIB without the InvestEU support.

Environmental aspects
Procurement

The project falls under Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU (as amended by Directive 2014/52/EU), and will require an Environmental Impact Assessment. The project will allows the percentage of scrap material to be increased in copper wire reducing the carbon footprint. The environmental aspects will be further appraised during due diligence.

The promoter has been assessed by the EIB as being a private company not being 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 the EU public procurement legislation, then the promoter will have to apply those rules.

Milestone
Under appraisal
Approved
Signed
22 October 2024
2 December 2024
Related projects
Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Impact Assessment (ESIA) - CUNEXT ELECTRO COPPER REFINING - ESTUDIO DE IMPACTO AMBIENTAL - ANEXOS
Publication Date
24 Sep 2024
Document language
Main Topic
Lending
Document Number
227560449
Document Focus
Environmental Information
Project Number
20230764
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - CUNEXT ELECTRO COPPER REFINING - ESTUDIO DE IMPACTO AMBIENTAL
Publication Date
24 Sep 2024
Document language
Main Topic
Lending
Document Number
227584270
Document Focus
Environmental Information
Project Number
20230764
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Data Sheet (ESDS) - CUNEXT ELECTRO COPPER REFINING
Publication Date
24 Oct 2024
Document language
Main Topic
Lending
Document Number
184064764
Document Focus
Environmental Information
Project Number
20230764
Sector(s)
Regions
Countries
Publicly available
Download now

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