Release date: 23 March 2020
Promoter – Financial Intermediary
COVESTRO AGLocation
Description
The project will finance the promoter's RDI programme for the period 2020-2022. Investments will support the transition towards circular low fossil carbon polymers to produce high performance durable plastics and elastomers.
Objectives
The EIB financing will support the development of the promoter's circular economy program for the upcoming 3 years. The promoter intends to develop new technologies with the purpose to move away from fossil resources in its production, and use raw materials from renewable/secondary sources, such as plastics waste, biomass and CO2.
Sector(s)
- Industry - Manufacturing
Proposed EIB finance (Approximate amount)
EUR 225 million
Total cost (Approximate amount)
EUR 500 million
Environmental aspects
The project includes RDI activities that are not specifically mentioned under the Environmental Impact Assessment (EIA) Directive and that will be carried out in existing facilities without changing their already authorised scope. The project will therefore not require an EIA under the directive 2014/52/EU amending directive 2011/92/EU.
Procurement
The promoter has been assessed by EIB as being a private company not operating in the utilities sector and not having a status of a contracting entity, thus not being subject to EU rules on public procurement.
Status
Signed - 20/03/2020
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).