4 October 2022
Promoter – Financial Intermediary
The project, promoted by the French company Eranova, concerns the construction and operation of a first commercial scale plant for the production of green macro algae and its transformation into bio-resins based on a proprietary technology.
The production will be located in the district managed by the Grand Port de Marseille in the South of France, in Provence-Alpes-Côte d'Azur (within EU Cohesion Priority Regions).
The plant is targeting to produce 30 k tonnes/year of starch-based biopolymers from green macro-algae biomass.
The project objective is to valorize green macroalgae, into added value recyclable bioplastic materials for use in a variety of applications, ranging from packaging to construction and automotive industries. These algae currently require collection and disposal by the municipality because they represent an environmental and health hazard,.
The project is fully aligned with key EU policies, namely the Green Deal, by contributing to replacing fossil based feedstock with renewable based resources. The project is also strongly aligned to the EU Bioeconomy strategy, fostering the development of new bio-based value chains (i.e. algae), as mentioned in the 2018 Bioeconomy action plan. Furthermore, it is fully relevant to the EU New Circular Economy Action Plan adopted in March 2020 and to the Plastics Strategy adopted in June 2018, as it upcycles waste biomass (which is normally collected and disposed of) to produce added-value bio-based recyclable materials.
Proposed EIB finance (Approximate amount)
EUR 30 million
Total cost (Approximate amount)
EUR 60 million
Compliance with the environmental "acquis" (notably EIA directive 2014/52/EU amending the EIA Directive 2011/92/EU) will be assessed during appraisal, as well as compliance with IED directive 2010/75/EU and other applicable environmental acquis.
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 after the project appraisal, the EIB were to conclude that the promoter is after all subject to EU public procurement legislation (Directive 2014/24/EU or 2004/18/EC, where applicable), then the Bank would require the promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/24/EU or 2004/18/EC, where applicable), as well as Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.
Under appraisal - 4/10/2022