COSENTINO SUSTAINABILITY & DECARBONIZATION

Promoteur – Intermédiaire Financier

COSENTINO GLOBAL SLU

Lieu

• Espagne

Description

The project consists of several capital investment components in the field of innovative engineered stone products and production processes, in particular: (i) deployment of technology for next generation circular agglomerated materials, (ii) investment in renewable energy generation capacity for self-consumption, (iii) investment in automation, robotisation and digitalisation, and (iv) expansion of production capacity that will make use of renewable fuels. The project covers the period 2022-2025 and will be carried out at the promoter's existing site in Cantoria (Andalusia, Spain).

Additionality and Impact

The project will allow the Promoter to produce more efficiently, with reduced carbon footprint and with increased percentage of recycled material. It will strengthen the Promoter's competitive position and thus will contribute to creating growth and employment opportunities in Europe.

The proposed investments are eligible for financing under the Bank's Public Policy Goal Innovation, Digital and Human Capital (IDHC) ? sub-objective Research, Innovation and Digital (RID) and, for what the part related to the installation of renewable energy generation technologies for self-consumption is concerned, under Bank's Public Policy Goal Sustainable Energy and Natural Resources, sub-objective Energy (Renewable Energy Sources).

The proposed investments will be located in Andalusia, a cohesion region in Spain and, as such, they will support the strengthening of the EU's economic, social and territorial cohesion. Therefore the project contributes 100% to the Bank's crosscutting objective "Economic and social cohesion".

The project contributes in part to the Bank's Climate Action and Environmental Sustainability (CA&ES) crosscutting objective.

The financing of this project supports innovation through the deployment of state-of-the-art technology and addresses the market failures associated to investments that generate positive knowledge, technology and environmental externalities. The project supports also the strengthening of the EU's economic, social and territorial cohesion.

The project is strategically justified as it will support the Promoter's growth and competitiveness while maintaining a strong focus on environmental and social sustainability.

The proposed loan complements other external funding and internal sources and strengthens the company's capital structure by providing favourable terms (availability and grace periods and flexibility on drawdowns and on currency), as well as a long maturity. Moreover, the EIB will be a stable financier assuming a long-term commitment with the promoter, sending a positive signal towards the company's current and potential new financing partners.

Objectifs

The project aims at expanding the Promoter's installed capacity through the deployment of modern and efficient machinery and equipment that will use locally produced hydrogen as the main power source in combination with other renewable fuels. The project will also improve the Promoter's capacity to recycle production by-products.

Secteur(s)

• Industrie - Industrie manufacturière

Montant BEI envisagé (montant approximatif)

EUR 120 million

Coût total (montant approximatif)

EUR 242 million

Aspects environnementaux

Manufacture of ceramic products by burning, in particular roofing tiles, bricks, refractory bricks, tiles, stoneware or porcelain is listed in the Annex II of the EIA Directive 2011/92/EU amended by Directive 2014/52/EU. Thus, it is the responsibility of the local competent authorities to determine if an environmental assessment (EIA) is required. The environmental details will be verified during the project appraisal.

Passation des marchés

The Promoter is a private company not operating in the utilities sector and not having the status of a contracting entity, and thus is not subject to EU rules on public procurement. Under these conditions, the procurement procedures followed by the Promoter are suitable for the project.

Statut

Signé - 20/12/2022