SOFIA (Bulgaria), Dec.29 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) has announced that it will grant a new loan of 20 million euros ($ 22.6 million) to the Bulgarian manufacturer of Sofia Med copper products to help meet investment needs as part of its sustainable growth.
The funds will allow Sofia Med to expand production of copper tape and copper alloys, primarily in response to growing demand for copper in green applications ranging from electric mobility to renewable energy, the EBRD said in a statement. release earlier this week.
The investments financed by the EBRD include two annealing furnaces, a new cold rolling unit, as well as other investments increasing the throughput of the final stages of production. As part of this commitment, the EBRD will also support Sofia Med in developing and implementing a low carbon pathway to align its operations with the goals of the Paris Agreement on climate change.
Earlier this year, the EBRD announced it would provide a loan of up to â¬ 20 million to support Sofia Med’s investment program. The senior secured loan will have a maximum term of seven years.
The proceeds of the loan will be used to finance Sofia Med’s 2020-2022 investment program, for a total amount of 27 million euros, which involves an increase in the manufacturing capacities of copper strips and copper alloys, intended for electric mobility and renewable energies. requests, the EBRD also said at the time.
Sofia Med, which exports 95% of its production, is a producer of a wide range of rolled and extruded products of copper and copper alloys such as sheets, strips, plates, circles, discs, bare and plated copper busbars, rods, profiles, components and wires which are used in a wide variety of construction and industrial applications. The company is located in the capital Sofia, covering an area of ââ250,000 mÂ² and has three production units – foundry, rolling and extrusion plants, according to information published on the company’s website.
Sofia Med is a subsidiary of the Greek aluminum and copper processing company ElvalHalcor, which is part of Viohalco, a Belgium-based holding company that brings together leading metal processing companies across Europe.
($ = 0.88604 euro)