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EGA secures green loan facility for its Spectro acquisition: Mubadala-backed Emirates Global Aluminium (EGA) has funded its recent acquisition of US aluminum recycling company Spectro Alloys through an undisclosed green loan facility arranged through international banks, according to a statement released on Thursday.
What we know: The new loan will help EGA access a “larger liquidity pool” to fund its low-carbon projects and optimize borrowing costs, the company said. No more details on the lenders or the loan size were made available.
REMEMBER- EGA finalized its acquisition of an 80% stake in Spectro Alloys at the end of September after inking an equity purchase agreement for the transaction in August. The value of the transaction was not disclosed.
SMART POLICY- Global demand for recycled aluminum is expected to double by 2040, with the industry set to account for 60% of the growth in global aluminum supply until 2030. It will account for 70% of supply growth between 2030 and 2040. Spectro Alloys is the leading secondary foundry alloy producer in the US, producing 110k tons of aluminum ingots.
EGA made big moves this year: EGA completed a full acquisition of German aluminum recycling company Leichtmetall Aluminum Giesserei from Leichtmetall Holding in May. Its acquisition of the German firm was EGA’s first major acquisition since it was formed through the merger of Dubai Aluminum and Emirates Aluminum in 2013.
