#UAE EGA's acquisition of Leichtmetall fully funded by green loan

UAE EGA's acquisition of Leichtmetall fully funded by green loan

Emirates Global Aluminium (EGA), the UAE’s largest industrial company outside the oil and gas sector, entirely funded its recent acquisition of European specialty foundry Leichtmetall with its first green loan facility.

EGA, which exports more than 600,000 tonnes of primary aluminium to Europe annually, completed the acquisition of Leichtmetall in May. However, no financial details of the deal have been disclosed.

Leichtmetall uses renewable energy to produce up to 30,000 tonnes per year of aluminium billets at its plant in Germany, with secondary aluminium comprising some 80% of the input material.

Aluminium demand is expected to grow worldwide by between 50% and 80% by 2050. Recycled and low-carbon primary aluminium are expected to account for around 60% of supply growth between now and 2030, and around 70% of supply growth between 2030 and 2040.