Ercros decarbonizes the CIT with a €20M loan from the ICF
Ercros has secured a €20 million ICF EcoVerda loan from the Catalan Institute of Finance (ICF) to support the decarbonisation of its Vila-seca I and Vila-seca II plants, which are part of the company's Tarragona Industrial Complex (CIT).
The company will implement a range of energy efficiency measures at both facilities, with the aim of reducing the CIT's CO₂ emissions by 56%.
The project includes the installation of an electric boiler at the Vila-seca I plant, which will partially replace the current fossil fuel-based heat generation systems. This investment will significantly reduce the industrial complex's energy costs.
At the Vila-seca II plant, Ercros will install a biomass-fired steam generation system and a waste heat recovery (WHR) system to capture and reuse thermal energy that is currently lost during the production process. In addition, both plants will implement measures to optimise the use of the hydrogen generated during the chlor-alkali production process.
All the measures included in this decarbonisation project are aimed at reducing greenhouse gas emissions by lowering the consumption of fossil fuels.
The ICF EcoVerda loan, provided by the public promotional bank of the Government of Catalonia, finances approximately 35% of the total €56.7 million investment that Ercros is making in the decarbonisation of its Tarragona Industrial Complex.
Ercros' Tarragona Industrial Complex employs 324 people, generates annual revenues of €214.8 million and exports around 43% of its production. The decarbonisation project has also received a €14 million grant under Spain's PERTE programme for industrial decarbonisation.
Quotes
Vanessa Servera, Chief Executive Officer of the Catalan Institute of Finance (ICF)
"At ICF, we provide long-term financing and tailored financial solutions to support the major transformations Catalonia needs: a more competitive industry and a more sustainable productive sector. Ercros' project is an excellent example, demonstrating that sustainability is not a cost but an opportunity for growth."
Luís Rebelo da Silva, Chief Financial Officer (CFO) of Ercros
"This financing from ICF enables us to accelerate a strategic project for Ercros and continue transforming the Tarragona Industrial Complex into a more efficient and competitive operation. This investment will significantly reduce CO₂ emissions and fossil fuel consumption while strengthening the competitiveness of our facilities."