Romanian aluminium company Alro SA’s (Alro Slatina) alumina-refining operation Alum Tulcea announced last week the receipt of a US$25 million finance agreement with Black Sea Trade and Development Bank (BSTDB) and Garanti Bank Romania to invest in shrinking the company’s carbon footprint.
Per domestic media, BSTDB is footing the lion’s share of the financing with a contribution of US$20 million, while Garanti Bank pitches in the remaining US$5 million.
Gheorghe Dobra, CEO of Alum Tulcea, said that the financing represents a significant leap forward in the company’s journey to boost its energy efficiency and environmental responsibility.
“Alum has implemented in the last years an extensive investment program aimed at increasing its energy and processes efficiency while complying with the environmental regulations in place. This new financing obtained from reliable business partners such as Garanti Bank and BSTDB represents a new step forward for continuing our long-term investment program, focused on technology upgrading, products portfolio’s diversification, development of new value-added products and safety and environmental protection projects.”
This latest financing deal is the most significant financial contribution to Alum Tulcea’s efficiency and sustainability efforts to date. Between 2009 and 2016 the company invested US$28 million in projects to modernize equipment and bring the firm into compliance with Europe’s environmental standards.
Alro was founded in 1963 and is based in Slatina, Romania. The firm, a subsidiary of Vimetco N.V., is managed by Russian investor Vitaliy Machitski and has an installed capacity of 265,000 metric tons per year, making it one of the largest producers in Central and Eastern Europe outside of Russia and Scandinavia.