The European Bank for Reconstruction and Development (EBRD) has announced a loan of up to €55 million ($88.6 million) to support Asarel Medet’s copper mining operations and renewable energy investment in Bulgaria.
The bank’s 5 October announcement follows approval of the financing on 25 March, according to its official project record.
The loan will fund sustaining capital expenditure and exploration at the Asarel Copper Mine in Panagyurishte, alongside renewable electricity generation for the company’s operations.
EBRD’s project summary outlines a broader €135.1 million investment program, including four proposed solar plants with combined capacity of about 28 megawatts.
The bank says the investments are expected to improve operating efficiency and reduce emissions associated with electricity consumption. It classifies 68% of its financing as green finance.
The program also includes an environmental and social action plan and improvements to corporate governance, particularly compliance policies and procedures.
The project record, last updated in May, identifies outstanding environmental approval for pit deepening and local permitting requirements for the solar developments.
EBRD is a multilateral development bank owned by 77 countries, the EU, and the European Investment Bank. The bank provides loans, invests in businesses, and advises governments on economic reforms.
Privately owned Asarel Medet operates the open-pit mine and produces copper concentrate for European markets.
Write to France Pinzon at Mining.com.au
Main image: European Bank for Reconstruction and Development
