| Project Detail |
Location:
Greece
Project number:
54002
Business sector:
Manufacturing and Services
Notice type:
Private
Environmental category:
B
Approval date:
26 Apr 2023
Status:
Disbursing
PSD disclosed:
26 May 2023
An up to EUR 88 million senior unsecured loan to Fulgor SA ("Fulgor", or the "Company") in Greece. The proposed investment marks the fourth sub-operation under the Greek RRF Co-Financing Framework. The loan will be structured in two tranches, where up to EUR 62.8 million will be provided by EBRDs own resources and up to EUR 25.2 million will be channelled through the Greek RRF Corporate Loan Facility, ultimately funded by the EU.
Project Objectives
The loan proceeds will finance the Companys investment programme in Greece for the production of submarine cables, as well as associated working capital outlays and R&D initiatives (the "Project"). The total Project cost of EUR 110 million will be funded from the EUR 88 million proposed debt-financing package and EUR 22 million from Fulgors own funds.
Through increased production capacity, Fulgor will be able to unlock significant opportunities of large interconnection projects and capture the growth in offshore wind installations worldwide. The Project addresses the strategic directions of the EBRD Country Strategy for Greece, which aims at "accelerating shift towards renewable energy in line with National Energy and Climate Plan" and is in line with Greeces Recovery and Resilience Plan by "contributing to green skills and jobs and the green economy", promoting ultimately the decarbonisation of the Greek economy. |
