7 July 2010
NLMK raises EURO125 million from EBRD to improve energy efficiency
NLMK has signed a loan agreement worth EURO125 million with the European Bank for Reconstruction and Development (EBRD) to finance its Energy Efficiency Program.
Under the terms of the agreement, the EBRD will provide the funds in two installments for 3 and 5 year terms.
The funds will be used to finance the construction of a 150 megawatt Utilization Power Plant. The plant will be fired using by-product gas from blast-furnace operations. It will also be used to finance NLMK’s plans to integrate the Pulverized Coal Injection (PCI) technology into the blast furnace operations.
Galina Aglyamova, NLMK Group’s Financial Vice-President, said: “EBRD loan funds will help to lower the costs of the Capex projects that will improve the energy efficiency of our operations substantially, decrease CO2 emissions, and increase NLMK’s energy self-sufficiency by up to 56%”.