Sal de Vida Project Financing increases to US$180M
BRISBANE Australia, Dec. 14, 2023 (GLOBE NEWSWIRE) — Allkem Limited (ASX|TSX: AKE, “Allkem” or the “Company”) advises its existing International Financing Corporation (“IFC”) project financing has been supplemented by an additional US$50M with IDB Invest for Allkem’s Sal de Vida Project (“SDV”) located in Catamarca Province, Argentina.
HIGHLIGHTS
- In July 2023, IFC project financing for the development of SdV Stage 1 was signed for up to US$130M
- IDB Invest has agreed to provide additional long term financing of US$50M on terms materially consistent with the IFC and will support sustainable development in line with internationally recognised environmental and social standards
- The increased project financing of US$180M remains structured as green and sustainability-linked loans. IFC and IDB Invest’s environmental and social performance requirements are globally recognised and the awarding of sustainability-linked, green loans to the facility is recognition and validation of the high ESG standards already adopted at Sal de Vida by Allkem
Managing Director and CEO, Martin Perez de Solay said, “We are pleased to increase the size of the sustainability-linked green loans for Sal de Vida which combine ambitious environmental and social targets. These targets and commitments support the responsible and sustainable development of lithium for a greener future and regional economic growth in the province of Catamarca. We are proud to partner with IFC and IDB Invest to ensure long-term safe and sustainable operations, including local employment, the development of local supply chains, and community development programs.”
About IDB Invest
IDB Invest, a member of the Inter-American Development Bank Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $16.3 billion in assets under management and 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record US$32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
This release was authorised by Mr Martin Perez de Solay, CEO and Managing Director of Allkem Limited.
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