Alcoa reaches strategic deal with IGNIS EQT for continued operations at San Ciprián smelter
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Update time : 2024-10-21 17:19:09
Alcoa Corp., a leading aluminum producer in the US, has reached a strategic cooperation agreement with IGNIS Equity Holdings, SL (IGNIS EQT), a Spain-based energy company, for a fund to support the operation of Alcoa’s San Ciprián smelter.
According to the deal, Alcoa would invest EUR 75 million, and IGNIS EQT would make an initial investment of EUR 25 million.
Alcoa will continue to be the managing operator of the San Ciprián operations, with IGNIS EQT holding a 25% ownership.
In the later phase, Alcoa would give a fund of up to EUR 100 million based on the needs, prioritizing future cash returns. Any additional funding will be shared 75% by Alcoa and 25% by IGNIS EQT.
This proposed agreement is subject to approvals by key San Ciprián’s stakeholders, including the Spanish government, the Xunta de Galicia, San Ciprián employees, and Works Councils.
