Egypt’s state-owned oil refiner Assiut National Oil Processing Company sealed an innovative $1.5 billion ECA-covered loan to back the Assiut oil refinery expansion project last month. The deal has provided a viable financial blueprint for future such projects without a sovereign guarantee to cover the entire financing.
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Northvolt’s latest big-ticket ECA-backed financing has set a benchmark for European gigafactory deals. But can Europe’s green industrial policy keep up with the pace of change in a challenging market for manufacturing startups?
It’s still positive, and the benefits of the changes in the OECD Arrangement are already showing, says Angela Perez, head of structured finance at Spanish infrastructure and engineering company, Elecnor. She highlights the amount of patience still needed by EPC companies to get deals completed though.