ECAs and banks are yet to be mandated for Europe’s largest petrochemicals investment in the past 20 years – Ineos’ ethylene plant in Belgium. But despite ongoing considerations, the multi-billion euro financing is targeting an ambitious close by year-end or early 2023.
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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.