EBRD backs Asarel Medet mining upgrade in Bulgaria with up to €55 million loan

Traders Union
All News
Financial Institutions
EBRD backs Asarel Medet mining upgrade

Highlights

EBRD will provide Asarel Medet AD with up to €55 million in loans to fund mine modernization and captive renewable energy generation in Panagyurishte.
Around 68 percent of the EBRD financing qualifies as green finance, targeting improved operational efficiency, compliance, and reduced emissions from electricity consumption.
Asarel Medet's copper output modernization supports Bulgaria's and Europe's lower-carbon transition goals, while EBRD cumulative investment in Bulgaria reaches nearly €5.2 billion across 324 projects.

Financing supports mine modernization

As reported by the European Bank for Reconstruction and Development, the loan will fund sustaining and exploration capital expenditure at Asarel Medet AD's open-pit copper mine in Panagyurishte, alongside investment in captive renewable energy generation. The package is designed to improve operational efficiency and cut emissions linked to electricity consumption.

The operation is expected to deliver its main transition impact through its green component, with about 68 per cent of EBRD financing qualifying as green finance. The project also includes measures to strengthen corporate governance, including the company's compliance policies and procedures.

Jacqui Powell, EBRD Managing Director for the Corporate Sector, said the financing shows how targeted capital can support sustainable development of critical raw material supply in Europe. She said the combination of operational improvements and renewable energy integration is helping Asarel Medet advance competitiveness while aligning with the green transition.

Copper supply and Bulgaria's transition goals

Copper remains a critical raw material for electrification, renewable energy infrastructure and e-mobility, making lower-carbon production strategically important for both Bulgaria and Europe. More efficient output from the Asarel mine supports national and regional transition goals as supply chains seek to reduce emissions.

Asarel Medet AD operates the Asarel copper mine and is a key producer of copper concentrate for European markets. The company says it is continuing to modernize its operations through investments in renewable power integration, resource efficiency, and environmental and social management systems.

Dimitar Tsotsorkov, chairman of the supervisory board at Asarel Medet, said the company is deepening its cooperation with the EBRD on an environmental, health and safety, and social action plan aligned with international standards. The EBRD, one of Bulgaria's largest institutional investors, says it has invested nearly €5.2 billion in 324 projects in the country to date.

In our earlier article on Citaglobal’s waste-to-energy expansion in Thailand, we covered how its indirect unit LAWI Engineering GmbH secured an engineering and equipment-supply work package for the Siam Power Naklang WTE project. The plant is designed to process 500 tonnes of municipal solid waste per day and generate about 9.9MW of electricity, strengthening Citaglobal’s positioning in regional low-carbon energy infrastructure.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.