Sovereign Star Trade Finance (SSTF), which financed the deal with ECGD support, closed the loan agreement with DT Metal Geri Kazanim Teknolojileri Sanayi ve Ticaret AS (DTM).
The seven-year, $14m loan agreement supports Chinook Sciences’ export of a turnkey boiler and steam turbine system for DT Metal’s aluminium recycling plant at Cerkezkoy, Tekirdag, outside Istanbul.
The plant can turn up to 45,000 tons of used aluminium cans into ingots and liquid aluminium. Therefore, Turkey will need to import less aluminium.
Chinook’s power plant will recover heat from burning the gas generated by the reprocessing process. The steam created by this method will generate around 3MWH of electricity for the plant.
Patrick Crawford, CEO of ECGD, said: said: “This represents a significant success in ECGD’s commitment to support smaller transactions under the SME program set up with Sovereign Star Trade Finance in 2004.
”This project has excellent environmental characteristics, combining raw-material recycling with energy conservation and minimal emissions.”
