Duisburg / Reykjavík (Iceland), in January 2015. PCC SE entered into a contract with Iceland’s Bakkastakkur slhf. regarding the latter`s participation in the financing of the planned silicon metal production plant in Iceland. Bakkastakkur is owned by more than ten pension funds and Islandsbanki, an Icelandic commercial bank. This PCC project involving capital spending of USD 300 million (EUR 250 million) in total, is thus fully funded. The modern plant for the production of silicon metal is planned to be built in the Bakki industrial estate near Húsavík in the north of the island. As raw material, the plant will process some of the quartzite mined by PCC Silicium S.A. at its Polish quarry.The largest part of the financing is to be secured through a loan granted by KfW IPEX-Bank based in Frankfurt. Bakkastakkur will provide more than a quarter of the funding through a combination of a shareholder loan and preferred shares in the project entity PCC BakkiSilicon hf based in Húsavík. The funding is subject to conditions precedent, such as an examination by the European Free Trade Association (EFA) of the power purchase agreement with Iceland’s Landsvirkjun and the power transmission agreement concluded with Landsnet.
The boards of Bakkastakkur slhf. and PCC SE are pleased to have reached this important milestone for the project. For Iceland it includes the largest project financing with the participation of a foreign bank in a long time. “The silicon metal production plant will create some 120 direct jobs, and will promote further employment,” says Dr. Peter Wenzel, Director Corporate Development of PCC SE and Chairman of the Supervisory Board of PCC BakkiSilicon hf. For the pension funds behind Bakkastakkur, the investment provides a chance to diversify the risk exposure of their asset portfolio, as their returns will be in foreign currency for a long period of time.
Summa Asset Management has advised Bakkastakkur and its owners on the investment. Islandsbanki Corporate Finance has been PCC SE’s advisor on structuring of the Icelandic financing share for the project at Bakki.
Construction works are expected to start in spring 2015.
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