Astarta : EBRD Provides Astarta with USD30m Financing Package
June 16, 2023 at 03:04 pm IST
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Astarta is to receive a USD30m financing package from the European Bank for Reconstruction and Development (the EBRD) to help the Company become more resilient under adverse conditions caused by the russia's war against Ukraine.
The package consists of a USD21m loan from the EBRD and a USD9m sustainability-linked loan funded by the Clean Technology Fund (CTF).
Astarta plans to use funds for modernisation and energy efficiency improvements at its production facilities, expansion of climate-smart agricultural practices to increase business resilience, lowering production and energy costs whilst increasing productivity and operational efficiency, and securing sufficient working capital to sustain its operations at pre-war levels.
Funding of the Company's capex plan will help Astarta to further develop its farming, soybean processing and sugar production activities amid war-related instability. The liquidity support provided through this loan will help to sustain operations and maintain production and export volumes for food security while supporting the livelihoods of nearly 7,000 workers across Astarta's operations alongside those of its numerous supply-chain partners.
It is the first transaction in Ukraine supported by the EBRD High Climate Impact programme for the Corporate Sector funded by the Clean Technology Fund, and the loan features an innovative blended finance structure whereby the pricing is linked to climate change-related targets.
Astarta Holding NV published this content on 16 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 June 2023 09:33:07 UTC.
Astarta Holding PLC is a Cyprus-based agriculture company, that specializes in sugar production, grain and oilseeds growing, soybean processing and cattle farming. The farmlands, sugar plants and cattle operations are mainly located in Ukraine. The Company's activities are divided into four main segments: Sugar Production, Agriculture, Soybean Processing, and Cattle Farming. Its Sugar Production segment is engaged in the production and wholesale of white and raw sugar and its by-products. The Agriculture segment is responsible for the cultivation and sale of crops, such as corn, wheat, sunseeds, rapeseeds, and others. The Soybean Processing segment is engaged in soybean and soybean meal and oil production and sale. The Cattle Farming Segment is engaged in dairy cattle raising and milk production and sale. Other Group operations mainly comprise the production and sales of fodder and gas.