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In May 2023, OeEB signed a credit line in the amount of EUR 17 million to Gravita Netherlands B.V. ("GNBV"). OeEB's Funds will be used for CAPEX investment related to the expansion of the recycling capacities of GNBV's subsidiaries in Ghana and Senegal, as well as the working capital requirements of the international operations of the Group, of which at least 50% of proceeds shall be used for subsidiaries in sub-Saharan Africa. In addition to OeEB, Proparco also participated in the facility with further EUR 17 million.
| Project name | Gravita Netherlands B.V. ("GNBV") |
| Region | Sub-Saharan Africa |
| Sector | Energy / Resource Efficiency / Infrastructure |
| Service | Investment Finance |
| Project Country | Senegal, Ghana (LDC) |
| OeEB project volume | EUR 17 Million |
| International climate finance according to UNFCCC | Partially |
| Additionality | Financial additionality |
| Projekt partner(s) | Proparco, GNBV ("Borrower"), Gravita India Ltd. ("Guarantor") |
Gravita Netherlands BV ("GNBV") is a 100%- owned subsidiary of Gravita India Limited ("GIL") and the holding company of the international activities of GIL.
Gravita India was founded back in 1992 and is one of the largest recyclers of non-ferrous metals in India with a leading position in lead recycling. In addition to recycling lead batteries and lead scrap, aluminum scrap and plastics are recycled at various locations, and the recycling capacities for other raw materials, such as copper or rubber, are to be additionally expanded in the next few years. The Group has locations and recycling capacities in India as well as in Sri Lanka, Ghana, Mozambique, Senegal, Tanzania and Togo, among others. Lead is easily recycled and can be recycled without any deterioration or degradation many times. As the energy requirements for the production of lead from primary sources are significantly higher than the production from secondary sources, not only the energy consumption will be reduced but also the carbon footprint. By financing the increase in recycling capacity in Africa and other emerging markets, the development of a circular economy is supported.
The financing is in line with both OeEB's geographic focus: Sub-Saharan Africa and LDCs (Senegal), and the strategic focus: Real Sector. The transaction contributes to the strategic cross-cutting theme: climate change mitigation and is expected to be at least 50% climate creditable.