ECGD powers recycling plant

ECGD, the UK export credit agency, has supported a Nottingham company’s energy-efficient export deal to a Turkish aluminium-recycling plant.

Sovereign Star Trade Finance Limited (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, $14 million 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. This means 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.

ECGD Chief Executive Patrick Crawford said:

"This represents a significant success in ECGD’s commitment to support smaller transactions under the SME programme 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."

Sovereign Star’s Executive Director Chris Siegl said:

"Sovereign Star is proud to have financed, with ECGD support, this important project for DTM. It emphasizes its commitment to stimulating global demand for small to medium sized UK capital goods exports."