Assan Aluminum continues to invest in sustainable technologies

4 March 2024

Assan Aluminyum, a leading producer of flat-rolled aluminum, is investing in sustainable technologies to further reduce its carbon footprint while expanding its production capacity. The company has received a $90 million green loan from IFC to support its multi-year investment program to enable sustainable growth.

Assan Aluminyum, a subsidiary of Kibar Group, continues its sustainable growth through a multi-year investment program. The program includes a brand new, energy efficient cold rolling mill, as well as new continuous casting facilities and improved filtration systems for both new and existing facilities. With these investments, the company aims to increase production efficiency through modernization, improve its carbon footprint by increasing the share of renewable energy sources in energy consumption and increasing the use of aluminum scrap in production, and finally increase its total annual production capacity by 60,000 tons. After completing the investment program, the company aims to have the highest continuous casting capacity in all of Europe and America.

Assan Aluminyum received a $90 million green loan from IFC last year, supporting the company's investment program to enable sustainable growth. The company developed a green financing framework consistent with the Green Loan Principles and the Green Bond Principles before obtaining green financing. This framework sets clear and measurable goals and allows the company to access green financing instruments to fuel its expansion. The IFC financing fit perfectly into Assan Aluminyum's green financing framework and represented a 100% climate-focused investment.

Goksal Gungor, Managing Director of Assan Aluminyum “We believe that aluminum has a special place in the transition to a more sustainable future. We will therefore continue to invest in sustainable expansion despite the difficult market conditions. We are therefore determined to shape our future plans in line with global sustainability principles and our sustainability motto "Produce the future without wasting it". Our goal is to lead the way in sustainability-focused activities and initiatives in our industry."