A €40m loan from the European Investment Bank (EIB) will finance the construction of a new plant for recycling plastics from automotive waste and upgrade existing facilities for processing metal waste managed by the Otua Group in the Basque Country, Spain.

The loan aims to help cover the upfront costs and long investment-recovery periods typical of such waste-management projects. The financing was made possible with the support of the InvestEU programme.

The construction of the new Otua plant and the purchase of advanced recycling equipment will support the recovery of high-quality secondary raw materials, stop recyclable waste from ending up in landfill and help decarbonise waste management.

The project is in line with the goals of the EU Circular Economy Action Plan and will contribute to the Circular Spain 2030 national economic strategy and the Basque Country’s 2030 waste prevention and management plan.

EIB head of corporate lending in Spain Antonio Lorenzo commented: “The loan signed with Otua is another example of how the EIB promotes efficient waste management and job creation, helping to develop the circular economy set to play a key role in the green transition.”

Otua Group CFO Amaia Trebiño added: “The signature of this major loan with the EIB is a milestone in the history of our company.”

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In late 2023, the EIB signed a Skr1.3bn ($124.6m) loan agreement with Billerud, a Sweden-based paper and packaging materials supplier for a pulp and paper mill.