PANARIA SUSTAINABLE CERAMICS

The project concerns the Promoter's investments for the modernisation of existing manufacturing capacity as well as research, development and innovation (RDI) activities on production processes and products carried out over the period 2021-2024.

The part of the project concerning deployment of technology includes the installation of energy-efficient, state-of-the art machinery and equipment that will improve the efficiency of manufacturing while reducing its environmental footprint. The RDI activities on processes aim at innovating different phases of the production process to achieve higher efficiency, reducing the consumption of resources, and improving the overall sustainability and technical advancement of manufacturing. The RDI activities on products focus on innovating the product range mainly through new compositions, formats and applications.

The project concerns the promoter's investments for the modernization of existing manufacturing capacity as well as Research, Development and Innovation (RDI) activities on production processes and products carried out over the period 2021-2024.

The project supports the modernisation of existing installed capacity via more energy-efficient, state-of-the art, transitional technologies that will enable the facilities concerned to shift to low carbon or renewable sources when these become economically available. Hence it is aligned with the EU's objective to decarbonise energy-intensive industries, such as the ceramic tile industry, by the year 2050. The project generates positive environmental externalities such as a reduction of CO2 / square metre of tiles. The project's outcomes include innovative final products that have an improved environmental footprint.

The proposed loan complements other external funding and internal sources and strengthens the company's capital structure. EIB's favourable and customised terms are appreciated by the company. Moreover, the proposed loan from EIB, a stable anchor financier with a long-term investment strategy and commitment, is an important signal towards the company's current and potential new commercial financing partners.

Manufacture of ceramic products by burning, in particular roofing tiles, bricks, refractory bricks, tiles, stoneware or porcelain fall under the Annex II of the EIA Directive 2014/52/EU amending the Directive 2011/92/EU; it is therefore likely that some investment components will be subject to a screening decision by the local competent environmental authorities. The Bank's services will review the environmental aspects of the project during the due diligence process.

The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to the EU public procurement legislation then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.