Spectro Alloys acquisition boosts EGA's commitment to low-carbon initiatives

Emirates Global Aluminium (EGA), a prominent UAE-based firm, is advancing its strategic expansion in the United States by acquiring a controlling 80% stake in Spectro Alloys Corporation. This acquisition is financed through a pioneering green loan facility, underscoring EGA's commitment to sustainable development within the aluminum sector. By utilizing a green loan, EGA accesses a broader liquidity pool while maintaining cost-effective borrowing practices. This approach aligns with their strategic priority to spearhead low-carbon and recycling projects in anticipation of an 80% global increase in aluminum demand by 2050. The acquisition is part of EGA's wider decarbonization and recycling strategy, leveraging banks such as Citi, ING, and Standard Chartered as joint coordinators for the financing. EGA, co-owned by Mubadala Investment Company and the Investment Corporation of Dubai, positions itself to capture growth opportunities as the recycled and low-carbon aluminum market is expected to constitute around 60% of supply growth by 2030.