Alcoa and Ignis have moved its restart plan for the San Cibrao factory (Lugo) to the works council, which is thus awaiting the follow-up meeting with the public administrations, on December 9. The president of the committee, José Zan, reported that Alcoa and Ignis raise how to deal with cash needs“which would be with an initial contribution of your own money, access to the guarantee fund” and postponing the investment of the cooking oven to at least 2028.
This and the rest of the points for the proposed restart plan are subject to what they have to say the Ministries of Industry and Transition, competent in energy claims, and the Xunta de Galicia competent in the authorization of the DBR.
First of all, “the CEO of Ignis explained that it is a newly created company with nine years of life and 14,000 MW in development.” They compared the situation of several cogeneration plants with economic problems in bankruptcy and managing to revive them. Another combined cycle in Zaragoza with the same system.
Likewise, Zan points out that the CEO informed them that “they are capable of signing the best PPA contracts –long term, with a fixed price– contributing their experience in the possible association with Alcoa.
Alcoa and Ignis, according to the committee’s statement, have explained, along these lines, the proposed electrical plan, and have indicated that the CO2 differences between Spain, France and Germany They are “very big.” The committee highlights that, according to what the companies have stated, these countries support the industry much more than Spain.
Cash flows 2025-2028
Both companies also made a presentation “of cash flow futures 2025-2028”, remembering that they are extremely sensitive data that cannot be shared. In this scenario, the Alcoa committee remains waiting and emphasizes that it will continue to report after the follow-up meeting of the viability plan next Monday.
The Alcoa committee resumed the mobilizations, with a cut on the A-8 in Ribadeo (Lugo), understanding that the viability agreement is being breached. All this after the multinational reached an agreement in principle with Ignis Eqt so that the latter invests 25 million in the San Cibrao complex.
The entry of Ignis Eqt would mean a contribution of 25% in an investment of 75 million by the American multinational aluminum company, for a total of 100 million between the two.
On November 6, the committee and Alcoa held a bilateral meeting in A Mariña, where the company confirmed that it will contribute 100 million additional to that 100 million cash flow. The continuity of the refinery’s production was also guaranteed, in addition to a startup of at least 75% of the vats in 2025.
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