Albioma secures €68 million loan for coal-to-biomass conversion

French renewable energy producer Albioma announced that it has taken out a new long-term loan for its 34MW Albioma Caraïbes for a total of €68 million to convert the facility’s feedstock into 100% biomass.

It will also be used to finance the works required for making the plant comply with the Industrial Emissions Directive (IED) which comes into force on 1 January 2020, which aims to reduce and control the impact of industrial emissions in EU Member States.

The loan’s duration is 19 years, without recourse for Albioma’s shareholders.

Once these investments have been completed, the Group will be operating two thermal units in the Caribbean area operating solely on biomass.

The upgrade to biomass is set to be completed in 2020.