The European Bank for Reconstruction and Development (EBRD) is considering the issue of a $70 million loan to Coal Energy S.A. (Luxembourg) with assets in Ukraine, according to the bank's Web site.
The EBRD is considering a project aimed at financing the development of Coal Energy’s waste coal recycling business, the construction of beneficiation facilities at its Svyatoy Matrony Moskovskoy coking coal mine, and the mechanization of its Chapaeva energy coal mine. The project will also finance the implementation of energy efficiency, environmental and safety measures at Coal Energy’s priority mines and provide working capital to support its operations.
The EBRD Board of Directors will view the project on November 27, 2012.
Coal Energy runs ten coalmines and recycling and processing plants. The company sells coal to heat and power, coking and cement plants and municipalities. It also exports coal to Bulgaria, Slovakia, Moldova, and Turkey.
Prior to its initial public offering (IPO), 100% of Coal Energy’s shares belonged to Cyprus-based Lycaste Holdings Limited, which is 50:50 owned by Viktor Vyshnevetskyy and Maryna Vyshnevetska.
