EET (Essar Energy Transition) Fuels has announced securing new financing facilities, signaling strong market confidence in its decarbonisation strategy and strategic goals. The company aims to establish itself as a leader in low-carbon processing, targeting a 95% reduction in carbon emissions. EET Fuels plans to transform its Stanlow site into an energy transition hub, featuring industrial carbon capture, low-carbon hydrogen production, and Europe’s first hydrogen-powered combined heat and power plant.
The company has successfully arranged $350 million in refinancing through new bank financing and an increase in existing trade credit facilities. This development builds on the $650 million financing secured in October 2024, which included a receivable facility with ABN AMRO Bank and an extension of existing facilities with HCOB and UMTB.
Among the new funding arrangements are a $150 million facility with the African Export-Import Bank (Afreximbank) and an upsized trade credit financing facility with an international oil company, increased from $300 million to $500 million.
These financial agreements enhance EET Fuels' ability to deliver on its ambitious decarbonisation goals, strengthen its balance sheet, and deepen relationships with existing and new partners, particularly in African markets.
Satish Vasooja, Chief Financial Officer of EET Fuels, emphasized, "Our goal is to become the world’s first low-carbon refinery. This new facility with Afreximbank diversifies our financial sources and underscores market trust in our energy transition journey.”
This progress positions EET Fuels as a benchmark for industrial decarbonisation globally.