Linklaters has advised Sibanye-Stillwater on the €500m green loan financing for its Keliber lithium project in Finland, through its subsidiary Keliber Technology Oy, marking the first European Investment Bank financing support for mining critical raw materials in the European Union, which is an important step towards the EU’s clean energy transition.
The Keliber lithium project is the most advanced lithium project in Europe dedicated to supplying the electric vehicle battery sector. Sibanye-Stillwater is planning to implement the best available technologies, combined with the integrated business model and close proximity of mining and refining facilities meaning that Keliber will be amongst the world’s most CO2 efficient producers of lithium hydroxide.
The green financing comprised a bank financed €250m Export Credit Agency guaranteed tranche, a €150m tranche provided by the European Investment Bank and a €100m syndicated commercial bank tranche and secures the final capital expenditure funding required for the construction and development of its lithium mining, processing and refining facilities in Kaustinen, Kronoby and Kokkola, Finland respectively. The loan not only completes the full financing requirement for the Keliber lithium project, but also represents a significant injection of capital for Sibanye-Stillwater, improving the group’s financial flexibility and liquidity.
The Linklaters deal team was led out of London by partner and Co-Head of Corporate and Structured Lending Toby Grimstone and Banking managing associate Atish Shah, alongside managing associate Alliance Mukengeshayi.
Linklaters’ Corporate and Structured Lending practice is at the forefront of key developments and recent trends in the loan markets, advising banks and other financial institutions, companies, funds, PE houses and governments on domestic and international bank financing transactions across every industry, commercial, financial and governmental sector. The practice’s experience of acting not only for all of the main arranging banks and lenders but also for credit enhancers and borrowers in relation to a wide range of sectors means they are able to anticipate and address the requirements of all parties to a transaction. The team is rated top tier across various legal directories, working with colleagues across Europe, Asia, the Middle East and the Americas to advise on some of the largest, most complex and innovative deals in the market.
