The Netherlands – Avantium N.V. has reached Financial Close for the construction of its FDCA Flagship Plant in Delfzijl, the Netherlands.
The world’s first commercial FDCA factory will produce 5 kilotonnes of FDCA (furandicarboxylic acid) per year, a key component of the plant-based, recyclable polymer PEF (polyethylene furanoate).
Worley Engineering and the Groningen Consortiumi have become minority shareholders in Avantium Renewable Polymers, which is responsible for the FDCA Flagship Plant, thanks to Financial Close. A €90 million debt financing package has also been signed with ABN AMRO Bank, ASN Bank, ING Bank, and Rabobank, as well as impact investment fund Invest-NL. Avantium will now begin construction on the FDCA Flagship Plant, which is expected to be finished by the end of 2023. PEF will be commercially available from 2024 onwards as a result of this.
Avantium made a positive Final Investment Decision (FID) to build the FDCA Flagship Plant in December 2021, after obtaining, among other things, sufficient financing. The positive FID received support from Avantium’s shareholders. Avantium has completed the investment documentation with the minority shareholders Worley and Groningen Consortium, as well as the debt facilities agreement with the Dutch bank consortium and Invest-NL, as planned. Worley and the Groningen Consortium have acquired a combined 22.6 percent stake in Avantium Renewable Polymers, with Avantium maintaining a 77.4 percent stake. Avantium Renewable Polymers’ business plan is fully funded with the completion of this transaction, which includes Avantium completing its contribution to Avantium Renewable Polymers, the signing of the debt facilities agreement, and the continuation of the subsidies.