Notice

Category B project supported: Ciner Glass, Glass Manufacturing Facility, Belgium

Published 7 October 2025

1. PROJECT DESCRIPTION

UK Export Finance has agreed to provide support to Ciner Glass Belgium N.V. in respect of the supply and installation of Glass Furnaces for a new build glass container manufacturing facility in Belgium.

The key aim of the Project is to produce container glass (bottles) for the Belgian, Dutch and German markets, as well as for possible neighbouring countries.

The Project includes:

• Two production line buildings (one for green glass and one for amber glass)

• Storage facilities (raw materials, waste and finished products)

• Three groundwater extraction wells

• Three rainwater infiltration basins

• On site utilities (including an electrical distribution building and a gas pressure reduction station)

• Offsite connections to local utilities supplies (gas pipeline and electricity cable) being delivered by local utilities providers but which were considered to be “Associated Facilities”

Other Export Credit Agencies (ECAs) supporting the project include SACE and SERV. The Project is also supported by the Flemish Government’s inward investment agency Gigarant.

2. PROJECT SECTOR

The Project is in the manufacturing sector.

3. PROJECT SPONSORS

The Project is being developed by Ciner Glass Limited.

4. UK EXPORTERS

Tecoglas Limited, Sheffield.

5. EXPORT CREDIT AGENT BANK

BNP Paribas were appointed as the Mandated Lead Arranging Bank. Commercial lenders include KBC, MUFG, Deniz AG, Deutsche Bank, Bank ABC and DHB.

6. AMOUNT OF UK EXPORT FINANCE SUPPORT

The maximum liability of the support is approximately £100.5 million.

7. OECD COMMON APPROACHES AND EQUATOR PRINCIPLES

UK Export Finance categorised the Project as Category B i.e. having environmental, social and human rights (ESHR) impacts that are few in number, site-specific, few (if any) of which are irreversible, and for which mitigation measures are more readily available in accordance with the definition in the Organisation for Economic Co-Operation and Development (OECD) Recommendation of the Council on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence (“Common Approaches”), OECD/LEGAL/0393 and the Equator Principles (2020).

Ramboll Netherlands BV was commissioned by Ciner Glass Belgium N.V. to undertake an independent environmental and social due diligence review on behalf of the Lender group/ECAs.

8. ENVIRONMENTAL, SOCIAL AND HUMAN RIGHTS STANDARDS

Project related ESHR documentation was reviewed for their alignment against the 2012 International Finance Corporation (IFC) Performance Standards (PS) on Environmental and Social Sustainability and the World Bank Group Environmental, Health and Safety (EHS) Guidelines.

The applicable IFC PS were:

• PS1: Assessment and Management of Environmental and Social Risks and Impacts

• PS2: Labour and Working Conditions

• PS3: Resource Efficiency and Pollution Prevention

• PS4: Community Health, Safety and Security

• PS6: Biodiversity Conservation and Sustainable Management of Living Natural Resources

• PS8: Cultural Heritage

The applicable World Bank Group EHS Guidelines were:

• General EHS Guidelines (2007)

• EHS Guidelines for Glass Manufacturing (2007)

9. NATURE OF ESHR IMPACTS

The review of potential ESHR risks and impacts took into account the following impacts, receptors and issues during the construction and operational phases of the Project:

• Health and safety

• Emissions (including land, air and water)

• Biodiversity

• Wastewater treatment

• Waste and hazardous material management

• Emergency planning and response

• Grievance mechanisms

• worker conditions of contract

• Community engagement

10. ASSESSMENT OF ESHR IMPACTS

A review was undertaken in line with the requirements of the OECD Common Approaches and Equator Principles to identify potential ESHR risks and impacts of the Project and how these would be effectively managed.

The due diligence process was supported by the IESC (Ramboll Netherlands B.V.) and included collaboration with other ECAs (SACE and SERV) and was coordiated by the Mandated Lead Arranger (BNP Paribas).

The review included:

• A site visit undertaken by the IESC in July 2024;

• Desk-based review of project-related documentation: Environmental and Social Impact Assessment Environmental and Social Management Plans, and Stakeholder Engagement Plan

• Follow-up meetings and interviews with relevant Project representatives.

The results of this review formed the basis for the evaluation of the Project’s alignment with relevant international standards, and recommendations for future compliance and monitoring.

Taking account of the review, the Project was deemed to have potential to cause a number of adverse environmental and social impacts both during construction and operation. However, a proposed suite of controls as part of the Project’s environmental and social management systems should facilitate the management of these impacts.

11. CLIMATE CHANGE CONSIDERATIONS

UKEF considered the potential direct and indirect greenhouse gas (GHG) emissions of the Project and effects of climate change factors on the Project as part of its ESHR review.

The review revealed that the Project design has considered potential physical impacts of climate change such as changes to rainfall and weather patterns.

12. DECISION

Various actions have been agreed between the Project developer, operator, and parties involved in the financing, which are necessary to ensure the Project’s on-going alignment with international standards. Following agreement of these commitments, it was concluded that the Project should meet the relevant international standards over the Project cycle. UKEF has therefore decided to provide its support in respect of the supply of goods and services by UK exporters to the Project.

A condition of support is that Project will be subject to monitoring and reporting in order to provide satisfaction that the Project is aligned with the relevant international standards throughout the duration of support.

** UK Export Finance **

Date: 7 October 2025