Alcoa has reached a partnership agreement with IGNIS EQT to continue operations at the San Ciprian smelter

News on October 16th, Alcoa said on Wednesday. Establishing strategic cooperation agreement with the Spanish renewable energy company IGNIS Equity Holdings, SL (IGNIS EQT). Provide funding for the operation of Alcoa’s aluminum plant in northwest Spain.

Alcoa said it would contribute 75 million euros under the proposed deal. IGNIS EQT will have 25% ownership of the San Ciprian plant in Galicia due to their initial investment 25 million euros.

In the later stage, up to 100 million euros of funding will be provided as demand. In the meanwile, cash return are under consideration in priority. Any additional funding will be split between 75% and 25% by Alcoa and IGNIS EQT. Potential transactions required approval by San Ciprian stakeholders that including Spanish Spain, Xunta de Galicia, San Ciprian staff and Labor Council.