Agreement Would Leverage Experience of Both
Leaders and Cooperation from Key Stakeholders
Today, Alcoa Corporation (NYSE: AA, ASX: AAI) and IGNIS Equity
Holdings, SL (IGNIS EQT), the majority shareholder in the IGNIS
Group of Companies, a vertically integrated energy company based in
Spain, announced that they are progressing toward entering into a
strategic cooperation agreement (the “partnership”) to support the
continued operation of Alcoa’s San Ciprián operations.
Under the proposed agreement, Alcoa would contribute €75
million, and IGNIS EQT would make an initial investment of €25
million to fund the operations. Alcoa would continue as the
managing operator of the San Ciprián operations, with IGNIS EQT
holding 25 percent ownership. Additionally, up to €100 million
would be funded by Alcoa as needed for operations with a priority
position in future cash returns. If further funding is required,
both partners must agree and the funding would be shared 75 percent
by Alcoa and 25 percent by IGNIS EQT.
Alcoa has operated San Ciprián for a number of years in a
challenging economic environment, primarily due to the high cost of
energy. Earlier in 2024, Alcoa launched a robust sale process while
also working to identify solutions for the long-term viability of
the operations.
Despite sharing information with 60 potential investors, no
viable bid was made for 100 percent of the San Ciprián operations.
The potential partnership with IGNIS EQT emerged as an alternative
for San Ciprián in which Alcoa can leverage its expertise in
managing global aluminum operations, combined with IGNIS EQT’s
strong knowledge of energy markets, to create value via market
access and energy management services.
The proposed agreement is conditional upon delivery of key areas
of cooperation with San Ciprián’s stakeholders, including the
Spanish National Government, the Xunta de Galicia, and San Ciprián
employees and Works Councils. Key areas include:
- Materially higher CO2 compensation support;
- Permitting of power generation projects, especially those with
existing agreements with San Ciprián;
- Support and approval for the residue storage area (RSA) capital
project; and
- Flexibility within the current smelter Viability Agreement,
including access to restricted cash for operating needs and
deferral or substitution of capital project commitments.
“By partnering with IGNIS EQT, we will leverage our experience
and expertise, and, along with the necessary cooperation from
stakeholders, improve the long-term outlook for San Ciprián,” said
Alcoa President and CEO William F. Oplinger.
Antonio Sieira, CEO of IGNIS EQT, stated: “We are delighted to
work with Alcoa and to progress this strategic partnership. This
agreement would allow for a viable solution for the San Ciprián
plant and its workers. Alcoa is a world leader in the aluminum
sector that operates with the best production standards. IGNIS is a
leading provider of energy solutions for the decarbonization of
industrial facilities and an experienced renewable energy project
developer. In addition, this is a step forward in the application
of public decarbonization policies promoted by Europe and the
Government, which translates into a real benefit for the industrial
sector.”
Alcoa and IGNIS EQT will now focus on progressing the
partnership to support the future of the San Ciprián
operations.
###
About Alcoa Corporation
Alcoa (NYSE: AA, ASX: AAI) is a global industry leader in
bauxite, alumina and aluminum products with a vision to reinvent
the aluminum industry for a sustainable future. With a values-based
approach that encompasses integrity, operating excellence, care for
people and courageous leadership, our purpose is to Turn Raw
Potential into Real Progress. Since developing the process that
made aluminum an affordable and vital part of modern life, our
talented Alcoans have developed breakthrough innovations and best
practices that have led to greater efficiency, safety,
sustainability and stronger communities wherever we operate.
About IGNIS EQT
IGNIS EQT is a company 100% owned by Mr. Antonio Sieira, and the
majority shareholder in the IGNIS Group of Companies, a vertically
integrated energy company based in Spain. Since its creation in
2015, IGNIS promotes the development of a portfolio of more than 20
GW of renewable projects in Europe, USA, Latin America and Asia.
Currently, IGNIS manages an operational portfolio of 7 GW of
generation technologies and offers customized and innovative energy
solutions to industry, SMEs and end-consumers.
Dissemination of Company Information
Alcoa intends to make future announcements regarding company
developments and financial performance through its website,
www.alcoa.com , as well as through press releases, filings
with the Securities and Exchange Commission, conference calls and
webcasts.
Cautionary Statement on Forward-Looking Statements
This press release contains statements that relate to future
events and expectations about the proposed partnership, including
but not limited to, the terms of the proposed agreement and
partnership, expected investments in the San Ciprián operations,
the positions of stakeholders, the access of the San Ciprián
operations to economically viable energy solutions, and the
long-term outlook of the aluminum industry, and as such constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include those containing such words as “aim,”
“ambition,” “anticipates,” “believes,” “could,” “develop,”
“endeavors,” “estimates,” “expects,” “forecasts,” “goal,”
“intends,” “may,” “outlook,” “plans,” “potential,” “projects,”
“reach,” “seeks,” “sees,” “should,” “targets,” “will,” “working,”
“would,” or other words of similar meaning. All statements by Alcoa
that reflect expectations, assumptions or projections about the
future, other than statements of historical fact, are
forward-looking statements. Forward-looking statements are not
guarantees of future performance and are subject to known and
unknown risks, uncertainties, and changes in circumstances that are
difficult to predict. Although Alcoa believes that the expectations
reflected in any forward-looking statements are based on reasonable
assumptions, it can give no assurance that these expectations will
be attained, and it is possible that actual results may differ
materially from those indicated by these forward-looking statements
due to a variety of risks and uncertainties. Additional information
concerning factors that could cause actual results to differ
materially from those projected in the forward-looking statements
is contained in Alcoa’s filings with the Securities and Exchange
Commission. Alcoa disclaims any obligation to update publicly any
forward-looking statements, whether in response to new information,
future events or otherwise, except as required by applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20241016361505/en/
Alcoa Investor Contact: Yolande Doctor 412-992-5450
Yolande.B.Doctor@Alcoa.com
Alcoa Media Contacts:
Corporate: Courtney Boone (412)527-9792
Courtney.Boone@Alcoa.com
Spain: Raquel Gonzalez Redondo (+34)611 57 31 55
Raquel.GonzalezRedondo@alcoa.com
For IGNIS Inés Aparicio Hurtado
ines.aparicio@ignis.es
Alcoa (NYSE:AA)
過去 株価チャート
から 11 2024 まで 12 2024
Alcoa (NYSE:AA)
過去 株価チャート
から 12 2023 まで 12 2024
