The project, backed by the InvestEU programme, will making it possible to recover reusable materials from automotive waste. The investment contributes to the EU Circular Economy Action Plan and to “Circular Spain 2030” the Spanish national strategy to develop a circular economy. The European Investment Bank (EIB) and Basque Country-based Otua Group have signed a €40 million loan to finance the construction of a new plant for recycling plastics from automotive waste and to upgrade existing facilities for processing metal waste.

The EIB loan promotes the transition to circular economy – in which industrial materials get reused rather than discarded – by helping to cover the high upfront costs and long investment-recovery periods typical of such waste-management projects. The financing was made possible by InvestEU programme support.