The European Bank for Reconstruction and Development (EBRD) is reviewing a proposal to provide a loan of up to €55 million to Bulgarian copper producer Asarel Medet to support a major sustainability and renewable energy project.
According to documents published on the lender’s website, the financing is expected to be considered for approval on 11 March. The funds would partially finance a €109.5 million investment programme focused on the development of captive solar power installations and the implementation of more sustainable copper mining practices at the company’s operations.
The project also aims to bring the mine’s environmental and social standards in line with international best practices, reinforcing its long-term operational resilience and ESG performance.
Part of the loan is expected to be backed by the InvestEU Fund, the European Union’s financial instrument that consolidates multiple centrally managed EU funding mechanisms, including the European Fund for Strategic Investments.
Asarel-Medet operates near the town of Panagyurishte in southern Bulgaria and is the country’s leading open-pit copper mining company. The group employs around 1,200 people directly, along with an additional 400 staff in subsidiary companies.
Ownership of the company is concentrated in VA Copper Invest Limited, a Malta-based investor holding a 63% stake as of September 2025, according to Trade Registry data.
Financial results for 2024 show that the Asarel Medet Group generated revenues of 929.8 million levs, equivalent to approximately €480.8 million, and recorded an after-tax profit of 223.9 million levs. During the year, the company extracted 45.8 tonnes of ore mass and processed 15.03 tonnes of ore.
