Construction begins at Bakki


The start of construction of the PCC silicon plant at Bakki, near Húsavík, was celebrated last week. Financing was completed this summer, with capital for the project totalling USD 300m, or ISK 38bn. Íslandsbanki Corporate Finance acted as PCC’s advisor on the financing for the project. This milestone was celebrated with a ribbon-cutting ceremony held today at Bakki. Prime Minister Sigmundur Davíð Gunnlaugsson and Minister of Industry and Commerce Ragnheiður Elín Árnadóttir cut the ribbon, together with Norðurþing Local Council Director Kristján Þór Magnússon and PCC owner Waldemar Preussner.

Birna Einarsdóttir, CEO of Íslandsbanki, delivered a short address, as did other sponsors of the project.

“I know that PCC will take its role seriously: be a good employer, respect this beautiful environment in which it operates, and participate actively in the Húsavík community.”

The Bakki plant is Iceland’s first project of this magnitude with foreign bank financing in quite a long time. The German bank KfW IPEX-BANK GmbH is the principal lender.

The silicon plant is a great boon for the Norðurþing economy, as it will create about direct 120 jobs plus a large number of derived jobs. Clearly, the community has been waiting for an investment project that would take advantage of the available opportunities in various sectors.

Íslandsbanki’s Húsavík branch has collaborated successfully with PCC thus far and will continue to support its activities in the locality.

Íslandsbanki staff welcome this watershed event and wish to congratulate PCC and the Húsavík community.

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