Madrid, 10 September 2019.- InCom Group, designer and manufacturer of composite materials for the production of aeolian blades, will strengthen its position in the United Kingdom with the expansion of the productive capacity of its affiliate in the UK. COFIDES has allocated Euros 750,000, debited to FIEX, as a co-investment loan to the specialised company InCom Composite EngineeringUK Ltd.
Counting the contribution from Spain's development finance institution, total investment in the project is Euro 1.1 million. The specialised company will use the financing for equipment, machinery and working capital.
The UK market for wind power is in a growth phase and expectations are that the trend will continue over the next few years. Robust customer demand therefore requires the company to expand its facilities and develop a new production line in a new plant that will be operational by end-2019.
This project will mainly impact Sustainable Development Goals (SDG) 12 (Responsible Production and Consumption) and 13 (Action for the Climate), since the InCom Group is implementing a system of nearby supplier selection and approval that aims to gradually reduce its carbon footprint. Moreover, the company produces materials ultimately destined for the production of renewable energy and the consequent reduced consumption of fossil fuel.
COFIDES President José Luis Curbelo underscored the Spanish company's commitment to innovation as the supplier to the main manufacturers of windmill blades and turbines. "For COFIDES, it is very important to support projects that enable the reduction of greenhouse gases and contribute to the global energy transition that is needed if the goals of the Paris Agreement and the SDG are to be met."
InCom CFO Rodrigo Gómez acknowledges the importance of this financing for the future of the Group and asserts that "the expansion of our productive capacity in the UK will allow us to continue to grow and take advantage of the opportunity for strong development that Spain is promoting, with a clear bet on wind energy. We accept this new challenge with a sense of commitment and responsibility, but also with the desire to stimulate the use of renewable sources of energy and sustainable consumption, both socially responsible values that define the InCom Group".
With headquarters in Elda (Alicante), Spain, the InCom Groupis made up of three companies dedicated to the engineering, design and manufacture of composite materials to produce aeolian blades. The Group offers just-in-timeservice with a global reach that includes three production centres (Spain, UK and Poland), production joint ventures to which it provides support in China and India, as well as a consignment warehouse in the United States. The Group has a workforce of 900 and sells 75% of production in international markets.
COFIDES is a public-private company which has been offering financial support to Spanish companies investing abroad since 1988. It is accredited with the EU to manage Community budgets, allowing it to structure transactions with a high impact on development. It is also accredited with the UN’s Green Climate Fund and can structure operations on climate change mitigation and adaptation with the GCF. It is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism and supports AECID in managing FONPRODE funds. Shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.