Stegra reached agreement with all lenders behind more than €4 billion in senior and junior facilities to release approximately €1.5 billion of previously blocked credit lines for its Boden hydrogen-DRI plant, layered on April’s €1.4 billion Wallenberg-led equity round.
The agreement includes a payment-in-kind arrangement allowing temporary debt-funded interest payments. Senior lenders include the European Investment Bank, BNP Paribas, ING and KfW IPEX-Bank. The deal is subject to regulatory approvals.
Stegra’s Boden plant is designed to produce up to 5 million tonnes of green steel annually by 2030, running 700 MW of electrolysers. Construction is approximately 60 percent complete.
Why it matters for green steel: Confirmed financial close removes the principal financing overhang on Europe’s flagship full-scale hydrogen-DRI plant and validates that the bank market will backstop first-of-a-kind green steel risk at scale.