Ciner Glass Secures €504 Million Financing for Landmark Investment in Belgium
Ciner Glass is proud to announce the successful signing of a €504 million financing agreement to support the development of its state-of-the-art container glass production facility in Lommel, Belgium.
This major investment marks one of the largest foreign direct investments in Belgium in the past decade and underscores Ciner Glass’s commitment to sustainable growth and innovation in the European market.
The financing will support the development of the new glass packaging production facility, which will feature two high-capacity furnaces, each with a daily production capacity of 650 tonnes, feeding a total of eight production lines. Once fully operational, the plant will reach a total capacity of 1,300 tonnes per day, creating around 500 direct jobs and significantly contributing to the local economy and the European container glass supply chain.
The €504 million financing package comprises of a €252 million in ECA-backed facilities, supported by SACE S.p.A., UK Export Finance, and SERV and an additional €252 million in commercial facilities, with a portion guaranteed by Gigarant NV.
The commercial lending consortium includes a wide range of key financing partners, including BNP Paribas S.A. and BNP Paribas Fortis SA/NV (acting as Agent and Coordinator), MUFG Bank, KBC Bank NV, Belfius Bank NV, Banco Bilbao Vizcaya Argentaria S.A., DHB Bank NV, Banco BPM S.P.A., and ENBD Denizbank.
Commenting on this historic agreement, Gökhan Şen, CEO of Ciner Glass, said: “This investment is a significant milestone for Ciner Glass and a testament to our long-term vision for sustainable industrial growth in Europe. We are proud to bring one of the most advanced container glass production facilities to Belgium, creating hundreds of jobs and delivering high-quality, environmentally responsible products to our customers.
“I would like to extend our sincere thanks to our financial partners — including our ECA supporters and commercial lenders— and also to the Flemish Government for their trust and collaboration in making this project a reality. Their support is instrumental in helping us build a greener, more resilient future for the glass industry.”
Construction at the Lommel site continues to progress at speed, with the plant expected to be up and running in the second quarter of 2026.
In July, Ciner Glass welcomed its European partners to the Lommel site — including Bottero, Lahti Glass Technology, TecoGlas, E2Pack, and Tiama — to observe the construction progress and align on the next phases of the project.
During the visit, the teams also finalised payment terms for the second furnace, which is scheduled to become operational in 2027, bringing the plant to full capacity.
Ciner Glass is committed to reducing its environmental footprint by producing lighter, high-quality container glass with minimal energy consumption, helping to build a cleaner, greener future for the industry.
Recently, the Group also welcomed the first new hires to join the team at the Lommel site as part of Ciner Glass’ recruitment drive to employ and support job opportunities for people in the local community.