TITAN Zlatna Panega is the first cement plant in Bulgaria with a photovoltaic park

Significant investment in clean energy will reduce the plant's indirect CO2 emissions by approximately 3,000 tonnes annually

Sofia, 12.12.2024 - TITAN Zlatna Panega, a subsidiary of the TITAN Group, one of the leaders in producing cement and building materials in Bulgaria, made a significant investment in clean energy by building its photovoltaic park. This is the first solar installation for a cement plant in Bulgaria. The facility's capacity is 5 MWp, it is expected to produce 6.9 GWh per year, and the capital expenditure was close to 4 M EUR. The solar park will provide electricity for the cement plant and cover up to 15% of its needs. Its operation will help the company reduce its indirect CO₂ emissions by approximately 3,000 tons annually.

This is shown by the data from the tenth Integrated Annual Report of TITAN Zlatna Panega. It covers the period from January 1 to December 31, 2023 as this is TITAN’s commitment to its stakeholders.

"The successful completion of the solar park reaffirms our dedication to renewable energy and carbon reduction. This helps advance our sustainability objectives and showcases our ability to execute large-scale projects efficiently. Our dedication to decarbonization, digitalization, and a growth-enabling work environment have set us apart in the industry." - said Adamantios Frantzis, the CEO of Titan Zlatna Panega.

In line with the TITAN Group's Net zero emissions target, TITAN Zlatna Panega is committed to delivering carbon-neutral concrete by 2050 and to introducing measures to keep the global temperature increase to 1.5°C compared to the preindustrial levels. The Group's long-term goal is to reduce energy consumption by 58.1% from 2020 and reduce direct net specific CO2 emissions to 500 kg CO2/t cement product. The Group's 2030 greenhouse gas emissions reduction targets have been validated by the Science Based Targets Initiative (SBTi).

TITAN Zlatna Panega's process and product decarbonization efforts have also reduced direct net CO2 emissions for 2023 by 3% annually - from 603 to 583 kg/ton of cement. At the same time, the share of alternative fuels in the fuel mix reached 48.2%, a 4% increase from the previous year.

In 2023, due to investments in energy efficiency, TITAN Zlatna Panega reduced electricity consumption per ton of cement by 7%. Alongside investments in equipment and new technologies, the company has developed two new cement brands with up to 35% lower carbon footprint than standard Portland cement. Green cement makes up 18% of the product mix today, and moderate carbon products make up 45% of the company's products. These improvements reinforce TITAN Zlatna Panega's drive to improve and lead the industry toward sustainability.

"Last year, we reached significant milestones on our journey toward a greener future. We allocated 5.9 million EUR towards environmental initiatives, with over 4.9 million EUR aligned with the EU Taxonomy."- stated Adamantios Frantzis.

In 2023, TITAN Zlatna Panega won a gold award in the "The Greenest Companies in Bulgaria" competition by b2b Media. The company was awarded the prestigious first prize in the "Industry and Manufacturing Sector" category for its longstanding commitment to a sustainable business model and continuous development.

TITAN Zlatna Panega is also a significant contributor to Bulgaria's circular economy. Over the past year, it has utilized 110,000 tons of waste in the production of cement and concrete, thus preserving a similar amount of natural resources.

In 2023, TITAN Zlatna Panega continued to invest in improving work processes. The "Innovation Lab" program received 73 employee suggestions for optimization, of which 30% have already been successfully implemented.

Ensuring the safety and well-being of every team member remained a top priority for TITAN Zlatna Panega in 2023, and the company stepped up its efforts to ensure safe and healthy working conditions. 5326 hours were dedicated to health and safety training, representing 64.7% of all training hours during the year.

TITAN Zlatna Panega continued demonstrating its commitment to developing local communities and improving their quality of life. The company is an employer of choice and a driver of the regional economy - 78.9% of employees live within 50km of the plant.

"Our goal is to build not only a strong business but a sustainable future for the people and regions in which we operate. This is part of our long-term vision of social responsibility and sustainable development. The publication of the Integrated Annual Report at a national level expresses our commitment and respect for the local community and all our stakeholders," added Adamantios Frantzis.

The Integrated Annual Report for 2023 can be downloaded here.

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