Vulcan Energy Resources (ASX:VUL) obtained approval from the European Investment Bank's (EIB) board for its participation in the company's debt financing process to support the first phase of the integrated renewable energy and lithium project in Germany, according to a Thursday filing with the Australian bourse.
Financing from the bank can potentially amount to 500 million euros, pending final due diligence, legal documentation signing, and internal approval, the filing said.
The company's financing process is backed by BNP Paribas as financial adviser, according to the filing.
Company shares were down 11% in recent trade.
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