- Financing will speed up Navigator’s decarbonisation plan and support innovative plant in Aveiro to produce moulded fibre packaging with eucalyptus pulp.
- Project contributes to EIB´s TechEU initiative to accelerate EU innovation by fostering industrial decarbonisation and transforming industrial processes with competitive, low-carbon ideas and solutions.
- Financing agreement is backed by the InvestEU program, supports the EIB’s strategic priorities of climate action and bioeconomy, and the REPowerEU plan to reduce dependence on fossil fuel imports.
The European Investment Bank (EIB) and The Navigator Company have signed a €40 million loan to speed up the company’s decarbonisation programme. This is the first tranche to be signed of a total €80 million loan approved by the EIB. The Navigator Company is an integrated producer of forestry, pulp, paper, tissue, sustainable packaging solutions and bioenergy with headquarters in Portugal.
Investments will contribute to implement low-carbon production technology and innovative products in Navigator´s existing pulp, paper and packaging facilities in Portugal. Environmental upgrades will focus on the use of renewable energy and energy efficiency measures, among others the conversion of existing limekilns to biomass use and building a new biomass-based boiler, new cogeneration turbines and new photovoltaic plants. Investments will also support the development of innovative biobased products to replace fossil-based plastic packaging and company’s world pioneer plant in Aveiro to produce moulded fibre packaging with eucalyptus pulp. The project will reduce greenhouse gas emissions and enhance energy efficiency, contributing to mitigate the negative externalities of the pulp and paper industry.
The project is part of TechEU the EIB Group’s programme to accelerate EU innovation which aims to mobilise €250 billion in investments by 2027 for startups, scale-ups and innovative companies across Europe. Specifically, the project will contribute to the cleantech line of action of TechEU by fostering industrial decarbonisation and transforming industrial processes with competitive, low-carbon ideas and solutions.
“This project is a great example of how the EIB can support companies on their path towards carbon neutrality while fostering innovation and driving competitiveness. Innovation applied to sustainability makes European industry more resilient and competitive, while giving consumers access to more environmentally friendly products.” said EIB Director General of Financing and Advisory Operations within the European Union Jean-Christophe Laloux.
“This financing agreement is another step in a long-standing relationship with the EIB that has been key in ensuring Navigator’s ambitions are met in time and that we fulfil our mission to share with society not only our results, but also our knowledge, our experience, and our resources in the pursuit of a better future. With this operation, Navigator strengthens its commitment to Sustainable Finance while consolidating the structure of its debt, whose average maturity currently exceeds five years. The repayment profile is properly staggered, contributing to balanced and predictable financial management, reflecting Navigator’s strong financing structure and its credibility in the financial markets.” said Executive Director of The Navigator Company Fernando Araújo.
The loan supports climate action and environmental sustainability as well as the bioeconomy and agriculture two of the eight core priorities set out in the EIB Group 2024-2027 Strategic Roadmap. It is also part of the EIB action plan to support REPowerEU, the programme to increase energy security and speed up the energy transition by reducing the European Union’s dependence on fossil fuel imports. The EIB loan is guaranteed by InvestEU, the flagship EU programme to mobilise over €372 billion of additional public and private sector investment to support EU policy goals from 2021 to 2027.
This new financing underscores the EIB’s ongoing support for Navigator’s decarbonization strategy, supplementing previous financing agreements between the two entities, most recently the one signed in 2023: Portugal: EIB supports Navigator with €115 million loan to speed up decarbonisation investment.
Background information
EIB
The EIB is the long-term lending institution of the European Union, owned by the Member States. Built around eight core priorities, it finances investments that pursue EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.
The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.
Around half of EIB financing in the European Union goes to cohesion regions, where per capita income is below the EU average, while almost 60% of annual EIB Group investments support climate action and environmental sustainability.
In Portugal, in 2024, the EIB Group signed new financing worth €2.1 billion for high-impact projects contributing to the country green and digital transition, economic growth, competitiveness and better services for their people.
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InvestEU
The InvestEU programme provides the European Union with crucial long-term funding by mobilising substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that invest in projects, leveraging on the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increasing their risk-bearing capacity and mobilising at least €372 billion in additional investment.
The Navigator Company
The Navigator Company is an integrated producer of forest, pulp, paper, tissue, sustainable packaging solutions and bioenergy, whose activity is based on state-of-the-art factories worldwide, with cutting-edge technology. It is recognised as a benchmark for quality in the sector worldwide.
The Company's ongoing commitment and investment in improving its ESG performance is also reflected in positive external assessments by independent entities. Navigator was recognised by Sustainalytics as a ‘2025 ESG Industry Top-Rated Company’, reaffirming its leadership in the forestry and paper sector. This recognition places the Company on the prestigious global list of ‘2025 ESG Top-Rated Companies’, consolidating its position as one of the companies with the best environmental, social and governance (ESG) practices worldwide.
The Company is the third largest exporter in Portugal and the largest generator of National Added Value, representing around 2.5% of national exports of goods and more than 30,000 direct, indirect and induced jobs. In 2024, The Navigator Company had a turnover of €2.088 billion. More than 91% of its products are sold outside Portugal and are destined for 134 countries.
Navigator was the first Portuguese company, and one of the first worldwide, to set an ambitious commitment to decarbonise its industrial complexes by 2035, anticipating national and European targets by 15 years. It is estimated that the implementation of all the initiatives in the Decarbonisation Roadmap will represent an investment of more than €350 million between 2019 and 2028.