Release date: 16 June 2009
Promoter – Financial Intermediary
Portucel – Empresa Produtora de Pasta e Papel
Location
Description
The project comprises the design, construction and operation of four energy facilities -a natural gas CHP, two biomass plants and a steam turbine- at three different pulp and paper production facilities owned by the promoter in Portugal (Setubal, Cacia and Figueira de Foz). All four investments,are located in pulp and paper production sites owned by the promoter. The energy production will be either consumed by the pulp and paper facilities or sold to the public grid. The biomass supply for Cacia and Setubal consists mainly of wood residues coming from forestry operations run by the promoter.
Objectives
The project’s economic interest is linked to its contribution to EU and national renewable energy and climate change policies, and to increasing energy efficiency (co-generation of power and heat). Further, the project sites of Cacia and Figueira da Foz, accounting for approximately one third of the total investment, are located in convergence regions. The project contributes to the priority energy lending objectives related to renewable energy and energy efficiency.
Sector(s)
Proposed EIB finance (Approximate amount)
EUR 85 million.
Total cost (Approximate amount)
Currently estimated at EUR 176 million.
Environmental aspects
By virtue of their technical characteristics all the projects fall under Annex II of the EIA Directive, therefore the need for EIA is established by the competent authority according to the criteria set out in the Directive and in the national law. According to national law, EIA is required only for the natural gas CHP in Setubal. The promoter has carried out EIA and the foreseen environmental impacts are limited. Full review of the EIA will be performed by the Bank during appraisal.
Procurement
The promoter is not bound to public procurement procedures. During the appraisal, the Bank will verify that suitable procurement procedures in line with the Bank’s standards have in any case been adopted.
Status
Signed - 10/03/2010
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).