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    Reference: 20140557
    Release date: 12 February 2015

    Promoter – Financial Intermediary




    Construction of a new 1.3 million tonnes per annum (tpa) bio-product mill in Äänekoski, Finland.


    The new bio-product mill will replace the old pulp mill in the same location.


    Proposed EIB finance (Approximate amount)

    EUR 275 million

    Total cost (Approximate amount)

    EUR 1225 million

    Environmental aspects

    The project falls under the scope of Annex I of Directive 2011/92/EC and is subject to Directive 2010/75/EC. A full environmental impact assessment (EIA) is required. The promoter has prepared a full EIA study and is currently undergoing the permitting procedure with public consultation executed in 2014 ( The project will be implemented in an existing industrial site far from any site of nature conservation. Full environmental assessment (including application of best available techniques for emission control) will be executed during the project's due diligence.


    The promoter has been assessed by the EIB as being a private company not operating in the utilities sector and not having a status of a contracting entity, thus not being subject to EU rules on public procurement. However, if after the project appraisal, the EIB were to conclude that the promoter is after all subject to EU public procurement legislation (i.e. Directive 2004/17/EC), then the Bank would require the promoter to ensure that contracts for the implementation of the project have been/will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2004/17/EC and Directive 92/13/EEC), with publication of tender notices in the EU Official Journal, as and where required.


    Signed - 10/06/2015


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Finland Industry