Release date: 8 February 2023
Promoter – Financial Intermediary
AS LATVIJAS FINIERISLocation
Description
The project concerns the promoter's investments in research & development (R&D) carried out from 2019 until 2021. Additionally, it also include the modernisation and moderate capacity expansion of the integrated birch plywood production facility at Lignums and at Verems.
Objectives
The financing will back the promoter's investments in the sustainable modernisation and expansion of production facilities to support its growth ambitions and strengthen its competitive market position. The loan agreement is part of the European Commission's Investment Plan for Europe, which aims to help businesses access the funding required for innovation, growth and job creation. The project is fully aligned with EU policy to promote innovative mid-caps in support of the bioeconomy. The project is seeking to improve the efficient use of natural resources and aims to reduce the environmental footprint of its operations.
Sector(s)
- Industry - Manufacturing
Proposed EIB finance (Approximate amount)
EUR 39 million
Total cost (Approximate amount)
EUR 82 million
Environmental aspects
The project is aligned with the EU Green Deal, Climate Action objectives, the EU Forestry and Bioeconomy strategies, and the EU Circular Economy action plan. The project falls under the scope of Annex II of environmental impact assessment (EIA) Directive 2014/52/EU and needs to be subject to a screening assessment by the competent authority for both industrial sites. The applicable screening decisions, and in the event of a screening-in decision the EIA documents as well as documentary evidence of the associated consultation processes related to the investment will have to be submitted to the EIB before the first disbursement.
Procurement
Although the promoter is a private company not operating in the utilities sector, and is thus not covered by EU directives on procurement, the EIB will require to ensure that any procurement procedures are done in accordance with the relevant applicable EU procurement rules.
Status
Signed - 15/12/2022
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).