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    Reference: 20200029
    Release date: 27 May 2020

    Promoter – Financial Intermediary




    The project is the first and a major step in the promoter's decarbonisation strategy, focusing on financing the construction and operation of a new biomass boiler to replace existing obsolete equipment.


    The main objectives are to: (i) increase the generation of steam for production stage by increasing biomass burning capacity, and replace the use of natural gas, (ii) replace obsolete equipment, which has high maintenance costs and lower efficiency, and (iii) reduce the overall emissions of the mill.


    Proposed EIB finance (Approximate amount)

    EUR 28 million

    Total cost (Approximate amount)

    EUR 55 million

    Environmental aspects

    The scope of EIB financing operation is to support the promoter's Carbon Neutrality Strategy by building a new biomass boiler, which will replace existing obsolete equipment of the vertically integrated pulp and paper mill in Figueira do Foz. The new biomass boiler will be compliant with the new emission limits established by the Industrial Emissions Directive (2010/75/EU) and in the Decision EU 2017/1442, setting the environmental standards for large combustion plants.


    Although the Promoter is a private company not operating in the utilities sector, and is thus not covered by EU directives on procurement, the promoter has to ensure that any procurement procedures are done in accordance with the relevant applicable EU procurement rules.


    Signed - 31/07/2020


    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).

    Related tags

    Portugal Industry