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    Reference: 20200384
    Release date: 15 September 2020

    Promoter – Financial Intermediary




    The project is to finance an investment in a full conversion of an existing old integrated pulp and paper mill from wood-free coated paper (for the printing sector) into a board-packaging mill, mainly for the food and beverage sector.


    The project supports Oulu mill's full conversion from the production of pulp and paper for the declining printing sector to the production of pulp and kraftliner boards for renewable packaging, and is consistent with the overall Promoter's strategic shift towards sustainable and renewable packaging solutions. The modernisation of the pulp mill will lead to reducing the overall environmental footprint of its pulp output through the installation of highly efficient process technology (in line with Best Available Techniques (BAT)).


    Sector SECTION C : MANUFACTURING // Industry Environmental aspects


    Proposed EIB finance (Approximate amount)

    EUR 150 million

    Total cost (Approximate amount)

    EUR 345 million

    Environmental aspects

    The project is aligned with the EU Green Deal, climate action objectives, the EU Bioeconomy and Plastics strategies, and the EU Circular Economy Package. The investment will deliver effective and sustainable solutions for combatting global problems such as plastic waste by substituting fossil-based materials (e.g. plastics) with renewable, recyclable and compostable materials in packaging and consumer goods manufacturing. The project falls under the scope of Annex I of the EIA Directive 2014/52/EU (amending 2011/92/EU Directive), as well as of the Industrial Emissions Directive IED 2010/75/EU. The project implementation will follow the Best Available Techniques (BAT) for the pulp and paper sector.


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


    Signed - 22/12/2020


    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

    Finland Industry