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The project consists of multiple investment schemes in environmental upgrades and modernisation of existing pulp, paper and packaging facilities in Portugal. The main focus will be on renewable energy (biomass, solar) and energy efficiency measures, as well as other enabling activities that will support the promoter's decarbonisation plan.
The aim is to increase the overall resource efficiency of the industrial facilities as well as reduce greenhouse gas emissions through enhanced renewable energy generation and energy efficiency measures. The project will address suboptimal investment situations in cellulose-based packaging and tissue industry by enabling the production of sustainable, recyclable and renewable cellulose-based products, which are not yet competitive with the mainstream (fossil-based) solutions.
The project is in line with the InvestEU objectives of Energy, Environment and Sustainable Bioeconomy. The Project involves the Promoter's investment plan in low-carbon production technology and innovative products at its existing pulp and paper plants in Portugal. The modernization and environmental upgrades include conversion of existing limekilns to biomass use, building new biomass-based boiler, limekiln and cogeneration plant, as well as new cogeneration turbines and new photovoltaic plants. This initiative will significantly reduce greenhouse gas emissions by substituting fossil fuel-based production processes with renewable biomass and enhancing energy efficiency, as well as improving air quality, thereby mitigating the negative externalities of the pulp and paper industry. Additionally, the Project will support the development of innovative biobased products to replace fossil-based plastic packaging, further contributing to environmental sustainability. Furthermore, the Project will reduce water pollution and promote resource efficiency by maximizing the use wood and process by-products. The Bank's contribution to the Project includes a loan with a long tenor, essential for the successful implementation of such investments. This support also helps diversify sources of financing beyond traditional commercial banking and capital markets. The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.
Some of the project's schemes may fall under the Environmental Impact Assessment (EIA) Directive 2011/92EU as amended by Directive 2014/52/EU. Where and if applicable and based on a risk-based approach as defined in the EIBG E&S Policy, the requirements of the EIA Directive, Industrial Emissions Directive 2010/75/EU, Birds Directive 2009/147/EC and Habitats Directive 92/43/EEC will be checked during appraisal, including the assessment of the environmental permitting processes of project schemes.
The Promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to the EU public procurement legislation then the Bank would require the Promoter to apply the relevant applicable EU procurement rules.