On the 10th June, 2015, Metsä Fibre Corporation, part of the Metsä Group, signed financing agreements for the Äänekoski bioproduct mill project and refinanced its existing EUR 270 million revolving credit facility.
The EUR 750 million financing for the bioproduct mill consists of a EUR 400 million Finnvera guaranteed loan, EUR 200 million loan from European Investment Bank (EIB), EUR 80 million loan from commercial banks and EUR 70 million loan guaranteed by Swedish export credit agency EKN. Other lenders, include Danske Bank, DNB Bank, Pohjola Bank, SEB, Swedish Export Credit and Swedbank.
The financing has been coordinated by Nordea.
So, what does this bio-product mill do? In summary, it:
- Refines wood into bio-materials, bio-energy, bio- chemicals and fertilizers sustainably and with great resource efficiency
- Uses 100% of the raw materials and side streams as products and bioenergy
- Does not use fossil fuels
- Emphasises energy efficiency when choosing equipment and machinery
- Has an operating model based on an efficient partner network
- New products will be created in collaboration with various experts joining the network
- Creates opportunities especially for small and medium-sized enterprises to produce innovative bio-products with high added value.
For the detailed press release, please click here.
For details of the bioproduct mill project, please click here.