SWEDEN (News release) -- The European Investment Bank (EIB) has signed a SEK 1.3 billion (approximately Euro 110 million) loan agreement with Swedish company Billerud, a world-leading paper and packaging materials supplier. The loan supports investments in the modernisation and upgrade of a bioproduct mill, including the replacement of a recovery boiler.
As by-products, the mill produces valuable tall-oil and turpentine and generates renewable energy, the surplus of which will be sold to local communities and neighbouring businesses. There is a vegetable growing project being built next to the Frövi mill that will use the residual heat produced by the facility.
"The new recovery boiler will allow Billerud to implement energy improvement measures to meet future environmental requirements and ensure stable availability of pulp production. This is a long-term investment in efficient, sustainable, and safe production, which increases our competitiveness and benefits our customers. We are pleased to see the EIB's support for this project," said Billerud acting President and CEO Ivar Vatne.
Billerud is a world-leading company in superior paper and packaging materials made from virgin fibre. The company has ten production units in Sweden, the United States and Finland, with around 6 100 employees in over 13 countries.