ANNOUNCEMENT 31 Jul 2020

In July 2020, the European Investment Bank (EIB) approved a EUR 28 million grant for the construction and operation of a new biomass boiler in Figueira, Portugal.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

European Investment Bank. Financed Projects. FIGUEIRA ENVIRONMENTAL ENHANCEMENT. 31/07/2020. Available at: https://www.eib.org/en/projects/loans/all/20200029

European Investment Bank. Projects to be financed. FIGUEIRA ENVIRONMENTAL ENHANCEMENT. 31/07/2020. Available at: https://www.eib.org/en/projects/pipelines/all/20200029

European Investment Bank. Environmental and Social Data Sheet. FIGUEIRA ENVIRONMENTAL ENHANCEMENT. 27/06/2020. Available at: https://www.eib.org/en/registers/all/129341427

Inception date: 31 Jul 2020 | Removal date: open ended

State loan

On 31 July 2020, the European Investment Bank (EIB) approved a EUR 27.5 million (approx. USD 32.4 million) loan to the Navigator Company SA, in order to build a new biomass boiler in Figueira do Foz.

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

According to the Environmental and Social Data Sheet, the project shall use in-house produced bark and wood by-products. Moreover, the wood feedstock is sourced mainly from Portugal and Spain, as well as from international wood markets that strictly comply with the chain of custody systems and the. international forest certification systems (e.g. FSC/PEFC).

A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory.

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