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Stora Enso Inks EUR 65 Million Loan for Poland Power Plant Project

Feb. 10, 2010 - Stora Enso has signed an agreement with the European Investment Bank (EIB) for a EUR 65 million loan to be used for the Ostroleka power plant construction project taking place on the site of its Ostroleka mill in Poland.

The loan agreement is part of the commitment by EIB to lend altogether EUR 230 million to Stora Enso for research and development and the Ostroleka power plant project.

Stora Enso said it will invest about EUR 137 million in the project.

“We have a long and good relationship with EIB and we are delighted that through this agreement EIB is supporting our power plant project to improve Ostroleka Mill's energy self-sufficiency and energy efficiency," said Markus Rauramo, Stora Enso's CFO.

"Along with the Langerbrugge and Maxau energy investments, the Ostroleka power plant is one of our biggest cost improvement investments this year at our existing mills in Europe. The terms of the loan are very competitive,” Rauramo added.

The Ostroleka power plant project is slated for completion in the third quarter of 2010

SOURCE: Stora Enso

See related story:
Stora Enso to Build Power Plant at Ostroleka Mill in Poland




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