(BRIEF) The Nordic Investment Bank (NIB) has signed a 10-year loan agreement with Svenska Cellulosa Aktiebolaget SCA (Publ) to co-finance the Fasikan wind farm in Jämtland county, northern Sweden. Worth SEK 1 billion, the loan will bolster the forestry company’s wind energy efforts, with the aim of building 15 new wind turbines generating 333 GWh per year, enough to power around 15,000 homes. The project, submitted in November 2023, is expected to be completed in early 2026. NIB’s ongoing collaboration with SCA underscores a shared commitment to innovation and renewable strength, amplifying productivity and competitiveness in the region.
(PRESS RELEASE) HELSINKI, March 26, 2024 — /EuropaWire/ — The Nordic Investment Bank (NIB) has signed a 10-year contract with Svenska Cellulosa Aktiebolaget SCA (Publ) to co-finance the Fasikan wind farm in Jämtland county in northern Sweden.
The SEK 1 billion loan will be used to structure the forest products company’s wind project in the municipality of Bräcke in Jämtland county in northern Sweden.
The order includes 15 new wind turbines with a total annual production capacity of 333 GWh. This corresponds to the annual electricity consumption of about 15,000 households. Logging work and existing roads began in November 2023 and the wind farm is expected to be completed. completed in early 2026.
“This is the fifth long-term loan granted through NIB to SCA since 2007, which supports SCA in its journey into innovation. This investment in renewable wind energy is very important for productivity and to ensure the competitiveness of our region,” says Kim Krokfors. Senior banker and NIB Country Director for Finland.
“NIB’s 10-year loan will diversify our investment base and broaden the maturity of our debt portfolio,” says Jörgen Elf, treasurer of the SCA Group.
Previously, NIB has provided four long-term loans for FCS projects, the most recent of which was a loan in 2019 to facilitate the expansion of its pulp mill in the municipality of Timrå.
The centre of SCA’s activity is the forest, through the largest private forest heritage in Europe. The forest products company provides forest owners with packaging and printing paper, pulp, wood products, renewable energy, and transportation solutions. In 2023, the company added renewable energy as a separate line of business due to its developing importance. SCA was founded in 1929 and is headquartered in Sundsvall, Sweden.
NIB is a foreign monetary establishment owned by 8 member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances personal and public projects inside and outside member countries. NIB has the highest credit score imaginable. , AAA/AAA, from the leading standard scoring agencies
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SOURCE: Nordic Investment Bank
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