OREANDA-NEWS. The European Investment Bank has provided funds for EUR 25 million to improve the efficiency and competitiveness of the company.

The European Investment Bank (EIB) has lent EUR 25 million to The Navigator Company to upgrade the company’s pulp mill in Cacia in Aveiro. This EIB financing has allowed the modernization and expansion of the plant to increase its efficiency and production, allowing a 20% increase in its annual output. At the same time, this project contributes to improve the plant’s environmental performance increasing the use of renewable energy.

This EUR 25 million loan will also foster new employment in a cohesion region. The project in Cacia has a very positive impact in the creation of direct and indirect jobs in the Baixo Vouga area: each job at the plant, contributes to the existence of 8 jobs in the region. These EIB funds are also supporting regional rural economies: the upgrading of the pulp mill has contributed to create employment in the upstream pulp wood supply chain and forestry.

Replacing fuel oil by natural gas at the Cacia mill will increase the plant’s capacity while saving greenhouse-gas emissions. It will be more environmentally friendly since its current technologies will be upgraded to comply with the best available emission abatement technologies. In addition, the Cacia pulp mill will only use biomass from forests that are certified by internationally accredited forest certification systems.