The European Investment Bank (EIB) has signed a long-term financing agreement with The Navigator Company S.A. totaling EUR 115 million. The loan is designed to support the construction and operation of a high-efficiency recovery boiler at the Setúbal industrial complex in Portugal, which is a key step in Navigator’s decarbonization roadmap.
Portugal-headed The Navigator Company is an integrated producer of forestry, pulp, paper, tissue, sustainable packaging solutions, and bioenergy.
The new recovery boiler, which comes at a total investment cost of EUR 154.7 million, will enable Navigator to reduce direct fossil carbon dioxide (CO2) emissions at the Setúbal industrial complex by around 136 000 tonnes a year, equivalent to almost 25 percent of the Group’s emissions in 2022.
This loan is part of the REPowerEU plan, which seeks to boost the financing of green energy and support the autonomy and competitiveness of the European Union.
Europe’s industry is in transition towards a circular and climate-neutral economy. This project is a brilliant example of this, as it improves the energy efficiency of the plant, contributing to the European Green Deal and aligning with the EIB’s objectives. The EU climate bank is leading the path to economic growth while putting an end to dependence on fossil fuel imports by increasing energy efficiency and stepping up production from renewable energies, said Ricardo Mourinho Félix, VP of EIB.
The EIB is contributing EUR 45 billion in additional financing to support REPowerEU, which is expected to mobilize more than EUR 150 billion of investment by 2027 in support of green technologies and Europe’s energy independence, helping to reduce fossil fuel imports by increasing efficiency and stepping up production from renewables.