HELSINKI (News release) -- Stora Enso has signed a new EUR 435 million bilateral loan with the European Investment Bank (EIB) to support the its growth in renewable, fiber-based consumer packaging board.

Stora Enso's EUR 1 billion investment in its Oulu mill in Finland is being financed, in part, by a new long-term bilateral loan. The loan features an amortising structure, with the final repayment anticipated in 2036, effectively lengthening the Group's debt maturity profile. The mill, which is expected to begin operations with a novel, converted consumer board production line in the first half of 2025, will be one of the most modern and cost-efficient production sites for packaging materials in Europe.

"The investment in Oulu supports our growth strategy in renewable, circular packaging by providing new volume for the growing packaging segment. The wood fiber is sourced from sustainably managed forests in the Nordics, and the boards are designed to replace plastics in food and personal care packaging," says Hannu Kasurinen, Executive Vice President, Packaging Materials Division.

"This new loan with EIB will not only provide us with financial flexibility, but it also underscores our commitment to sustainable, profitable growth. Securing access to long-term capital from a variety of sources is a pivotal element of our strategy, as it enables us to invest in new growth opportunities," says Kaarlo Höysniemi, SVP Group Treasury.

Read more about Stora Enso's financing activities at storaenso.com.