Business News

Stora Enso signs EUR 65 million loan agreement

Wednesday 10. February 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 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.

“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. 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,” says Stora Enso CFO Markus
Rauramo.

The Ostroleka power plant to be completed in the third quarter of 2010 will
further improve the cost competitiveness of Stora Enso’s operations in Poland.
As announced on 3 November 2008, the total investment in the Ostroleka power
plant is estimated at EUR 137 million.