NIB finances dairy expansion in Oslo
NIB has signed a loan agreement totalling NOK 600 million (EUR 79.3 million) with Norwegian dairy company TINE for financing its dairy expansion in the capital city.
The 12-year-maturity loan is earmarked for the expansion of the Kalbakken dairy, which will replace three other dairy facilities and a terminal.
In addition to improved cost efficiency, a decrease of over 50% in the use of primary electricity and fuel oil is expected when moving production from older facilities to the expanded facility, which will also help reduce CO2 emissions.
"Knowledge about the impact of different products on the environment is increasingly important to today's consumers. NIB is pleased to participate in financing TINE's Oslo dairy expansion, which can offer consumers dairy products made at an environmentally friendly facility," says Henrik Normann, NIB's President and CEO.
TINE is organised as a cooperative owned by about 15,000 dairy farmers. The core business is the processing and sale of milk, cheese and other dairy and milk products, as well as juice, ice cream and ready-made food. TINE is Norway's largest producer, distributor and exporter of dairy products.
The Nordic Investment Bank is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor's and Moody's.
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Source: NIB NORDIC INVESTMENT BANK via Thomson Reuters ONE
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