Stora Enso signs EUR 65 million loan agreement
STORA ENSO OYJ STOCK EXCHANGE RELEASE 10 February 2010 at 07.00 GMT
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.
For further information, please contact:
Jyrki Tammivuori, SVP, Group Treasurer, tel. +358 2046 21043
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242
www.storaenso.com
www.storaenso.com/investors
Stora Enso is the world leader in forest industry sustainability. We offer our
customers solutions based on renewable raw materials. Our products provide a
climate-friendly alternative to many non-renewable materials, and have a smaller
carbon footprint. Stora Enso is listed in the Dow Jones Sustainability Index and
the FTSE4Good Index. Stora Enso employs some 27 000 people worldwide, and our
sales in 2009 amounted to EUR 8.9 billion. Stora Enso shares are listed on
NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition,
the shares are traded in the USA as ADRs (SEOAY) in the International OTCQX
over-the-counter market.
STORA ENSO OYJ
Jari Suvanto Ulla Paajanen-Sainio