Navigator has signed a contract with the European Investment Bank (EIB) for €115 million, which will take up to 12 years to repay, the paper company revealed in a statement on Friday.

The aim of this loan is to support the project to build and operate a high-efficiency recovery boiler in the Setubal Industrial Park, which the company considers an essential step in the decarbonisation process.

This new boiler will include an investment of about 136 million euros, which will allow direct emissions of fossil carbon dioxide, in the Setubal industrial complex, to be reduced by about 136 thousand tons annually, equivalent to 24.6% of Navigator emissions recorded in 2022.

“This green loan is part of the REPowerEU plan, which aims to promote green energy financing and support the independence and competitiveness of the European Union,” the company notes in the document.

European industry is moving to a circular and climate-neutral economy, said Ricardo Mourinho Felix, Vice-President of the European Investment Bank. This project is a prime example of this, as it improves the energy efficiency of the plant, contributes to the EU Green Deal and is in line with the objectives of the European Investment Bank.

The EIB's total contribution of €45 billion to the REPowerEU project is expected to mobilize more than €150 billion in investments by 2027 to support green technologies and Europe's energy independence.