Brussels, 10/03/2016 (Agence Europe) - On Thursday 10 March, the European Commission authorised the investment aid granted by Finland for a factory which makes paper pulp and other bio products belonging to Metsä Fibre, a subsidiary of the Metsä group.
Finland is planning to grant €32.1 million to partially cover an investment in renewable energy and energy efficiency measures at the factory, in the region of Äänekoski. The total investment costs €1.2 billion. The project also benefits from a loan from the European Investment Bank of up to €275 million, €75 million of which is guaranteed by the European Fund for Strategic Investments, the financial arm of the Juncker investment plan.
The Commission found that the project will significantly increase electricity production from renewable sources in Finland and lead to significant energy savings. It also concluded that the aid would not lead to overcompensation. The European institution therefore took the view that the project would contribute to the objectives of the energy union without creating undue competition distortions. (Original version in French by Elodie Lamer)