The investment of more than EUR 200 million planned by BioEnergo Oy for the construction of a bioconversion plant in Pori is progressing as the company secures equity financing from the Luxembourg company Greenco Luxburg S.à.r.l. partner. It means that the project enters the design phase and the final construction decision be made in about a year.
“Financing will have a significant positive effect on the progress of the project,” says Timo Saini, Chairman of the Board of BioEnergo Oy, according to which the plant investment is still almost on schedule despite the exceptional times.
In line with EU and government climate targets, demand for transport biofuels will increase significantly. Therefore, Greenco plans to build a number of similar bioconversion plants following the site surveys.
According to Tuomas Saarinen, CEO of BioEnergo, who has just taken up his position, the outcome of the financing negotiations anticipates that “our plant investment in Pori is only the beginning and not the end of BioEnergo’s long story. Our bioconversion plant, based on the circular economy and wood biomass, is just the right solution for reducing emissions everywhere.”
“The Pori bioconversion plant is a significant domestic climate investment, the products of which are estimated to reduce emissions from domestic traffic by as much as seven percentage points,” Saarinen describes.
More information: Timo Saini +358 40 7153682
BioEnergo is planning a refinery for advanced biofuels in the industrial area of ??Kaana in Kaana, whose products will reduce traffic emissions. As a raw material, the plant uses the by-products of the sawmill industry, which process 60,000 cubic meters of advanced bioethanol into passenger cars and 130,000 MWh of advanced liquefied biogas as fuel for heavy transport. In addition, the refinery produces 73,000 tonnes of lignin for, among other things, “green” asphalt and 44,000 tonnes of CO2 for industry and the circular economy. At full capacity, the plant directly and indirectly employs an estimated 250 people.