Fintoil’s Hamina biorefinery fully financed
The biorefinery will be the world’s third largest crude tall oil (CTO) refinery in the port area of Hamina.
The financing consists of a€70 million senior green bond, a €10 million SSRCF (Super Senior Revolving Credit Facility) credit facility, a €40 million preferred equity instrument and a €11 million equity financing.
The construction work should be completed in July next year and the commercial operations are expected to start then.
“We are extremely pleased to have a group of domestic and Nordic investors on board. With the yesterday’s bond issue our biorefinery investment in Hamina is now fully financed and the company has also secured its working capital financing. I would like to thank all the investors for their vote of confidence and Finnvera for their underwriting which made the bond issue successful. We are confident that our CTO refinery will start up as scheduled in July 2022,”Fintoil’s CEO Jukka Ravaska said.
“The funding we received will ensure the implementation of a biorefinery investment in Hamina that utilizes the by-products of the pulp industry. This shows that tackling climate change can open profitable business opportunities. The green funding certificate we received from the climate research institute Cicero confirms the company's previous own analysis that Fintoil's end products generate a significant reduction in carbon dioxide emissions,” added John Lindahl, chairman of Fintoil’s board.