Cobalt has advised the European Investment Bank on granting a EUR 39 million loan to plywood manufacturer Latvijas Finieris Group.
The Latvijas Finieris Group is a Latvian mid-cap manufacturer of birch plywood.
According to Cobalt, the loan is intended “for investments in research and development and to modernize and expand the integrated birch plywood production facility at Lignums and at Verems. The agreement comes under the Investment Plan for Europe, supporting sustainable investment, innovation, and job creation in Europe. Through this first loan agreement with the EIB, Latvijas Finieris is seeking to improve the efficient use of natural resources and aims to reduce the environmental footprint of its operations.”
“I welcome this agreement with the EIB, which, backed by the EU budget guarantee, will support both Latvijas Finieris’ investments in research and development and its capacity expansion, while reducing its environmental footprint,” European Commission for an Economy that Works for People Executive Vice-President Valdis Dombrovskis commented. “Birch plywood manufacturing is an important sector in Latvia, with a key stake in the country’s labor market and global standing as a lead producer in the bioeconomy. We will continue to help businesses like Latvijas Finieris access the funding they need to keep on innovating, scale up, and foster job creation.”
In 2022, Cobalt advised Latvijas Finieris on launching its Latgale investment project (as reported by CEE Legal Matters on August 1, 2022).
Cobalt’s team included Partner Edgars Lodzins, Senior Associate Inga Tenisa, and Junior Associate Maira Puzule.
