RZB as mandated arranger has been mandated by AS Estonian Cell, Estoniato arrange a syndicated project finance facility for €108mn for financing the construction and operation of a greenfield state of the art pulp mill for the manufacture of aspen BCTMP with an annual production of 140,000 tons in Kunda, Estonia.
Estonian Cell is a joint stock company incorporated in Estonia for the purpose of construction and operation of the mill. The shareholders will be Heinzel Group, Austria, Larvik Cell, Norway, and the EBRD, each holding 33.3% of the shares. RWE Industriel ísungen GmbH will be the general contractor.
Main parts of the machinery used by Estonian Cell will be delivered by Andritz of Austria. Based on these delivery parts of the facility it is planned that the facility will be partly covered by an ECA guarantee issued by Austria’s OeKB.