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In Klaipeda, Lithuania, a production plant for PET chips is to be established. These chips will be used in the production of PET bottles – a form of plastic bottle – for which an increased demand is anticipated in Europe over the next few years.

The plant will be financed by means of project financing. The borrower is the project company UAB Orion Global PET, a subsidiary of the internationally operating Indorama Group.

The lenders are DEG – Deutsche Entwicklungs und Investitionsgesellschaft, KfW Ipex-Bank and Nordea Bank Finland.

Law firm Norton Rose advised the financing consortium. In a short period of time, Herbert Wiehe’s team successfully concluded the first project financing following Lithuania’s accession to the EU. In doing so it succeeded in coordinating nine jurisdictions, as diverse as Thailand, Mauritius, and Indonesia, which were involved in the transaction structure.

The Norton Rose team included Alexander Stupp and Joerg Mucke who dealt with German law, Michael Roch, US law, Tomas Grdfors, English law and Nick Merrit, Thai law.