3 Jul 2020
EUR 60 million
Financial institutions and SMEs
|Date of agreement:||6 Aug 2019|
|Customer:||Maxima LT, UAB|
|Amount in EUR:||EUR 52 million|
|NACE sector / loan type:||Construction|
|Business area:||Industries and services|
Financing from NIB Environmental Bond proceeds
NEB-eligible share: 100%
NEB category: Energy efficiency
Amount disbursed: EUR 52 million
Note: For loans in other currencies than EUR, the equivalent in EUR is based on the exchange rate effective for the disbursement. Read more about the NIB Environmental Bonds
The loan has been granted to finance Maxima Grupe’s store refurbishment programme in the Baltic States.
The programme comprises the refurbishment of 31 grocery stores in Lithuania, Latvia and Estonia, resulting in energy savings for the company and a better shopping experience for the customers.
The project includes investments in environmentally advanced refrigeration technology and cooling systems, energy-saving lighting and the installation of solar panels.
The renovations are scheduled to be completed between 2019 and 2021.
Maxima Grupe is one of the largest food retailers in the Baltic region with operations in Lithuania, Latvia, Estonia, Poland and Bulgaria. It has a network of 1,000 stores and is the biggest private employer in the Baltics, providing workplaces for around 40,000 employees.
The refurbishment programme is expected to decrease energy usage by 40 GWh per year, resulting in annual energy savings of at least 30% in the reconstructed buildings.
The programme includes converting existing stores into more energy efficient buildings, accommodating more efficient refrigeration and cooling technologies, LED lighting and solar panels.
This will entail the installation of solar cells with a capacity of 14 MW, generating around 13 GWh of renewable energy per year.
Expected impacts related to the investment:
No negative environmental or social aspects have been identified in relation to the project.