12 Dec 2019
EUR 17.5 million
Infrastructure, transportation and telecom
NIB and the Lithuanian retail company Maxima LT, UAB have signed a EUR 52 million loan agreement to finance the company’s investments in its retail network renewal.
The ten-year loan will finance Maxima Grupe’s store refurbishment programme in Lithuania, Latvia and Estonia.
With the programme, Maxima will upgrade 31 of its already existing stores into more energy efficient buildings. The project includes investments in environmentally advanced refrigeration technology and cooling systems, energy-saving lighting and the installation of solar panels. The renewal will also reflect the changing needs of customers by making shopping more convenient.
The refurbishment will benefit the company in energy savings, as annual energy usage in the reconstructed stores will decrease by around 40 GWh – at least 30% compared to the current levels. Moreover, the installation of solar panels is estimated to produce 13 GWh of renewable energy annually, reducing the use of externally sourced power in Maxima’s operations.
“The project will result in both energy efficiency improvements as well as a better shopping experience for the customers. Maxima Grupe has a strong presence in the Baltic retail market and their investments in energy efficiency reflect a positive shift towards more sustainable measures within the whole sector”, says Henrik Normann, NIB president and CEO.
“By signing the loan agreement, we have committed to investing in solutions to increase energy efficiency at our stores. That will enable us not only to reduce operating costs, but also to invest the money that’s saved in innovations and clean technologies“, adds Vitalij Rakovski, Maxima Grupe’s CFO.
The refurbishment programme is scheduled to be implemented 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.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
For further information, please contact
Ms Anna Kajander, Senior Manager, Origination, at +358 10 618 0324, Anna.Kajander@nib.int
Mr Vytautas Brazaitis, Communications Unit, at +358 10 618 0235, Vytautas.Brazaitis@nib.int