Montes del Plata financing secured

Stora Enso and Arauco have finalised the external financing for the Montes del Plata pulp mill that is being built as a joint-venture in Uruguay. The project is progressing and Montes del Plata has signed various loan agreements. As part of the financing arragements, Stora Enso and Arauco each will guarantee for 50% of US$1,354m of loans raised by Montes del Plata.
The companies are being supported by Finnvera, Finnish Export Credit (FEC), Swedisch Export Credit (SEK), the Inter-American Development Band (IDB) and other financing institutions. The total investment for the 1.3 million tpy pulp mill amounts to approximately US$1.9bn.