10.4.2015

Nordea Bank Finland Plc and Pohjola Bank plc – Financing of the Tornio LNG Terminal Project

Castrén & Snellman advised Nordea Bank Finland Plc and Pohjola Bank plc in the project financing for an LNG terminal to be constructed and operated in Tornio by the Manga group of companies. The Manga group is backed by a consortium consisting of Outokumpu Oyj, SSAB Europe Oy, Skangass Oy and EPV Energia Oy. The start-up of operations of the newly built facility and the LNG and natural gas logistics chain is planned for early 2018.

The cost of constructing the terminal is approximately EUR 100 million. Nordea Bank Finland Plc and Pohjola Bank plc are providing bank facilities, part of which are backed by a guarantee from Finnvera plc, the Finnish export credit agency. The Finnish Ministry of Employment and the Economy has granted an investment aid of 33.15 MEUR for the project.