Navigator, a Portuguese paper production company, plans to issue 100 million euros in debt with a maturity of five years, in an operation that finances projects related to the goal of sustainability.

It is expected that this debt will be issued on the fifth of August this year. In the same statement, quoted by Bloomberg, the company said it will pre-purchase debt for the voucher that expires in 2023, in the same size.

On another note, BPI and CaixaBank – who will be the lead for this operation – state that “only a portion of the funding margin for Navigator’s performance is indexed in two ESG (Environmental, Social and Governance) indicators: CO2 emissions reduction and certified lumber. purchased from the national market. This process is indexed into two ESG indexes (Environmental, Social and Corporate Governance) in line with the United Nations goals in the field of climate action. These indicators fall on carbon dioxide emissions reduction targets, as the company wants to be carbon neutral in its industrial parks by 2035, in a process that could cost around 154 million euros.

In March of this year, the company announced that since the beginning of the year it has a new self-consumption photovoltaic solar plant installed in the industrial park in Figueira da Foz. The new PV plant is Navigator’s fourth project in solar energy and is being installed on the roof of the manufacturing area. The company has already invested, globally, more than 4.7 million euros in the installation of 17,200 photovoltaic solar panels, with an approximate area of ​​28,500 square metres.

Bloomberg writes that the operation will extend the average maturity of the company’s debt, reduce financing costs, and include terms that have been adjusted according to the Portuguese company’s sustainability plan.

navigator In the first half of this year, it achieved a net profit of 64.4 million eurosAn increase of 46.3% from the 44 million registered in the same period of 2020. From the first quarter to the second quarter of 2021, the group’s profit grew 74%, while the increase compared to the second quarter of last year was 204.8%.

Navigator highlighted in a statement, in the first half of this year, “the improvement of paper market conditions with a gradual increase in volumes,” despite “the selling price continuing below the same period of the previous year.”