Left: Carl Johan Krigström Silvi Industries AB, Luo Yan CAMCE, Heikki Nivala, Timo E. Korva, Pekka Koskenranta Boreal Bioref Oy, Jari Polvi Kemijärven Kehitys Oy
In conjunction with the Chinese presidential visit to Finland, China CAMC Engineering Co., Ltd. (CAMCE) and Boreal Bioref Oy have today signed a mutually binding EPC contract (engineering, procurement, construction). In accordance with the EPC contract, CAMCE will assume responsibility for delivering a turn-key solution for the envisaged bio-refinery. The agreement represents a material mutual commitment to each other, as well as to the realisation of the bio-refinery investment.
Furthermore, Boreal Bioref and CAMCE have agreed that CAMCE shall become a shareholder in Boreal Bioref Ltd. According to the shareholders’ agreement, Boreal Bioref will retain a majority control until the preconditons of the works in the EPC contract are met. The agreed seed-, or bridge financing ensures the seemless continuation of the planning works. The investment related agreement has also been signed by Silvi Industries AB, which is CAMCE’s partner company.
A third agreement has been signed by CAMCE, Boreal Bioref and the China Development Bank (CDB). The agreement covers the financing of the bio-refinery in Kemijärvi and the agreement sets out the targets of the parties with respect to the financing of the investment and its associated arrangements.
For more information:
Boreal Bioref Oy
House of Nobility 5th April 2017