NEFCO, in partnership with the Norwegian-Latvian company, Baltic Pork, is set to finance two biogas plants in Latvia.
The biogas investment will enable Baltic Pork to expand its existing pig farm in Allazi and also establish another one at Laubere, east of the capital, Riga.
Both pig farms are to be equipped with biogas reactors, which will reduce the emissions of carbon dioxide by some 1500 tonnes per year.
The investment will also reduce the amount of phosphorus and nitrogen released to the surrounding rivers and waterways by approximately 20 per cent.
”Our investment will strengthen Baltic Pork’s capital base – a vitally important financial injection at this time when Latvian companies are increasingly finding it difficult to get loans from local banks and other financial institutions to expand their operations. The project also has a positive impact on the environment because it will benefit both the Baltic Sea and the climate”, says NEFCO’s Vice President, Solveig Nordström.
An increasing number of companies in Eastern Europe are currently expanding their meat production. This development calls for transfer of environmental technology, such as biogas reactors, in order to reduce the releases of methane from pig and cow manure, for instance. NEFCO is currently planning to finance several biogas reactors in similar projects in Ukraine.
Learn more about NEFCO’s previous investments in biogas production