NIB funds Maxima Grupe’s investment in energy efficiency solutions at its stores in Lithuania, Latvia and Estonia

NIB funds Maxima Grupe’s investment in energy efficiency solutions at its stores in Lithuania, Latvia and Estonia

(PRESS RELEASE) HELSINKI, 7-Aug-2019 — /EuropaWire/ — NIB and Maxima LT, UAB sign ten-year EUR 52 million loan agreement to finance Maxima’s investments in its retail network renewal in Lithuania, Latvia and Estonia.

The Lithuanian retail company will upgrade 31 of its existing stores into more energy efficient buildings through its store refurbishment programme. Maxima Grupe will invest in environmentally advanced refrigeration technology and cooling systems, energy-saving lighting and the installation of solar panels. The renewal will also make shopping more convenient to customers.

Maxima will benefit in energy savings, as annual energy usage will decrease at least 30% compared to the current levels in the reconstructed and refurbished stores. The installation of solar panels is also estimated to reduce the use of externally sourced power in its operations, producing 13 GWh of renewable energy annually.

Henrik Normann, NIB president and CEO, commented: “The project will result in both energy efficiency improvements as well as a better shopping experience for the customers. Maxima Grupe has a strong presence in the Baltic retail market and their investments in energy efficiency reflect a positive shift towards more sustainable measures within the whole sector.”

Vitalij Rakovski, Maxima Grupe’s CFO, said: “By signing the loan agreement, we have committed to investing in solutions to increase energy efficiency at our stores. That will enable us not only to reduce operating costs, but also to invest the money that’s saved in innovations and clean technologies.“

The refurbishment programme is scheduled to be implemented between 2019 and 2021.

Maxima Grupe is one of the largest food retailers in the Baltic region. The company has a network of 1,000 stores in Lithuania, Latvia, Estonia, Poland and Bulgaria. Maxima Grupe is the biggest private employer in the Baltics, providing workplaces for around 40,000 employees.

For more information, please contact:
Ms Anna Kajander, Senior Manager, Origination, at +358 10 618 0324, Anna.Kajander@nib.int
Mr Vytautas Brazaitis, Communications Unit, at +358 10 618 0235, Vytautas.Brazaitis@nib.int

SOURCE: NIB