- News article -

Kaidi Finland receives nearly 90 M€ of EU funding for Kemi biofuel refinery

22 Jul 2016

The European Commission has decided to grant EUR 88,5 million of NER 300 investment subsidies for the biofuel refinery planned by Kaidi in Ajos, Kemi. NER 300 is one of the world’s largest funding programmes for innovative low-carbon energy demonstration projects. The application was prepared by Spinverse.

“We are delighted with the commission’s decision. Granting the NER 300 subsidy for the Kemi biofuel refinery, together with the positive message of the European Commission’s summer package, strengthens Kaidi’s opportunities to advance the project significantly. It is also a clear sign that the commission believes in the project, and in the developing biofuel market,” says Pekka Koponen, CEO of Kaidi Finland. The subsidy was initially granted in 2012 for the realization of a biofuel refinery planned by Vapo but the project halted in 2014.

Driving Europe’s transition to a low-carbon economy, European Commission just published new targets for Member States on greenhouse gas emission reductions. The Commission’s package of measures highlights the clear objectives for the advanced biofuels and the mixing obligations in creating the biofuel markets.

“The contents of the summer package and the publication of the mandatory national emission goals show that the European Union is committed to cutting the emissions made by traffic. Advanced biofuels have a key role for Finland in achieving the goals in reducing emissions. The next step is to ensure that the commission’s vision is included in all of the upcoming propositions,” says Koponen.

The total investment for the plant is estimated to be up to EUR 1 billion. Based on the current taxation it is estimated to bring over 200 million euros of annual tax revenues. In addition to hundreds of subcontracting jobs, the refinery would create 150 full-time positions at the refinery once operational. Overall, the construction process will bring about an additional 4,000 man-years of work. Discussions with subcontractors and other stakeholders are ongoing. The final investment decision for the biofuel refinery will be made by the end of 2016.

In addition to the preparation of the application, Spinverse’s role in the biofuel refinery project is to acts as Kaidi’s representative in Finland. Spiverse coordinates the business development, planning, financing and partner selections of the project.

Established in 2016, Kaidi Finland is a renewable energy company, which plans to build a second generation biodiesel refinery in Ajos, Kemi by the end of 2019. Kaidi Finland is owned by one of China’s largest biorefining actors, Sunshine Kaidi New Energy Group. Established in 1992 it currently has biomass-based power plant engineering and operations around China and in Vietnam.
For more information visit www.kaidi.fi

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