LONDON: Maxima LT and the Nordic Investment Bank (NIB) have signed a 10-year EUR 52 million loan agreement, a release issued to London Stock Exchange (LSE) noted. Maxima Grupė‘s companies in the Baltics will allocate money for green investments.

“We were seeking to diversify sources of financing and focused on long-term financing, therefore we see the loan granted by NIB as the indication of trust that financial institutions have in our company. 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. One of the main priorities set out in Maxima Grupė’s strategy is operating in an efficient and sustainable manner, which is why, considering the scale of our companies’ activities, we seek to adopt solutions that are more environmentally friendly,” said Maxima Grupė’s chief financial officer Vitalij Rakovski.

The investments will go to enhancing the energy efficiency of newly opened and renovated stores of the Maxima retail chain in the Baltic States. That will be done by upgrading the stores’ refrigeration systems and cooling technologies, installing energy-saving lighting solutions, and building solar power plants.

“The project will result in both energy efficiency improvements as well as a better shopping experience for the customers. Maxima Grupė 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”, says Henrik Normann, NIB president and CEO.

The EUR 52 million will be invested over the next 3 years, with part of that already this year. The refurbishment of Maxima chain will benefit the company in energy savings, as annual energy usage is expected to decrease by 40 GWh – more than 30 percent of annually used energy will be saved in reconstructed objects. Moreover, the installation of solar panels is estimated to produce 13 GWh of renewable energy every year, reducing the use of externally sourced power in Maxima’s operations.