The European Bank for Reconstruction and Development will lend 10 million euros ($13.1 $million) to Serbia’s Victoria Group to start using biomass fuel at its oilseed crushing units.
The loan will provide biomass-fired boilers at Sojaprotein AD, the biggest soy bean processor in the Balkans, and at Victoria Oil that makes cooking oil, the London-based lender said in an e-mailed statement.
“The project will help Victoria Group cut its consumption of fossil fuels by 20,000 tons per year, which will result in a substantial cost saving of 5.8 million euros,” the EBRD said. The boilers will also reduce the company’s carbon footprint by an estimated of 58,000 tons of carbon dioxide annually, it said.
This project is part of the EBRD’s 50 million-euro Agribusiness Sustainable Investment Facility, or ASIF, launched last year.