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International Internet Magazine. Baltic States news & analytics Monday, 06.07.2020, 12:24

NIB finances the renewal of Maxima Grupe’s companies in the Baltics

BC, Vilnius, 06.08.2019.Print version
NIB and the Lithuanian retail company Maxima LT, UAB have signed a EUR 52 mln loan agreement to finance the company’s investments in its retail network renewal, informed NIB in the press-release.

The ten-year loan will finance Maxima Grupe’s store refurbishment programme in Lithuania, Latvia and Estonia.

With the programme, Maxima will upgrade 31 of its already existing stores into more energy efficient buildings. The project includes investments in environmentally advanced refrigeration technology and cooling systems, energy-saving lighting and the installation of solar panels. The renewal will also reflect the changing needs of customers by making shopping more convenient.

The refurbishment will benefit the company in energy savings, as annual energy usage in the reconstructed stores will decrease by around 40 GWh – at least 30% compared to the current levels. Moreover, the installation of solar panels is estimated to produce 13 GWh of renewable energy annually, reducing the use of externally sourced power in Maxima’s operations.

“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”, says Henrik Normann, NIB president and CEO.

“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“, adds Vitalij Rakovski, Maxima Grupe’s CFO.

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 with operations in Lithuania, Latvia, Estonia, Poland and Bulgaria. It has a network of 1,000 stores and is the biggest private employer in the Baltics, providing workplaces for around 40,000 employees.

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