Sweden: EIB and NIB to provide €371 million with InvestEU backing for H2 Green Steel’s large-scale production of steel with minimal carbon footprint

• The EIB and NIB financing, backed by the European Union’s InvestEU programme, is part of a project finance deal for the construction and development of H2 Green Steel’s large-scale steel plant in Boden, Sweden.
• The green steel will be produced with up to 95% fewer CO₂ emissions compared to the current manufacturing process.
• This ground-breaking European flagship project is essential for the decarbonization of the primary steel industry, one of the hard to abate sectors.

The European Investment Bank (EIB) and the Nordic Investment Bank (NIB) will take part in the project finance deal to support H2 Green Steel’s large-scale production facility in Northern Sweden. The EIB will contribute €314 million, of which €200 backed by a guarantee from the European Commission under the InvestEU programme, and €114 million of intermediated financing to be provided through commercial banks participating in the project financing. The Nordic Investment Bank will provide €57 million to the project finance package, of which €9 million supported under InvestEU.

Sweden: EIB and NIB to provide €371 million with InvestEU backing for H2 Green Steel’s large-scale production of steel with minimal carbon footprint