Montes del Plata is a joint venture of Stora Enso (Finland) and Arauco (Chile) which is building a large pulp mill project in Uruguay. The Project comprises 1.3 million tons per year pulp mill, a deepwater port and a power generating unit based on renewable resources. The new pulp mill is expected to be operational by the end of the first quarter of 2013.
The total investment is estimated to be approximately US$ 1.9 billion. The Project is financed by a US$ 454 million IDB loan and by a US$ 900 million loan granted by Fortis Bank SA/NV, DNB Nor Bank ASA, Nordea Bank Finland PLC, and Banco Santander S.A. The deal closed on November 14. This completes the process of external financing needed for the project.