European Investment Bank co-finances Lantmännen’s new plant for pea protein
EIB provides a €50 million loan to Lantmännen to build a new factory producing pea protein in Sweden.
Lantmännen has received €50 million in co-finance from the European Investment Bank (EIB) to develop a new pea protein plant in Sweden.
The investment lessens reliance on imported proteins and corresponds to about half of the project’s investment cost. The project supports the EU’s objectives to lessen its influence on the climate, encourage sustainable agriculture, and boost plant protein self-sufficiency.
This is the first plant of its kind in Sweden, with an annual capacity to process over 40,000 tonnes of peas grown by Lantmännen’s members. The plant is expected to be completed in the first half of 2027 and is expected to contribute about 30 new jobs in the region.
The plant will produce high-quality plant-based protein that can be used in everything from protein bars and drinks to bread, plant-based dairy products and meat alternatives.
The project is in line with the EU’s goals to increase self-sufficiency in plant proteins, promote sustainable agriculture and reduce climate impact.
“By supporting Lantmännen’s investment in the production of pea protein, we strengthen both the food supply and climate work in Sweden and in the EU. It is also a very good example of how European cooperation can create local benefits,” says Thomas Östros, vice-president of the European Investment Bank.
Peas and field beans are climate-smart and versatile crops that require relatively little water and plant nutrients, as well as benefit biodiversity. By increasing the use of Swedish-grown legumes, the proportion of imported soy in food production can be reduced, which further strengthens Sweden’s and the EU’s sustainability goals.
“It is gratifying that the European Investment Bank sees the long-term value in our investment in the food of the future – plant-based protein – and chooses to support our facility in Lidköping. Promoting exports and increasing food production leads not only to increased profitability for farmers, but also to more robust food preparedness. It is a fine and important assignment, and I am pleased that the European Investment Bank supports our work with this,” says Michael Sigsfors, chief financial officer, at Lantmännen.
