OP Corporate Bank plc grants 25 million euros for the development of the Stiga RM wood processing plant in Ogre

This is already the third financing provided by OP Corporate Bank plc for the project in Ogre – previously, the bank granted 18.2 million euros for the first phase of the factory’s development, as well as co-financed the acquisition of the former sawmill “Norupe”, providing a loan of 4.2 million euros.

The total investment in the creation of the new birch plywood factory is approximately 92 million euros, of which 47.4 million is provided by OP Corporate Bank plc, 10 million is attracted through the ALTUM program “Large Investment Loan with Capital Discount”, while the remaining amount will be invested by the company itself, fully financing the construction works of the factory.

Stiga RM’s goal is to create a modern and sustainable infrastructure for the production of high-quality wood products at the site of the former sawmill “Norupe”. This will be the third Stiga RM wood processing plant in Latvia.

Elmārs Prikšāns, General Manager of OP Corporate Bank plc Latvian branch, emphasizes: “We are pleased to be alongside Stiga RM in its development and to support such an ambitious and significant project. This is an important investment in Latvia’s regional growth, sustainable manufacturing, and export capacity. We have already provided substantial financing for the establishment of this factory, and with the new loan, we further strengthen our long-term cooperation and support for the growth of the wood industry in Latvia.”

Andris Ramoliņš, Chairman of the Board and owner of Stiga RM: “OP Corporate Bank plc has once again become part of our development story, and this means a lot to us. Thanks to this trust and partnership, we can continue to build production based on innovation, the highest quality standards, and sustainable resource use.”

Currently, work is underway on the first phase of the factory’s development, which is planned to be completed by the end of 2026. Construction of the second phase is scheduled to begin in the spring of 2027, while equipment ordering will start already in 2026. Both phases are expected to be completed by the beginning of 2029.

About SIA Stiga RM

Stiga RM is a family-owned company from Tukums, founded in 1994 with the aim of contributing to Latvia’s prosperity by responsibly managing forest areas. On its properties, covering more than 12,500 hectares, most of which are forest land, the company carries out a full forest management cycle based on sustainable forestry principles. Each year, Stiga RM plants more than 400 hectares of new forest and carries out young stand maintenance on 700 hectares. At its facility in Kuldīga, high-quality Latvian birch wood is used to produce birch plywood. Meanwhile, in Tukums, the world’s most modern wood wool cement board (WWCB) production plant is currently being built. The company also offers roundwood transportation services, operating the largest timber truck fleet in the Baltic and Scandinavian countries.

About OP Corporate Bank plc Latvian branch

OP Corporate Bank plc is the central bank of OP Pohjola, Finland’s largest financial services provider. It began operations in Latvia in 2012 and is now one of the leading banks in Latvia in terms of loan volume issued to medium and large enterprises. OP Corporate Bank plc Latvian branch provides financial services to leading companies in Latvia and plays a significant role in the long-term development of the country and the entire region.