• EIB provides a €50 million loan to Lantmännen to build a new factory producing pea protein in Sweden
• Financing to strengthen EU food security and reduce dependence on imported proteins
• Project will promote sustainable agriculture and help create jobs

The European Investment Bank (EIB) has granted a €50 million loan to Lantmännen to co-finance the construction of a new pea protein isolate factory in Lidköping. The loan will cover approximately half of the project investment cost.

The first of its kind in Sweden, the factory will have an annual processing capacity of over 40 000 tonnes of peas grown by Lantmännen cooperative members. It is expected to be completed in the first half of 2027 and to create around 30 jobs in the region.

The plant will manufacture high-quality plant proteins that can be used across a range of products from protein bars and drinks to bread, plant-based milks and meat substitutes – a recipe for replacing animal protein sustainably.

The project is in line with EU targets for increasing plant protein self-sufficiency, promoting sustainable agriculture and reducing climate impact.

“By supporting Lantmännen’s investments in pea protein production, we will strengthen both food security and climate action in Sweden and across the European Union,” said EIB Vice-President Thomas Östros. “This project is also a great example of how EU cooperation can deliver benefits on the ground.”

Peas and beans are versatile and climate-friendly crops that need a relatively low amount of water and nutrients and are good for biodiversity. The use of legumes grown in Sweden will mean that the share of imported soybeans in food production can be reduced, further backing Swedish and EU sustainability goals.

“We are delighted that the EIB recognises the long-term value of investment in the food of the future – plant protein – and that it has chosen to support our Lidköping facility,” said Lantmännen Chief Financial Officer Michael Sigsfors. “Promoting exports and expanding food production not only leads to better profitability for farmers, but also ensures improved food security. This is a grand and important project, and I am happy that the EIB is supporting our work to this end.»

Background information  

EIB 

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

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Lantmännen

Lantmännen is an agricultural cooperative and northern Europe’s leader in agriculture, machinery, bioenergy and food products. Owned by 17 000 Swedish farmers, Lantmännen has 12 000 employees, operations in over 20 countries and an annual turnover of SEK 70 billion. With grain at the heart of the operations, Lantmännen refines arable land resources to make farming thrive. Some of Lantmännen’s best-known food brands are AXA, Kungsörnen, Scan, Korvbrödsbagarn, GoGreen, FINN CRISP and Bonjour. The company is founded on the knowledge and values acquired through generations of farmers. By engaging in research, development and operations throughout the value chain, Lantmännen takes responsibility from farm to fork.