The European Investment Bank (EIB) has committed a loan of EUR 50 million to Lantmännen, a leading Swedish agricultural cooperative, to support the construction of a pea protein processing plant in Lidköping, Sweden. This investment is designed to bolster food security and reduce the European Union’s reliance on imported proteins, aligning with the EU’s broader goals of enhancing self-sufficiency in plant-based protein production and promoting sustainable agricultural practices.
“We are strengthening both food security and climate efforts in Sweden and the EU”
The new facility, expected to be completed by mid-2027, will have an annual processing capacity of more than 40,000 tons of peas, primarily sourced from Lantmännen’s farmer members. The plant will produce pea protein isolate, a key ingredient for plant-based foods such as protein bars, drinks, dairy alternatives, and meat substitutes. The investment is also anticipated to create around 30 new jobs in the region.
Michael Sigsfors, CFO of Lantmännen, stated, “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 security.”
Peas, known for their low environmental impact, require minimal water and nutrients compared to other crops and support biodiversity. By increasing domestic production of legumes, the project seeks to decrease Sweden’s dependence on imported soy, further contributing to sustainability goals within the EU.
Commitment to food security
This project is part of the EIB’s ongoing commitment to financing initiatives that align with the EU’s strategic objectives, including climate action, digital innovation, and sustainable agriculture. The EIB stresses the importance of investing in local, sustainable food production systems that contribute to both economic resilience and environmental sustainability.
Thomas Östros, vice president of the EIB, commented on the investment’s broader impact, saying, “By supporting Lantmännen’s investment in the production of pea protein, we are strengthening both food security and climate efforts in Sweden and the EU. It is also a very good example of how European cooperation can create local benefits.”
