Swedish agricultural collective Lantmännen has been granted a €50m loan from the European Investment Bank (EIB) to co-finance a new plant for the production of pea protein isolate in Lidköping, Sweden.

The plant, expected to be completed in the first half of 2027, is described as a ‘first-of-its-kind’ in Sweden with an annual capacity to process over 40,000 tonnes of peas grown by Lantmännen’s members.

It will produce high-quality plant-based protein that can be used in a wide range of food and beverage applications, from protein bars and drinks to bread, dairy alternatives 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. The €50 million EIB loan corresponds to around half of the project’s total investment cost.

Peas and field beans are versatile crops that require relatively little water and plant nutrients, bringing sustainability and biodiversity benefits. By increasing the use of Swedish-grown legumes, the proportion of imported soya in food production can be reduced, further strengthening Sweden and the EU’s sustainability ambitions.

Michael Sigsfors, chief financial officer at Lantmännen, said: “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”.

He added: “Promoting exports and increasing food production leads not only to increased profitability for farmers, but also to more robust food preparedness”.