Finnish geothermal business Geonova is acquiring a portfolio of operational heating assets from One1.
Geonova is investing an unspecified sum to acquire ground source heat pumps, biofuel boilers and rooftop solar installations from the Finnish renewable energy solutions provider.
The assets being acquired are contracted under an energy-as-a-service model, with long-term agreements ranging from 10 to 20 years.
Geonova is owned by funds managed by CBRE Investment Management and LämpöYkkönen. The transaction will be funded by a capital injection from funds managed by CBRE IM.
Tapo Lehtoranta, Geonova’s CEO, said: “It’s beneficial for customers that the industry is gaining larger players with more extensive service offerings than smaller providers. For example, if geothermal heating isn’t feasible in a certain area, we’re able to offer alternative solutions.”
Lehtoranta said Geonova aims to be a leader in the transition toward property-specific heating transformations.
“At the same time, we are supporting Finnish society in moving away from combustion-based heating solutions,” Lehtoranta added.
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