Patrizia is acquiring Statkraft’s district heating operations in Norway and Sweden in a €312m deal.
The global real assets fund manager said it has agreed to acquire Statkraft Varme at a price that includes a contingent earn-out linked to the company’s future performance.
Statkraft Varme operates 13 plants and a distribution network, supplying low-carbon thermal energy generated from renewable and surplus sources to customers in Norway, including its flagship Trondheim asset, and Sweden.
Fredrik Naesse, director at Patrizia, said: “At Patrizia, we invest for the long term, building sustainable businesses in close partnership with management and stakeholders. Our acquisition of Statkraft Varme reflects this strategy.
“We see strong foundations in the business and by integrating local expertise with our global platform we aim to accelerate the deployment of resource-efficient solutions to support Norway’s transition to a low-carbon economy.”
Henrik Sætness, executive vice president at renewable energy firm Statkraft, said: “District heating is an important part of the green transition and the move toward a more circular economy. The use of surplus energy helps free up critical capacity in the power grid. We are confident that we have now entered into an agreement with companies that have the experience and capability to continue the excellent work carried out by our employees in Statkraft Varme.
“By concentrating on our core activities and prioritising investments closely aligned with them, we aim to ensure continued growth and value creation for the company. The sale of the district heating business contributes capital to support this strategy.”
Graham Matthews, head of fund management infrastructure at Patrizia, said: “This transaction highlights the strategic role of district heating within our broader circular economy portfolio. Statkraft Varme strengthens our scale and diversification in sustainable infrastructure.
“District heating exemplifies the megatrends shaping our economies – energy transition, urbanisation and the way we live – and reinforces Patrizia’s leadership in delivering resilient, low-carbon assets that create long-term value for our investors and communities.”
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