Statkraft's district heating business sold to experienced owners

In May 2024, Statkraft announced that the company would seek new owners for “Statkraft Varme”. The agreement now signed is an important milestone in the company's efforts to focus its operations on fewer technologies and prioritize efforts in hydropower, wind power, solar energy, and batteries in selected markets. The purchase price is agreed at NOK 3.6 billion, and together with expected future investments in district heating, it will free up capital for these prioritized areas. 

"District heating is an important part of the green energy system and the transition towards a more circular economy. The use of surplus energy helps to free up important capacity in the power grid. We are pleased to have reached an agreement with companies that have the experience and ability to continue the good work done by our employees in Statkraft Varme," says Henrik Sætness, Executive Vice President at Statkraft.  

Statkraft Varme has been engaged in energy recovery and district heating since 1982. Today, the business is a significant player with 13 locations in Norway and Sweden, delivering around 1.2 TWh of energy annually to more than 40,000 customers. District heating is heavily regulated by the authorities and is an important part of the energy system and value creation in the areas where it is located. All employees in Statkraft Varme will follow the sale and retain their rights according to applicable regulations. 

"Statkraft has big plans for investment in Norwegian hydropower and wind power, to ensure profitable power production adapted to future needs. The sale of the district heating business contributes capital to this strategy," continues Henrik Sætness. 

"At PATRIZIA, we think long-term and build sustainable businesses in close collaboration with companies and other stakeholders. Our acquisition of Statkraft Varme reflects this strategy. We see a well-run company, and by integrating local expertise with our global platform, we aim to further develop sustainable solutions to support a low-emission energy supply," says Fredrik Næsse, Director at PATRIZIA responsible for energy investments in the Nordics. 

 "PATRIZIA, through SAREN Energy, already owns and operates several companies in Norway within heating and energy recovery. This includes Kvitebjørn Varme in Tromsø, SAREN Energy Sarpsborg, and SAREN Energy BIO-EL," continues Fredrik Næsse. 

The sale is subject to approval by the competition authorities in Norway and is expected to be completed by the end of the year. 

About PATRIZIA  

For over 40 years, PATRIZIA has offered investment opportunities in assets for institutional, semi-professional, and private investors, focusing on real estate and infrastructure. PATRIZIA's investment solutions are driven by digital, urban, energy, and housing trends - leveraging the opportunities arising from these global shifts. PATRIZIA currently has approximately EUR 56 billion in assets under management (AUM) and employs around 900 professionals at 26 locations worldwide. 

PATRIZIA has been committed to making a positive impact since its founding. In 1992, the company began working closely with Bunter Kreis in Germany to provide aftercare for children with serious illnesses. Since 1999, the PATRIZIA Foundation has provided more than 750,000 children and young people worldwide with access to education, healthcare, and a safe home, enabling them to live better, self-determined lives. 

About Nordic Infrastructure AG (NIAG)  

Nordic Infrastructure AG ("NIAG") is an industrial investment company wholly owned by the four founding partners of the Solør Group. NIAG is the main shareholder in Solør Bioenergi, and the strategy is to be a long-term, active, and driving owner within renewable energy in Sweden and Norway.