Infranode enters the Norwegian market through an acquisition of a 33% ownership stake in Akershus Energi Varme
Infranode I has completed its third investment through an acquisition of 33% of the shares in the district heating company Akershus Energi Varme AS (“AEV”) from Akershus Energi AS (“AE”).
“This investment represents the essence of our investment strategy; a strongly aligned co-ownership with a municipal owner, a bilateral off-market process and confirmation of our Nordic focus by way of our first transaction in Norway. Having worked closely with AEV over the last few months we have become impressed by the management and operations of the company and are confident in their ability to execute on the company’s growth focused business plan.” says Philip Ajina, Founding Partner of Infranode.
Akershus Energi AS is a mid-sized utility located in, and owned by, Akershus County east of Oslo. AE’s two main business areas are hydropower and district heating. Akershus Energi Varme AS has concessions in Lillestrøm (one of the most modern district heating facilities in Europe), Lørenskog, Skedsmokorset, Sørumsand and Årnes. Current annual production amounts to ca. 160 GWh (normal weather) with significant growth potential linked to the expected population growth in the region where greater Oslo is currently one of the fastest growing areas in Europe.
“With Infranode as a co-owner AEV will be strengthened financially, and we get a professional and growth oriented co-owner” says Jørn Myhrer, CEO of Akershus Energi. “We have been looking for a partner to strengthen our district heating business for a long time and are very pleased to see that it is Infranode that becomes our co-owner.” Myhrer adds.
“The high sustainability factor and strong growth prospects of the investment are attractive features for our investors.” says Christian Doglia, Founding Partner of Infranode.
Infranode was advised by Pöyry, Wiersholm and Deloitte.
For further information contact:
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