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PATRIZIA Infrastructure completes SAREN Energy merger

Real assets investment specialist PATRIZIA has completed the merger of SAREN Energy with Kvitebjørn Varme AS (KVAS), a district heating operator in Tromsø, northern Norway. 

SAREN Energy, which is owned by PATRIZIA investors, including PATRIZIA European Infrastructure Fund II (EIF II), is now one of the largest district heating operators in Norway delivering up to 525 GWh of energy per year.
 
Following the merger, the combined entity comprises three EfW facilities and a district heating network and will deliver a diverse revenue stream from selling heat, steam and electricity in both southern and northern Norway. The assets are strategically positioned and include the sole long-term district heating concession holder in Tromsø, above the Arctic Circle, as well as two energy recovery plants in Norway’s southeast region providing industrial steam, heat and power in major industrial and logistic hubs.
 
SAREN Energy is capable of delivering 525 GWh and recovering energy from 180,000 tons of waste per year. The new platform has several ongoing initiatives to implement carbon capture in the coming years, helping address decarbonisation in Norway.
  
SAREN Energy was established in 2020 following a merger of Sarpsborg Avfallsenergi AS and Kvitebjørn Bio-El AS. It delivers low carbon energy by diverting waste away from landfills while providing a local solution for the treatment of waste, thereby playing an important role in enabling the circular economy within the region. SAREN Energy contributes to a number of UN Sustainable Development Goals, including Affordable and Clean Energy, Industry Innovation and Infrastructure and Responsible Consumption and Production.
 
Kvitebjørn Energi AS, co-shareholder in KVAS, has sold down part of its shareholding as part of the merger and will retain a minority stake in the combined entity.

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