PATRIZIA Infrastructure completes SAREN Energy merger to create a NOK 3.5 billion (EUR 350 million) Norwegian district heating platform

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

  • With the successful merger of SAREN Energy and Kvitebjørn Varme, PATRIZIA Infrastructure has created one of the largest district heating operators in Norway
  • With the merger, SAREN Energy has three strategically located modern energy from waste (EfW) facilities and a district heating network in Norway
  • The new platform will support decarbonisation efforts in Norway by exploring carbon capture and storage (CCS) in the coming years
  • The merger supports PATRIZIA’s ESG strategy to achieve net zero carbon status across its corporate operations and real assets portfolio by 2040 or earlier

London, Oslo, 22 August 2022. PATRIZIA, a leading partner for global real assets, has completed the merger of SAREN Energy AS (SAREN Energy) with Kvitebjørn Varme AS (KVAS), a district heating operator in Tromsø, northern Norway. SAREN Energy, which is owned by instutional PATRIZIA clients, 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.

Matteo Andreoletti, Head of Infrastructure Equity, Europe and North America at PATRIZIA, said: “Through this merger, we are creating one of Norway’s largest district heating companies with a diversified asset base that is well-positioned for future growth. By combining the assets, we are taking an important step in accelerating our decarbonisation strategy for SAREN Energy through knowledge sharing and cost synergies, while at the same time ensuring that our investors benefit from attractive risk-adjusted returns and favourable market dynamics.”

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 (KEAS), 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.

Anders Ombustvedt, Chairman of Kvitebjørn Energi AS, said: “Having worked closely with the PATRIZIA Infrastructure team since they co-invested in Kvitebjørn Varme in 2018, this merger is an exciting milestone in the creation of a platform that can produce even more reliable and low carbon energy for customers.”

PATRIZIA is committed to achieving net zero carbon status across its corporate operations and real asset portfolio by 2040 or earlier, with investments in infrastructure that can facilitate a wider societal shift towards the decarbonisation of energy supply – a key pillar of this strategy. Read more here.

PATRIZIA Infrastructure was advised by DNB Markets, Wiersholm, AFRY, SWECO/DNV, Deloitte and Willis Towers Watson. The lenders were advised by Thommessen, while the seller was advised by Pareto Securities and BAHR.


PATRIZIA: A leading partner for global real assets

With operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 38 years. PATRIZIA manages more than EUR 56 billion in assets and employs over 1,000 professionals at 28 locations worldwide. Through its PATRIZIA Foundation, PATRIZIA is committed to social responsibility. The Foundation has helped around 250,000 children in need worldwide gain access to education and thus, has given them the chance of a better life over the last 23 years. You can find further information at

SAREN ENERGY AS: A platform for reliable and low carbon energy

SAREN owns and operates three plants in Norway: Kvitebjørn Varme AS (Tromsø), Kvitebjørn Bio-el AS (Fredrikstad) and Sarpsborg Avfallsenergi AS (SAE). The plants produce over 500 GWh of reliable and low carbon energy in the form of district heating, industrial steam and power to customers.


Contact Details

Ed Whittaker
Corporate Communications
Phone: +44 207 761 3454