- Reinforces PATRIZIA’s access to institutional capital across infrastructure platforms
- Enhances long-term financing flexibility for Norway’s second-largest waste-to-energy operator
- Demonstrates continued scaling of PATRIZIA’s circular economy and renewable energy strategy
Oslo. London. 4 March 2026. PATRIZIA, an investment manager in global real assets, has secured approximately EUR 175 million (across NOK tranches) in new senior and junior debt financing for the Norwegian waste-to-energy platform, SAREN Energy AS (“SAREN”), managed by PATRIZIA, supported by Nordic and international lenders.
Graham Matthews, Head of Fund Management Infrastructure at PATRIZIA, commented: “This refinancing demonstrates the strength of PATRIZIA’s platform approach to infrastructure investing: by actively strengthening capital structures and supporting expansion, we enhance the resilience and long-term value of critical assets while maintaining strong relationships with institutional lenders. Over the last twelve months, we have raised and closed more than EUR 1.6 billion of debt across our pan‑European infrastructure programme, further evidencing the depth and credibility of our European mid-market platform.”
Fredrik Naesse, Director at PATRIZIA, added: “SAREN is a well-established platform with strong local roots and a critical role in Norway’s energy and waste infrastructure, and as long-term owner our role is to support its continued development. By working closely with management and local stakeholders, we aim to strengthen SAREN’s position as a reliable provider of low-carbon energy and a constructive consolidator in the Norwegian market.”
SAREN is the second-largest waste-to-energy operator in Norway, delivering approximately 500 GWh of energy annually and treating around 250,000 tonnes of residual waste. The platform plays a critical role in diverting waste from landfill while supplying reliable, low-carbon energy to municipalities, industrial customers and local communities.
The refinancing replaces prior debt arrangements and establishes a flexible, long-term capital structure aligned with SAREN’s continued organic and inorganic growth strategy. It follows the recent completion of a c. EUR 60 million capex expansion in Tromsø, increasing SAREN’s installed waste-to-energy capacity by 16% and strengthening the platform’s strategic position within Norway’s critical energy infrastructure.
Magnus Bjertnes, CFO of SAREN Energy, commented: “This refinancing provides SAREN with the financial flexibility to continue strengthening our position as a leading waste-to-energy operator in Norway. Following the successful expansion of our Tromsø facility, we are well positioned to enhance operational performance, support future growth and continue delivering reliable, low-carbon energy to the communities and industrial customers we serve.”
This transaction demonstrates PATRIZIA’s broader strategy of actively optimising capital structures across its infrastructure portfolio. In recent years, PATRIZIA has executed multiple refinancings across its European platforms, reinforcing consistent access to institutional capital markets and demonstrating the scalability of its mid-market infrastructure model.
SAREN forms part of PATRIZIA’s growing European circular economy and renewable energy portfolio, which includes energy-from-waste and advanced selection and treatment facilities, biomethane, distributed renewable energy and district heating platforms. Through these investments, PATRIZIA supports energy recovery from residual waste streams, reduces landfill dependency and contributes to national climate and resource-efficiency objectives.
Across its global decarbonisation assets, PATRIZIA manages a portfolio with an enterprise value of over EUR 2.2 billion, underscoring its long-term commitment to delivering resilient, sustainable infrastructure aligned with the transition megatrends shaping modern societies, and supported by diversified institutional capital.
SAREN was advised by ICECAPITAL Securities (financial), Milbank LLP (UK legal), and Wiersholm (Nordic legal).
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PATRIZIA: Investment manager for international smart real assets
PATRIZIA has been providing investment opportunities in smart real assets for institutional, semi-professional, and private investors for more than 40 years, focusing on real estate and infrastructure. PATRIZIA’s investment solutions are driven by the “DUEL” megatrends - digital, urban, energy and living transitions - and capitalise on the opportunities arising from these transformative global shifts. PATRIZIA currently has approximately EUR 56bn in assets under management (AUM) and employs around 800 professionals across 26 locations worldwide.
PATRIZIA has been committed to making a positive impact since its founding. In 1992, the company began collaborating closely with Bunter Kreis (“Colourful Circle”) in Germany to provide aftercare for children with severe diseases. 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.