District heating leader Statkraft Varme joins PATRIZIA to advance low-carbon energy transition in the Nordics

District heating leader Statkraft Varme joins PATRIZIA to advance low-carbon energy transition in the Nordics

(IN BRIEF) PATRIZIA has agreed to acquire Statkraft Varme, the district heating business of Statkraft AS, in a deal worth up to EUR 312 million. Statkraft Varme operates 13 plants in Norway and Sweden, supplying low-carbon heating to households, businesses, and municipalities. The acquisition strengthens PATRIZIA’s leadership in sustainable infrastructure and supports its buy-and-build strategy across the European circular economy. Statkraft Varme will join a portfolio that includes waste-to-energy, social infrastructure, and smart utility platforms, bringing PATRIZIA’s global decarbonisation assets to an enterprise value of EUR 2.2 billion. The transaction underlines the importance of district heating in advancing Europe’s energy transition and urban resilience.

(PRESS RELEASE) AUGSBURG/ OSLO/ STOCKHOLM, 30-Sep-2025 — /EuropaWire/ — PATRIZIA, a global real assets investment manager, has signed an agreement to acquire Statkraft Varme, the district heating arm of Statkraft AS. The deal, valued at up to EUR 312 million (NOK 3,626 million) including performance-based earn-outs, involves the purchase of 100% of the shares in the company and strengthens PATRIZIA’s mid-market leadership in sustainable infrastructure and circular economy platforms.

Statkraft Varme is one of the most established providers of district heating in Norway and Sweden, with 13 operational plants including a flagship facility in Trondheim. Its extensive network supplies households, municipalities, and businesses with reliable, low-carbon heat generated from renewable sources and surplus energy. The business plays a pivotal role in supporting local communities and national climate targets by delivering efficient thermal energy that reduces emissions while easing pressure on power grids.

For PATRIZIA, the acquisition builds on a track record of managing sustainable infrastructure platforms across the Nordic region, including Kinland, a social infrastructure provider, and SAREN Energy, a major waste-to-energy business. Earlier this month, Kinland secured EUR 900 million in new financing to support its growth, demonstrating PATRIZIA’s long-term investment approach in essential infrastructure.

Commenting on the agreement, Fredrik Naesse, Director at PATRIZIA, said: “Our acquisition of Statkraft Varme reflects our strategy of investing in sustainable businesses with strong local roots. By combining local expertise with our global platform, we aim to accelerate the rollout of energy-efficient and resource-conscious solutions that support Norway’s transition to a low-carbon economy.”

Statkraft emphasized that the sale aligns with its strategic priorities. Henrik Sætness, Executive Vice President at Statkraft, noted: “District heating is a key part of the green transition and the circular economy. By transferring the business to experienced long-term owners, we are ensuring its continued success while sharpening our focus on core activities and targeted investments.”

Graham Matthews, Head of Fund Management Infrastructure at PATRIZIA, highlighted the broader significance: “District heating perfectly illustrates the megatrends driving infrastructure – from energy transition to urbanisation. Adding Statkraft Varme to our portfolio enhances diversification and scale while reinforcing our role in delivering resilient, low-carbon assets that create value for both investors and communities.”

This transaction forms part of PATRIZIA’s long-running buy-and-build strategy in Europe’s circular economy, which already includes platforms such as SAREN Energy, Ecotermica Servizi, Renergia, and Greenthesis. Together, these assets handle more than 1.5 million tonnes of material annually, generating around 2,000 GWh of renewable energy for district heating, industrial use, and power generation. Globally, PATRIZIA now manages decarbonisation infrastructure assets with a combined enterprise value of approximately EUR 2.2 billion.

DNB Carnegie acted as financial and debt adviser to PATRIZIA, with legal advice provided by Wiersholm.

Contact

Matthew Richards
+44 7471 999746
Matthew.Richards(at)patrizia.ag

PATRIZIA

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 900 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.

Statkraft

Statkraft is a leading international company in hydropower and Europe’s largest supplier of renewable energy. The group produces hydropower, wind power, solar power, and gas power, and delivers district heating. Statkraft is a global market player in energy trading, with around 7,000 employees in more than 20 countries.

SOURCE: PATRIZIA