- Statkraft sells its district heating business for NOK 3.6 billion.
- The sale is to Patrizia SE and Nordic Infrastructure AG.
- Statkraft aims to focus on hydropower, wind, solar, and batteries.
- Completion is expected by year-end, pending regulatory approval.
Transaction Overview
Statkraft has signed an agreement to sell its district heating business to a consortium owned by Patrizia SE and Nordic Infrastructure AG. The sale price is NOK 3.6 billion, and the transaction is expected to be completed by the end of the year, pending approval from Norwegian competition authorities.
Strategic Shift
This sale aligns with Statkraft's strategy to concentrate on fewer technologies, specifically hydropower, wind power, solar energy, and batteries. The capital from the sale will support these prioritized areas, allowing Statkraft to invest in Norwegian hydropower and wind power projects.
District Heating Business
Statkraft Varme, the district heating unit, has been operational since 1982 and serves around 40,000 customers across 13 locations in Norway and Sweden, delivering approximately 1.2 TWh of energy annually. The business is a significant player in the Nordic district heating market, which is heavily regulated by authorities.
Future Plans
Patrizia SE, through its subsidiary SAREN Energy, already operates several energy recovery and heating companies in Norway. The acquisition of Statkraft Varme is part of their strategy to develop sustainable energy solutions and integrate local expertise with their global platform.
