Global law firm Norton Rose Fulbright has advised a consortium of lenders on the financing of Solör Bioenergy Group’s acquisition of Falbygdens Energi AB from Nordion Energi.
A London-based team led by banking partner and Head of Nordic Tomas Gärdfors advised CIBC, Commerzbank, DNB, KfW IPEX-Bank, SEB and Siemens Financial Services through Siemens Bank as senior lenders and Brookfield as junior lender on the ca. SEK7,980,000,000 financing to Solör Bioenergy Group including acquisition facilities for its acquisition of Falbygdens Energi AB.
The acquisition of Falbygdens Energi AB enters into force in May 2021. Solör Bioenergy Group will acquire the entire company, including district heating and the fibre network in the towns of Falköping, Stenstorp and Floby in Västra Götaland, Sweden. The business will be run under the Solör brand. Electricity network operations in Falköping and the surrounding area will continue to be owned and operated by Nordion Energi under the Falbygdens Energi brand.
The production of district heating by Falbygdens Energi amounts to 160 GWh energy annually, including district heating, steam and electricity, and is marked “Good Environmental Choice” according to Swedish environmental standards.
Tomas Gärdfors comments:
“As the world transitions towards net zero goals, and strives to make its cities and infrastructure more sustainable, renewably-generated district heating will only continue to grow in importance as a technology. The Nordic countries are leading the way in the use of district heating in this way, and we expect it to be a trend adopted across Europe and further afield in the coming years.”
Tomas was supported by London-based counsel Rosa Mottershead.