Global law firm Norton Rose Fulbright has advised the senior and junior lenders on the SEK14.4 billion green senior and green junior financing for Solör Bioenergi, including a substantial capex facility as well as a revolving credit facility. This will contribute to Solör Bioenergi’s growth strategy.
Solör Bioenergi is Scandinavia’s leading privately owned district heating provider with a well-diversified portfolio of assets distributed mainly across Sweden and Norway, and an unparalleled track record of organic and acquisitive growth.
The transaction marks one of the largest infrastructure debt transactions ever done in the Nordics, and one of the largest in Europe in 2021.
Martinus Brandal, Chairman & CEO of Solör Bioenergi commented:
“With this refinancing, we have secured access to liquidity for our growth and M&A strategy within district heating in the Nordics. With this financial power, we will be able to further drive our growth strategy as well as strengthening our position as a leading provider of district heating. We own and operate energy plants in 84 municipalities in Sweden and 18 municipalities in Norway, and we deliver safe and clean renewable energy to the highest ESG standards.”
Tomas Gärdfors, Norton Rose Fulbright’s London-based banking partner who led the deal, commented:
“Solör Bioenergi is at the forefront of the energy transition and shows the way to provide sustainable heating in a net zero environment. I am delighted to stay part of Solör Bioenergi’s journey and lead the lenders on this complex refinancing.”
The Norton Rose Fulbright team, led by London based banking partner Tomas Gärdfors, included Rosa Mottershead, Kanwal Majeed, Jessica Melville, Monica Chen, Daniel Chen, Rahul Medappa and Owen Greaves with further support from Matthew Hodkin and Bethanne Jones as well as Nigel Dickinson, Sean Bruns, Franchesca Consin Mosheshe and Nicole Chiu. Cederquist advised on Swedish law, Arntze de Besch on Norwegian law and Allen & Overy on Polish law.
Clifford Chance, Roschier and Selmer advised Solör Bioenergi.