1.7.2021

Keva – Acquisition of 50% Ownership in Stockholm Exergi by Investor Consortium

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We advised Keva in a transaction in which a 50% ownership stake in the Swedish district heating and cooling company Stockholm Exergi Holding AB (publ) will be acquired by a group of long-term European institutional investors. The consortium comprises APG, Alecta, PGGM, Keva and AXA. The total consideration is approximately EUR 2.9 billion based on a 100% enterprise value of approximately EUR 7.1 billion. In 2020, Stockholm Exergi’s heating and cooling sales were 7.6 TWh and power sales 0.7 TWh.

The consortium’s investment in Stockholm Exergi represents a significant milestone in their commitment to significantly reduce CO2 emissions. Stockholm Exergi has a fantastic track record of growth, leadership in ESG and delivering and developing customer centric solutions like Carbon Capture and Storage, all of which are driving the long-term sustainable energy transition of Stockholm and the region. The consortium intends to grow the Company by investing significant capital, targeting to enhance the environmental sustainability and efficiency of its heating plants and district heating networks.

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