PATRIZIA-backed SAREN Energy completed the merger with Kvitebjørn Varme.

PATRIZIA-backed SAREN Energy, one of the largest district heating operators in Norway, completed the merger with Kvitebjørn Varme, a district heating operator in Tromsø, northern Norway. Financial terms were not disclosed. "Through this merger, we are creating one of Norway’s largest district heating companies with a diversified asset base that is well-positioned for future growth. By combining the assets, we are taking an important step in accelerating our decarbonisation strategy for SAREN Energy through knowledge sharing and cost synergies, while at the same time ensuring that our investors benefit from attractive risk-adjusted returns and favourable market dynamics," Matteo Andreoletti, PATRIZIA Head of Infrastructure Equity, Europe and North America.