Mundus Nordic Green News – 8 March, 2021

Norway to have a power deficit by 2027

Electrification is the mainstay of the Norwegian strategy to achieve the climate goals. In a normal year Norway exports 15-20 TWh, but start-ups Freyr, Morrow (both battery production) and Yara (ammonia) will consume 10 TWh of the surplus, and the offshore oil industry is expected to take 10-15 TWh. The wind power association Norwea expects the new consumption to be online during 2025-2026. At the same time, there has been a complete halt in new licenses for wind power, and this means that there will be very little new power production in Norway in the next few years.

 

Nordic Capital acquires Sortera to create the largest sustainable recycler in the Nordic region

Nordic Capital has signed an agreement to acquire Sortera, a fast-growing supplier of environmentally friendly recycling and waste solutions to the construction and civil engineering sector in Sweden. Nordic Capital will accelerate Sortera's international expansion and aims to further strengthen the company's sustainable service offering. Sortera Group has over 420 employees and a turnover of approximately SEK 1.4 billion,

 

Svea Solar set to become the largest actor in Europe

The solar company, Svea Solar has continued to set new sales records, and is looking to recruit new staff. Since its beginning in 2014, the company has become Sweden's largest solar panel installation service, and reported record growth in 2020 as it expanded to four new markets despite pandemic-related struggles. "Even if lockdowns have restricted our expansion from time to time, it has gone well. The demand is growing rapidly, and we will reach our goal of becoming Europe's largest solar panel installer for house owners shortly," said Erik Martinsson from Svea Solar. Martinsson did not rule out a future IPO and stated that the company should be valued at around SEK 10 billion since the evaluation of green shares has skyrocketed of late.

 

Soltech announces new acquisition

In line with Soltech's aggressive acquisition strategy, the company has announced the acquisition of Provektor Sweden AB. Provektor, founded in 1949, is a privately owned electrical engineering company, delivering complete solutions in electrical installation, automation and alarms to both companies and private individuals. Soltech has acquired 100% of Provektor for SEK 53 million. The acquisition also means that Soltech greatly broadens its offering with a focus on solar energy, charging and storage infrastructure. It will be a big step in the journey the company is making to become a unified supplier of solar energy solutions and contribute important synergies.

 

Container deposit start-up &Repeat off to a flying start

Recycling start-up &Repeat launched its digital deposit system for take-away food containers in December 2020. Now, more than 140 restaurants have joined, including large chains such as Hawaii Poké and Panini Internazionale. In essence, &Repeat provides the restaurants with deposit stations, where guests can scan their containers before recycling them. "It has gone much better than we first anticipated, so we are super thankful for the positive response from the restaurants and the consumers," said CEO Tor Espen Steinvik. As of now, the company does not earn any money, but it noted that it had plans to attract investors to help the company's desires for international expansion.

 

Nobina expands its green bond portfolio

Nobina AB has successfully issued an additional SEK 200 million within the framework of its existing green bond program. According to Nobina's President and CEO Magnus Rosén sustainability is an integrated part of Nobina‘s operations. “We are very happy about the great interest investors have had for our green bond. The large demand enabled an attractive financing cost for Nobina and also broadens the Company's sources of financing. With this transaction, we clarify Nobina's sustainable work and accelerate the transition to a vehicle fleet powered by 100% renewable fuels.” The proceeds will be used in accordance to finance or refinance electric buses, biofuel vehicles and charging infrastructure for electric buses.

 

---