EY financial advisor to Aurskog-Høland Nærvarme on its sale to Solør

EY advised Aurskog-Høland Nærvarme, a bio-based district heating company, on its sale to Solør Bioenergi, a major player in Nordic renewables.

On Wednesday 19 July 2023, it was announced that AHN was acquired by Solør.

Established in 2008, AHN originated from the collaborative efforts of its four founders, who also maintained ownership until the transaction. AHN has four heating centrals strategically located in the expanding hubs of Aurskog and Bjørkelangen, located just an hour outside Oslo. Currently, the Company provides heating primarily to the local municipality and county, with a significant pipeline of additional volumes.

Solör Bioenergy Group is a prominent player in the renewable energy landscape of Norway and Sweden, with c. SEK 2.2bn in turnover. With a dedicated focus on district heating, steam and electricity production and distribution, the group operates across more than 270 locations. Solør plays an instrumental role in consolidating the Norwegian market, substantiated by its history of numerous transactions. The group is headquartered in Stockholm and is backed by Polhem Infra and Nordic Infrastructure (the holding company of the founders).

Comments from the local newspaper, Indre Akershus Blad:

- Jarle Nordli, CEO of AHN, stated, "Solør is a major player with 300 facilities today. The company is capable of providing district heating, and we are confident that the operations in Aurskog-Høland will be well-managed, with all agreements continued."

- Hans Moss, CEO of Solør Bioenergi AS, commented, "We acquire businesses within bioenergy, district heating and local heating. With an established presence in 100 locations in Norway and 200 in Sweden, when the opportunity arose and the shareholders expressed interest in selling Aurskog-Høland District Heating, we collaborated to find a solution."

Deal team:

In the Corporate Finance team: Ole Conrad Siem, Anders Traaseth and Eirik Anthony Hanevik.
In the Legal M&A: Kjeld Arne R. Thomassen.