Patrizia secures €175 million for waste-to-energy platform Saren

PATRIZIA, an investment manager in global real assets, has secured EUR 175 million in new senior and junior debt financing for the Norwegian waste-to-energy platform, SAREN Energy AS. The platform is managed by PATRIZIA and supported by Nordic and international lenders.

SAREN is the second-largest waste-to-energy operator in Norway, delivering approximately 500 GWh of energy annually and treating around 250,000 tonnes of residual waste. The platform plays a critical role in diverting waste from landfill while supplying reliable, low-carbon energy to municipalities, industrial customers and local communities.

Graham Matthews, Head of Fund Management Infrastructure at PATRIZIA, said, “Over the last twelve months, we have raised and closed more than EUR 1.6 billion of debt across our pan European infrastructure programme, further evidencing the depth and credibility of our European mid-market platform.”

Fredrik Naesse, Director at PATRIZIA, stated, “SAREN is a well-established platform with strong local roots and a critical role in Norway’s energy and waste infrastructure, and as long-term owner our role is to support its continued development. By working closely with management and local stakeholders, we aim to strengthen SAREN’s position as a reliable provider of low-carbon energy and a constructive consolidator in the Norwegian market.”

The refinancing replaces prior debt arrangements and establishes a flexible, long-term capital structure aligned with SAREN’s continued organic and inorganic growth strategy. It follows the recent completion of a EUR 60 million capex expansion in Tromsø, increasing SAREN’s installed waste-to-energy capacity by 16% and strengthening the platform’s strategic position within Norway’s critical energy infrastructure.

SAREN forms part of PATRIZIA’s growing European circular economy and renewable energy portfolio, which includes energy-from-waste and advanced selection and treatment facilities, biomethane, distributed renewable energy and district heating platforms. Through these investments, PATRIZIA supports energy recovery from residual waste streams, reduces landfill dependency and contributes to national climate and resource-efficiency objectives.

Across its global decarbonisation assets, PATRIZIA manages a portfolio with an enterprise value of over EUR 2.2 billion, underscoring its long-term commitment to delivering resilient, sustainable infrastructure aligned with the transition megatrends shaping modern societies, and supported by diversified institutional capital.