• Region: Europe
  • Topics: Geothermal
  • Date: October, 2024

geonovaacquisitionCBRE Investment Management, on behalf of a fund managed by its Private Infrastructure division, has acquired a majority stake in Finnish geothermal company, Geonova Oy

Specialising in decentralised heating and cooling services using ground source heat pump (GSHP) technology, Geonova has around 20 years experience in providing full turn-key heating solutions, covering system design, installation and management. The demand for these systems is set for continued growth as it aligns with Finland's 2035 net zero goals. Also, Finland has the highest per capita consumption of heat in the EU.

CBRE IM has acquired an 80% stake in the company from current shareholders, including Helsinki-based Helen Oy and LampoYkkonen Oy. LampoYkkonen will retain a 20% stake in Geonova. CBRE IM has also made a further capital commitment to fund the future expansion of the business. The investment will form a core part of the strategy of CBRE IM’s Private Infrastructure division to invest in infrastructure assets and technologies that support the decarbonisation of the built environment.

Decarbonisation strategy

Andreas Köttering, Head of Private Infrastructure Europe at CBRE IM said, “Investing in businesses like Geonova demonstrates our strategy of decarbonising the built environment. We can support that strategy by bringing to bear the capabilities of our entire CBRE platform.”

“Geonova has already established itself as a leading player in the GSHP sector in Finland,” said Kerron Lezama, Senior Director, Infrastructure Investments of CBRE IM. “We are excited to be able to work with Geonova’s excellent management team and Vesa to support its future growth as low carbon heating systems play a greater role in making buildings more energy efficient.”

 

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