White & Case advises Stockholm Exergi on financing to build one of world’s largest carbon capture facilities

Global law firm White & Case LLP has advised Stockholm Exergi on the financing to build one of the world’s largest carbon capture facilities.

The investment level is 13 billion SEK and, in connection with the investment decision, long-term commitments for unsecured loans have been obtained that secure the financing of the project and provide the company with access to additional working capital.

Stockholm Exergi’s planned facility, Beccs Stockholm, will be built at the bio-combined heat and power plant in Värtahamnen. The facility already produces sustainable electricity and district heating from forestry residues, delivering reliable and dispatchable electricity while keeping Stockholmers warm through a 3,000-kilometer-long district heating network. By adding carbon capture and storage of biogenic CO₂, Stockholm Exergi will create even greater climate benefits.

Owned by the City of Stockholm and a consortium of leading European pension funds (APG, Alecta, PGGM, Keva, and AXA), Stockholm Exergi is Sweden’s leading district heating company and a pioneer in sustainable and circular solutions for heating, electricity and cooling in Stockholm. The company is working to become the largest provider of permanent negative emissions in the EU.

The White & Case team which advised on the transaction was led by partners Katie Hicks, Elizaveta Bazarova (both London) and Henrik Wireklint (Stockholm), with support from partner Michael Bark-Jones (Stockholm) and associates Ryan Sarsfield, Luca Credentino, Azamat Gaysenov, Ashwati Venkatesh (all London), Alexander Berlin-Jarhamn, Vilhelm Oxhammar and Carin Sundh (all Stockholm).

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