Vireo Secures Financing for Major Norwegian Bio-LNG Plant
Norwegian biogas developer Vireo has announced the signing and closing of a financing agreement for the construction of the Hardanger Biogas plant, a greenfield bio-LNG facility located in Husnes Industriområde on Norway’s west coast.
Project Scale and Output
The facility will process approximately 125,000 tonnes of feedstock annually, consisting of manure, fish, and food waste. The plant aims to produce around 90 GWh of renewable liquefied biomethane each year, equivalent to the annual electricity consumption of 4,500 Norwegian households.
The project is expected to deliver significant environmental benefits, reducing CO2 emissions by approximately 18,000 metric tonnes annually through the conversion of organic waste materials into clean energy.
Company Background and Vision
Founded in 2021, Vireo specialises in bio-LNG production plants and has committed to becoming Norway’s leading bio-LNG producer. The company has multiple plants under development across the country, with Hardanger Biogas serving as the first facility to be constructed.
The company operates with backing from Swen Impact Fund for Transition 2, an infrastructure fund managed by French asset manager SWEN Capital Partners, providing the strategic support necessary for large-scale renewable energy development.
Strategic Partnerships
Nordic biogas leader Gasum, which operates over 50 liquefied biogas filling stations in the region, will offtake all bio-LNG produced from the plant. This partnership ensures a reliable market for the facility’s output while supporting the broader regional biogas infrastructure.
The senior secured facility necessary for plant construction will be provided by ING and SpareBank 1 Sør-Norge, demonstrating strong financial sector confidence in the project’s viability.
Professional Advisory Support
Green Giraffe Advisory served as exclusive financial advisor to Vireo in the debt raising process, while Simonsen Vogt Wiig provided legal counsel to the borrower throughout the financing arrangement.
Executive Commentary
Vireo CEO Reinhard Lund-Mikkelson expressed enthusiasm about the financing milestone: “We are thrilled to secure the financing for the Hardanger Biogas plant, which marks a significant milestone in our journey to become Norway’s leading bio-LNG producer. This project will not only enhance our country’s renewable energy capabilities but also contribute to a more sustainable future.”
Strategic Significance
The Hardanger Biogas plant represents a major advancement in Vireo’s mission to develop innovative and sustainable energy solutions. By processing a diverse mix of organic feedstock, the facility will play a crucial role in reducing waste, generating clean energy, and advancing Norway’s energy transition objectives.
The project demonstrates the growing momentum in Nordic renewable energy development, combining waste management solutions with clean energy production to address multiple environmental challenges simultaneously.
For more information visit www.vireo.no
