Sweden. Stockholm Exergi Holding AB (Publ)

Date of agreement:28 Sep 2023
Customer:Stockholm Exergi Holding AB (Publ)
Amount in SEK:SEK 1,300 million
Amount in EUR:EUR 112 million
Maturity:10 years

Financing from NIB Environmental Bond proceeds

NEB-eligible share: 100%

NEB category: Renewable energy generation

Amount disbursed: EUR 112.2 million

Note: For loans in other currencies than EUR, the equivalent in EUR is based on the exchange rate effective for the disbursement. Read more about the NIB Environmental Bonds


The loan has been provided to finance Stockholm Exergi’s investments in critical energy infrastructure that will secure the resilience of the energy supply, responding to the surging energy demands driven by the growth, urbanisation and electrification of the City of Stockholm:

  • One initiative involves the modernisation of the KVV1 combined heat and power plant at Värtaverket. This project upgrades the power plant, enhancing efficiency and extending its lifespan by around 25 years. It’s a response to surging energy demands driven by urbanisation and electrification in Stockholm.
  • The financing will also contribute to the investment programme in Stockholm’s district heating network 2023-2026.
  • Stockholm Exergi will also allocate R&D costs in 2023 for the Bio Energy Carbon Capture and Storage project. The project aims to advance biogenic carbon capture and has a potential of removing significant amounts of CO2 equivalent per year. This innovation opens avenues for negative emissions sales.

Fulfilment of NIB's mandate

1) Modernising of KVV1 combined heat and power plant (CHP) at Värtaverket


The upgrade of the KVV1 CHP plant will contribute to resilience in the energy supply and is necessary to secure peak load demand for heat and electricity in Stockholm. This refurbishment aims to enhance energy efficiency and reliability while maintaining the plant’s current capacity. The investment is projected to extend the plant’s operational lifespan with commissioning anticipated in 2024.


The 554 MW plant was initially designed for fossil oils and will now be adapted for bio-oils. Stockholm Exergi will provide 320 MW peak-load electricity, maintaining the plant’s 330 MW heat. Fuel shift to REDII-compliant waste-based bio-oil ensures minimal environmental impacts related to the fuels supply chain.

2) Investment program in district heating network years 2023-2026


The project will bolster infrastructure to meet rising demand driven by the growth of City of Stockholm. District heating has the potential of reducing the pressure on the electricity network given the electrification efforts of the society.


The increased demand for district heating is driven by the general growth of Stockholm. The infrastructure project mainly contains new underground pipes from 2023 to 2026. The project enables additional district heating supply of approximately 100 GWh heat per year.

3) R&D costs in year 2023 regarding the Bio Energy Carbon Capture and Storage (BECCS) project


This initiative combines CO2 capture with heat recovery for efficient carbon removal with the potential of eliminating large amounts of CO2 equivalent during the next decade. It also paves the way for a new market of negative emissions sale. The solutions has the potential to be scaled across industries.


The R&D efforts focus on implementing large-scale bioenergy with carbon capture and storage in Stockholm, with a dedicated research facility established in 2019. The NIB-financed project will support R&D expenses in 2023.

Sustainability summary

NIB has not identified any significant environmental issues connected to the loan.

Press release

NIB finances green energy investments in the Stockholm region

Press release

NIB finansierar investeringar i grön energi i Stockholmsregionen