Solor Bioenergi Gets $109 Million for Wood Powered Heat Plants

Solor Bioenergi Holding AS, a Norwegian company that uses wood and wood waste to produce heat, power and clean fuel, raised 720 million kronor ($109 million) from U.K. and U.S. industrial companies.

The investors will own about 28.6 percent of the company’s share capital through the fundraising, Kirkenaer-based Solor Bioenergi said today in a statement on its website. They have the ability to increase their capital by a further 130 million kronor within three months at the same share price, it said.

The company is also considering issuing a bond. It plans to use the proceeds from this capital raising and a possible bond issue to complete the purchase of Rindi Energi AB, a district heating company, as well as a group of 28 district heating plants in Sweden from EON SE, it said.

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