Climeon owners set up geothermal project finance firm

The Climeon Heat Power system. Source: Climeon AB

January 10 (Renewables Now) - The owners of Swedish clean-tech vendor Climeon AB have created a project financing company to accelerate global geothermal heat power projects, Climeon announced today.

Family-owned investment firm Gullspang Invest AB, LMK Forward AB, part of LMK Industri, and Stockholm-based investor Blue AB are jointly investing SEK 60 million (USD 7.3m/EUR 6.1m) in the new company called Baseload Capital. Climeon will be taking part through a minority holding of up to 20%, according to the announcement.

Baseload Capital will be investing mainly in geothermal energy, participating in projects both with equity and loans. The purpose of the new firm is to accelerate business opportunities for Climeon.

“We realized early on that project financing could significantly accelerate Climeon’s development and we are extremely pleased to now enable such leverage,” said Magnus Brandberg, partner at Gullspang Invest.

(SEK 1.0 = USD 0.122/EUR 0.102)

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