Clifford Chance advises Nuveen on acquisition of minority stake in Lunera Energi

Clifford Chance has advised Nuveen on its acquisition of a 40% minority interest in Lunera Energi, a leading district heating provider operating in Norway.

The interest was acquired from Statkraft, the Norwegian state-owned utility and independent power producer. The transaction further strengthens Nuveen’s diversified infrastructure portfolio and reflects continued investor interest in energy transition and essential infrastructure assets.

Lunera Energi operates two fully integrated district heating networks in Norway, delivering more than 600 GWh of heat annually through a 280-kilometre pipeline network serving nearly 6,000 customers. The business plays an important role in providing reliable and regulated heating services to homes and businesses across the communities it serves.

Clifford Chance advised Nuveen on the Luxembourg aspects of the transaction, including conducting due diligence on the Luxembourg holding company indirectly owning Lunera Energi and negotiating the principal transaction documents, comprising the shareholders’ agreement, subscription agreement and exclusivity agreement.

Katia Gauzès, who led the Clifford Chance team, commented: “We are delighted to have supported Nuveen on this strategic investment in a key energy infrastructure platform. The transaction highlights the growing importance of district heating networks in supporting the energy transition while providing essential services to local communities.”

The Clifford Chance Luxembourg team advising on the transaction brought together lawyers from the firm’s Corporate and M&A and Tax practices. The Corporate and M&A team was led by Partner Katia Gauzès and included Counsel Simone Schmitt, Senior Associate Philippe Sadler and Associate Maxime Majerus. Tax advice was provided by Partner Geoffrey Scardoni, Counsel Josselin Badoc and Senior Associate Katharina Schwarzkopf.