CBRE Investment Management has acquired an 80 percent majority stake in Geonova, a fast-growing Finnish geothermal energy business, on behalf of a fund managed by its private infrastructure division. The sellers included current shareholders, Helsinki-based Helen and LämpöYkkönen Oy (L1). L1 will retain a 20 percent stake in Geonova. Financial terms were not disclosed.
Geonova provides decentralized heating and cooling services using ground source heat pump (GSHP) technology, offering clients full turnkey-heating solutions for 15 to 20 years or more, covering system design, installation and management.
CBRE IM said the demand for these systems is on pace for continued growth as new building efficiency regulations come into play across European markets. This is particularly important in Finland, which is aiming for net zero by 2035 — one of the most ambitious net-zero targets worldwide. Finland also has the highest per-capita consumption of heat in the European Uni