DC Advisory advises a consortium of shareholders, consisting of APG, PGGM, Alecta, Keva, and AXA IM, on the MidCo refinancing of their stake in Stockholm Exergi

Background

• Stockholm Exergi is the largest heating and cooling infrastructure provider in Stockholm, Sweden, using sustainable solutions to ensure that more than 800,000 people have access to heating, electricity, cooling, and waste services
• In 2021, a consortium of shareholders (consisting of APG, PGGM, Alecta, Keva, and AXA IM) acquired a 50% stake in Stockholm Exergi
• In Q1 25, Stockholm Exergi undertook a final investment decision towards building and operating one of Europe’s largest facilities for storage of biogenic carbon dioxide (BECCS), capable of removing approximately 800ktpa of CO₂ through permanent carbon storage
• In alignment with the project timeline, the Consortium sought to extend the maturity of their existing MidCo debt to match the construction period of the new BECCS facilities

Process

• DC Advisory was appointed by the Consortium as joint financial advisor with ICECAPITAL, to assist the refinancing of their existing MidCo debt 
• DC Advisory co-led the refinancing process, which involved multiple detailed workstreams, including financial modelling, lender engagement, hedging, and assisted counsel with documentation negotiation 
• DC Advisory ran a comprehensive process, engaging with various sources of liquidity across a diverse group of lenders

Outcome

• In October 2025, the Consortium successfully refinanced their MidCo debt at competitive pricing, helping to support their continued commitment to Stockholm Exergi as it grows to become a market leader in the European carbon capture space
• This transaction reinforces DC Advisory’s leading position in the energy transition and further demonstrates its experience in advising on complex refinancings