Vireo: Norwegian biomethane producer serving a fast-growing market

Independent biomethane producer Vireo is leveraging investments in the second vintage of our SWIFT strategy to build and expand bio-LNG plants in southern and western Norway. Mainly by processing manure and fish waste, these facilities will produce approximately 165 GWh per year of biomethane, one of the cleanest fuels available to date, and more than 10,000 tonnes per year of liquid CO2.

An ambitious partnership anchored in solid technical expertise

The deal creates a unique partnership merging complementary capabilities and areas of expertise. Founded in 2021 by eight Norwegian entrepreneurs connected to local biogas, infrastructure, transport and fish farming projects, Vireo can use this local knowledge of input sourcing and transport to obtain and secure its raw material supply.

Our programme gives Vireo the financial capability to achieve its goal and will help it raise non-recourse debt, while offering access to our vast network of biomethane partners in Europe. This will in turn facilitate the signing of contracts with foreign buyers.

An investment opportunity in a conducive climate

Boosted by favourable trends in Norway and the European Union, Vireo intends to leverage its financing to position itself as a leading biomethane developer and producer in Norway. The country’s still-untapped market offers high growth potential: more than 40% of the Norwegian energy mix remains reliant on fossil fuels, and Norway has committed to reaching carbon neutrality by 2030. It must green its agricultural and gas sectors to achieve this target.

To do so, Norway has introduced a system of capital expenditure subsidies to support biogas projects and offers farmers economic incentives to supply the manure needed for biomethane production.