VARO Energy places $165M green loan for Bio Energy Coevorden

In Switzerland, VARO Energy announced the successful placement of a $165 million green loan, the first in the company’s history. The green loan, part of a wider $3.33 billion financing announced separately, will partly refinance VARO’s acquisition of the Bio Energy Coevorden (“BEC”) biogas manufacturing facility.

The green loan represents an important milestone in the development of VARO Energy’s biogas business, one of the company’s five strategic growth pillars under its ONE VARO Transformation strategy. Since launching the strategy in July 2022, VARO has built a material business in biogas, acquiring BEC – the largest biogas manufacturing facility in Northern Europe – and Renewables Energy Services, the leading trader of biogas and green credits.

VARO is now scaling its biogas business and is set to more than double the manufacturing capacity of BEC to 650 GWh of biogas by 2026. In addition, the company has a material trading capacity of 1TWh of biogas and green certificates a year.