Hafslund Oslo Celsio delivers recovered energy in Oslo, fuelled by waste from city's recycling system. The company, which is Norway's largest district heating operator, delivers heat to more than 200,000 people throughout Oslo.
Investment case
In 2022, Storebrand Infrastructure Fund acquired an ownership stake in Haflsund Celsio, Norway’s largest district-heating provider, supplying roughly 20 per cent of Oslo’s heating demand. At its Klemetsrud waste-to-energy plant, Celsio is developing a full-scale carbon-capture project that is expected to be operational in 2029. The investment case combines attractive core infrastructure characteristics, from the district heating business providing essential services, with a strong sustainability profile.
Sustainability impact
Once operational, the carbon capture facility is expected to cut nearly 20 per cent of Oslo’s remaining fossil emissions - making it the city’s most impactful climate measure. As nearly half of the waste incinerated at the waste-to-energy plant is biogenic, the carbon capture facility will make the plant carbon negative, which enables the sale of carbon removal credits. In 2025, Celsio signed two landmark contracts for the sale of carbon credits through 2040, valdiating the commercial potential of full-scale carbon capture and underscoring the waste-to-energy sector’s role as a credible source of durable carbon removal.