Vinge has advised Baseload Capital Holding AB in connection with a financing round of approximately SEK 500 million. The financing consists of (i) the issuance of convertible debentures of USD 24 million to current and new investors and (ii) a convertible term facility of EUR 25 million from Sustainable Development Capital (SDCL) to finance development of current and future geothermal energy facilities.
The current shareholders which participated in the financing round are Gullspång Invest, Chevron Technology Ventures – the venture arm of Chevron, one of the world’s largest energy companies – and Breakthrough Energy Ventures – a company founded by Bill Gates to invest in technologies needed to reach net-zero emissions by 2050. New investors which participated are energy technology company Baker Hughes and the Nordic Environment Finance Corporation (Nefco), the Nordic Green Bank.
Baseload Capital works with financing, planning and building of international projects for renewable energy, primarily within geothermal energy, i.e. heat from the Earth’s interior. As geothermal energy functions independently of the weather or daily fluctuations, it is well suited for supplying large energy systems with a so-called base load. In addition to base power, the subsurface water can also be used to extract minerals such as lithium, creating an ecosystem of added benefits for the planet.
Vinge’s team consisted primarily of Maria Dahlin Kolvik and Måns Håkanson (M&A) as well as Louise Brorsson Salomon, Arvid Weimers and Jolinn Uhlin (Finance)