Adven enters Norwegian real estate market with its first flagship project

Adven has been selected to deliver an on-site, carbon-neutral geoenergy solution for the S20 office building in Fornebu, Oslo region (Snarøyveien 20). The project has been commissioned by K2 Eiendom AS, with Pareto Business Management AS serving as the asset manager and UB Nordic Property Fund (AIF) as part-owner.

Replacing the building’s existing district heating and cooling system, Adven’s solution - delivered under the Energy as a Service ® partnership model - will utilize heat pumps to provide stable, locally produced, and climate-friendly energy for the 25 000 m² commercial property.

“The new solution is expected to reduce energy costs by up to 30%, directly supporting the property owners’ cost and sustainability goals. With transparent pricing, predictable long-term energy costs, and high energy efficiency, the solution delivers clear environmental and financial value to both the owner and tenants”, says Marius Håbu Kristoffersen, Senior Technical Manager at Pareto Business Management AS. 

“We have strong growth ambitions in Norway, further reinforcing our position in the Nordic region. Norwegians have always been savvy investors with a strategic approach to resource allocation, and we believe our Energy as a Service ® model will be well received. It allows customers to focus on their core business without binding time or capital to energy systems”, says Juha Elo, SVP Industrial Energy Solutions at Adven.

Tietoevry, one of Finland’s leading IT service companies, has already moved into the S20 building as the anchor tenant, bringing 700 employees onsite. Their presence - now complemented by Adven as energy partner - further solidifies the building’s identity as a growing hub of Finnish expertise and Nordic collaboration.

“We’re excited to welcome a second Finnish powerhouse into the S20 building, alongside Tietoevry. With Adven now on board as the energy partner - and all three companies, including United Bankers, being headquartered in Finland - the site has truly become a ´Finnish house´ in Fornebu”, says Morten Haugen, Senior Advisor at UB Nordic Property Fund.

The project kicks off immediately, and the geoenergy solution is expected to be fully operational by March 2026.