A secured loan instrument. 8.75% per annum. Fixed return. Hard collateral at every layer. The asset does the work — the structure protects the investor.
HNordic raises capital through a secured portfolio loan — a skuldebrev under Swedish law — issued by Nordisk Hygge AB and guaranteed by H Nordic Exergy Ltd (Ireland).
The return is fixed: 8.75% per annum, simple interest, accruing daily from drawdown to repayment. There are no interim payments. Principal and all accrued interest are repaid in a single bullet at exit — when the underlying properties are sold or refinanced by a Swedish senior bank. The investor participates in no upside above repayment.
That is the structure. The investor knows, on the day capital is deployed, the exact amount owed on any future date. HNordic's incentive is to exit efficiently — because everything above the fixed repayment obligation accrues to HNordic, not to the investor.
The investor's capital is not unsecured. It is backed by three independent and complementary layers of security over real, operating, income-producing Swedish assets.
The security packageA pantbrev — a Swedish registered property mortgage — over each property in the portfolio. Registered with Lantmäteriet, the Swedish land registry. The strongest form of security available on Swedish real estate.
A pledge over the shares of each property company and the energy operating entity. The pledge does not make the investor a shareholder — it becomes exercisable only upon default, at which point the investor can take ownership of the entire group in a single step.
A floating charge over the energy equipment installed at each property — battery storage, EV charging infrastructure, solar panels, wind turbines — and over the revenue contracts associated with it. The energy income that drives asset re-rating stays within reach of the security.
The three layers are complementary, not alternatives. If one route to recovery is contested, the others remain available independently.
Capital raised through the loan funds the acquisition and energy upgrade of a portfolio of commercial and industrial properties in Sweden. Each property is acquired at a price that reflects its current — below-market — energy configuration. The upgrade installs battery energy storage, EV charging infrastructure, solar generation, and where the site supports it, small wind generation.
The energy income those systems produce flows directly into the property company's accounts. When a buyer or bank underwrites the property at exit, they capitalise its total net income — including energy income — at the prevailing commercial property yield. That is how the upgrade re-rates the asset: not through future potential, but through measurable, auditable additional income earned before exit.
The investor's return does not depend on the re-rating succeeding. It depends only on the passage of time and the repayment of the loan. The re-rating is what creates the surplus above repayment — and that surplus accrues entirely to HNordic.
Each property carries an exit horizon — 12, 18, or 24 months from the agreement date — set according to the complexity of its upgrade scope and the strength of its tenant position. The primary exit is a sale to a third-party buyer. A Swedish senior bank refinancing is available as a secondary route.
As properties exit, proceeds are applied in order: repayment of the outstanding loan amount first, then all accrued interest, then surplus to HNordic. The loan is fully discharged when the aggregate of all exit proceeds has repaid principal and interest in full.
If an exit takes longer than its target horizon, interest continues to accrue. HNordic's economic interest is to close each exit promptly.
Sweden has a large stock of commercial and industrial property with poor energy infrastructure — built or last refurbished before energy costs became a dominant operating variable. Many run on grid electricity with no on-site generation, no battery storage, and no EV infrastructure. Their energy credentials are poor by current tenant and lender standards.
Three factors make this the right entry point. Swedish commercial property transaction volumes have normalised after a period of rate-driven compression — motivated sellers exist at prices that reflect current, not upgraded, income. Battery storage and solar equipment costs have declined materially, improving the return on the energy upgrade. And grid services markets in Sweden have deepened, creating a reliable additional revenue stream for battery-equipped sites.
HNordic is not a new entrant assembling a supply chain. It is an established energy infrastructure operator with existing deployments, contracted revenues, and a structured energy partnership model active across Sweden and the United Kingdom. The asset-backed portfolio programme is a financial structure built on an existing operational platform — the active portfolios are the evidence of it.
This page provides a general description of the investment structure for information purposes only. It does not constitute financial, legal, or tax advice, and is not an offer to sell or a solicitation to invest. Prospective investors should seek independent advice from qualified advisers in their own jurisdiction before making any investment decision. The full instrument is described in the Private Placement Memorandum, available to eligible investors on request.
Next step
The full instrument — security package, term sheet, illustrative returns, and property schedules — is available to eligible investors after a first conversation with Rune or Thomas.
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