SEB Nordic Energy acquires energy assets in Norway and Finland

Source: www.gulfoilandgas.com 5/16/2024, Location: Europe

SEB Nordic Energy’s portfolio company Locus Energy AB has signed an agreement to acquire a hydro power portfolio with a total potential production of over 250 GWh in Norway as well as a hybrid wind and solar park with a capacity of 17 GWh in Finland. Together with the existing investments in Sweden, these acquisitions position SEB Nordic Energy as one of the largest private owners of small-scale hydro power in the Nordic region, significantly strengthening its presence in the Nordics.

The first acquisition in Norway
The hydro power acquisition in Norway adds seven operational hydro power plants and 20 plants in construction or late-stage development distributed across different electricity price areas to the portfolio. The total power production in Norway will amount to approximately 250 GWh.

"We are excited about the opportunity to contribute to the development of small-scale hydropower in Norway which has a very low carbon intensity compared to other renewable energy sources. An increase in renewable energy production is key to meeting future electricity demand and to combat climate change", says Richard Gavel, portfolio manager, SEB Nordic Energy.

Hybrid wind and solar park
SEB Nordic Energy has also recently acquired its first Finnish assets, located outside of Fredrikshamn in southern Finland. It is also the first hybrid wind and solar park to be added to the portfolio and has an annual production of 17 GWh.

"Combining technologies such as wind and solar in suitable locations is an excellent way to use both the grid connection and other site infrastructure in the most efficient way. Adding other technologies, such as batteries, will further increase the efficiency as well as returns", says Elin Löfblad, portfolio manager, SEB Nordic Energy. "The strategy of the fund is to support the sustainable energy transition in the Nordics by increasing efficiency on already existing assets and producing additional renewable energy. SEB Nordic Energy is targeting professional investors and is an article 9 fund having sustainable investments as its objective".

Important information
All investments involve risk. This marketing material and the fund are intended for professional investors only. The material should not be construed as an offer to sell or a solicitation of an offer to purchase securities. Fund shares can both increase and decrease significantly in value, and there is no guarantee that you will get back the full amount invested. An investment in the fund provides limited liquidity. For more information, including the fund’s prospectus and sustainability-related disclosures, please contact your Client Executive at SEB.


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