Another acquisition of Norwegian hydropower further strengthens Locus Energy’s Norwegian hydropower portfolio

SEB Nordic Energy, through its portfolio company Locus Energy, has acquired 42 operational hydropower plants in Norway, adding in excess of 350 GWh of annual renewable energy production via the acquisition of aventron Norway AS. The acquisition more than doubles Locus Energy’s Norwegian hydropower portfolio and expands its presence across all five Norwegian price areas.

The transaction marks another step in Locus Energy’s strategy to scale and diversify its Nordic renewable energy and BESS portfolio, focusing on assets where active ownership, operational optimization and increased flexibility can create long-term value. Following the acquisition of a 300 GWh wind portfolio in Sweden earlier this year, the transaction brings Locus Energy’s portfolio to approximately 1,5 TWh of annual energy production, complemented by 250 MW of battery energy storage.

“We are continuously building and developing a diversified renewable energy portfolio across the Nordics, combining generation assets with battery energy storage systems. This gives us the scale and flexibility to optimize across technologies and markets and leverage the specific capabilities of each asset as part of a broader portfolio strategy. We have strong conviction in the Nordic energy market and believe the platform we are building positions us well to capture opportunities across the Nordics and, over time, the wider European market,” says Niklas Sörensen, CEO and Managing Partner of Locus Energy.

The acquired portfolio of operational assets is highly complementary to Locus Energy’s existing Norwegian hydropower portfolio. The increased scale creates clear synergies in areas such as maintenance planning, O&M arrangements and shared operational capabilities. The assets also offer further value creation potential through targeted upgrades to increase energy production, as well as opportunities for increased water regulation within existing permits, which could improve production flexibility and capture rates.

“We have a strong conviction in Norwegian hydropower and see significant long-term potential in the market. This acquisition is a clear step in executing our strategy, building scale across all price areas through high-quality operational assets that fit well with our existing portfolio. It strengthens our ability to realize operational synergies while continuing to grow our renewable energy production,” says Kristoffer Kjelstadli, Managing Director of Locus Energy Norway.

The acquisition is in line with SEB Nordic Energy’s strategy of investing in established renewable energy assets where long-term ownership, scale and targeted investments can contribute to increased production and value creation.

“Norwegian hydropower offers an attractive combination of proven renewable generation; long asset lives and increasing value in a more dynamic energy system. This acquisition strengthens our Nordic portfolio and gives us further exposure to a market with strong long-term fundamentals and attractive opportunities for value creation,” says Elin Löfblad, Portfolio Manager at SEB Asset Management.