SEB Nordic Energy Fund through Locus Energy strengthens Norwegian hydro cluster through acquisition of Hestenes Kraft in NO3

SEB Nordic Energy Fund through Locus Energy has acquired Hestenes Kraft, a brownfield small-scale hydropower plant located in Norwegian price area NO3. The plant has been in operation since 2016 and has delivered an average historical production of approximately 5.9 GWh per annum.

Hestenes Kraft is strategically located near other hydro power plants in the portfolio, reinforcing the company’s cluster strategy and enabling coordinated portfolio optimization across the region.

Adding Hestenes Kraft to the existing portfolio in NO3 will create value through both increased production volumes and the realization of cost synergies. The integration of the asset enhances operational efficiency, strengthens local presence and improves the overall performance of the Norwegian hydro portfolio. By managing assets within the same geographical and market context, Locus Energy can optimize dispatch planning, resource allocation and market participation at portfolio level rather than on a stand-alone basis.

As a brownfield asset with established production history and permits in place, Hestenes Kraft contributes immediate and predictable cash flow with limited development risk. The plant will be integrated into Locus Energy’s centralized portfolio management and trading framework, ensuring disciplined market access and system-level optimization across Nordic price areas.

Kristoffer Kjelstadli, Managing Director Norway at Locus Energy, comments:

“Hestenes Kraft strengthens our existing foothold in Norway and further consolidates our hydro cluster in NO3. By adding a brownfield asset in close proximity to our current portfolio, we increase production volumes while capturing meaningful cost synergies across operations, maintenance and market interface. Clustering supports a stronger and more resilient portfolio performance. We also value the constructive collaboration with local landowners and partners, which is fundamental to our long-term ownership approach.”

The acquisition is made on behalf of SEB Nordic Energy, managed by SEB Asset Management, with Locus Energy as the operating platform. Elin Löfblad, Portfolio Manager at SEB Asset Management, comments:

“This investment further strengthens the investment case for SEB Nordic Energy. Through our active ownership model and portfolio integration strategy, we enhance exposure to diversified renewable production across Nordic price areas while improving risk-adjusted returns. Brownfield hydropower assets with stable production profiles contribute predictable cash flows, and when integrated into a larger, optimized portfolio, they strengthen both resilience and long-term value creation for our investors.”

The transaction underscores Locus Energy’s strategy of building long-term value through a diversified Nordic renewable energy portfolio, active ownership and disciplined portfolio optimization. By strengthening regional clusters and integrating assets within a coordinated operational framework, Locus Energy continues to scale its platform and enhance value creation across Nordic power markets.

SEB Nordic Energy SEB Nordic Energy Fund is focusing on direct investments in renewable energy infrastructure assets in the Nordic region. Investments are made in small-scale hydropower, wind power, solar energy, battery storage and energy efficiency solutions, both through new construction and through upgrading of existing assets to increase efficiency and energy production. The fund is open to professional investors with an investment horizon of more than 15 years and is a so-called Article 9 fund with sustainable investments as its objective. SEB Nordic Energy | SEB (sebgroup.com)

Locus Energy is a long-term owner and developer of renewable energy in the Nordic region. The company is owned by the Article 9 fund SEB Nordic Energy and invests capital from the fund. The portfolio consists of small-scale hydropower, wind power and battery storage, with a focus on acquiring and developing existing facilities. The business concept is to modernize and upgrade these facilities to increase the production of local, sustainable energy and meet future environmental requirements. Locus Energy | www.locus.energy

For further information, please contact:
Niklas Sörensen, CEO, Locus Energy, niklas@locus.energy +46 70 268 97 35
Richard Gavel, Portfolio manager, SEB Nordic Energy, richard.gavel@seb.se + 46 70 772 32 53