SEB’s renewables arm buys hydro, hybrid power assets in Nordics

SEB Nordic Energy on Thursday unveiled the latest additions to its portfolio, including a hybrid wind and solar park with an annual output of 17 GWh in Finland and a 250-GWh hydropower portfolio in Norway.

The company is part of Swedish financial group Skandinaviska Enskilda Banken AB (STO:SEB-A), or SEB Group, launched about a year ago to make direct investments in renewable energy infrastructure assets in the Nordics.

The Finnish deal marks the company’s entrance into the country as well as its first asset of this type of hybrid technology. The site is located outside of the southern town of Fredrikshamn.

The acquisition of the Norwegian portfolio includes seven operational hydropower plants and 20 facilities under construction or in late-stage development. The sites are spread across different electricity price areas.

“Together with the existing investments in Sweden, these acquisitions position SEB Nordic Energy as one of the largest private owners of small-scale hydropower in the Nordic region, significantly strengthening its presence in the Nordics,” a press statement said.

The investments were made through SEB Nordic Energy’s portfolio company Locus Energy AB.

SEB Nordic Energy was launched as a new fund in April 2023. It is focused on geothermal energy systems, hydropower plants, solar and wind energy, cogeneration and energy efficiency.

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