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FIRST ACQUISITION OF SMALL-SCALE HYDROPOWER IN FINLAND
SEB Nordic Energy's portfolio company, Locus Energy AB, has today acquired the Vatajankoski hydropower plant in Kankaanpää municipality, Finland. The seller is the municipal energy company Vatajankoski Oy. It is Locus Energy's first acquisition of Finnish hydropower and the second transaction of sustainable assets in Finland in a short period of time.
At the end of May 2024, the Mäkelänkangas hybrid wind and solar power park in the municipality of Hamina was incorporated into Locus Energy's Finnish portfolio. With today's acquisition in Kankaanpää municipality west of Tampere, hydropower is also added to the portfolio. The seller, the municipal energy company Vatajankoski Oy, operates in the fields of electricity distribution, district heating and energy efficiency. The current plant dates from 1952 and Locus Energy is planning for a major upgrade with modern technology that optimally utilizes the conditions at the site.
"The acquisition of the Kankaanpää hydropower plant is in line with our fundamental strategy for value creation: to identify sustainable assets with significant upgrade potential and thereby contribute to strengthening the local energy system". says Niklas Sörensen, CEO of Locus Energy.
” We are pleased to have found a new owner who, with expertise and long-term Nordic capital, takes responsibility for modernizing the plant and realizing its full potential," says Pekka Passi, CEO of Vatajankoski Oy
"SEB Nordic Energy directs institutional capital to local projects that contribute to both reducing energy shortages and accelerating the sustainability transition in Nordic municipalities – upgrading local hydropower is a good example of this," says Elin Löfblad, Portfolio Manager, SEB Nordic Energy
A team consisting of Kallio Law (Legal, Environment) and Vastavaihe Oy (Technology) has advised the buyer.
Niklas Sörensen, CEO, Locus Energy, niklas@locus.energy, +46 70 268 97 35
Elin Löfblad, Portfolio manager, SEB Nordic Energy, elin.lofblad@seb.se, + 46 70 739 29 86
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Locus Energy is a long-term active owner and developer of local infrastructure for sustainable energy production in the Nordic region. The company is a partnership between SEB Investment Management AB and Locus Infra. The company has access to institutional capital from the article 9 fund SEB Nordic Energy, where institutional investors have currently invested approximately SEK 4 billion. Locus Energy's business idea is to acquire and upgrade facilities in small-scale hydropower, wind power, heat and power plants and electricity grids to produce more local energy and meet future environmental requirements.
