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GULLBERGELVA HYDRO POWER PLANT IN ÅFJORD MUNICIPALITY, NORWAY, BEGINS COMMERCIAL OPERATION
SEB Nordic Energy’s portfolio company Locus Energy is pleased to announce the successful commencement of commercial operations at its Gullbergelva hydropower plant, located in Åfjord municipality, Norway.
Following Locus Energy’s acquisition of Blåfall Utvikling A/S earlier this year, Gullbergelva represents a milestone as the first project since the transaction to reach commercial operation.
Locus Energy’s total Norwegian hydro power portfolio consists of 26 assets, with a combined potential production capacity exceeding 250 GWh. The Gullbergelva plant has an installed power of 2,7 MW and 8,3 GWh annual production and is the eight operational plant in the portfolio.
“Throughout the 21 local Norwegian municipalities that we are present in today, we are proud to contribute to the strengthening of the local energy system” says Niklas Sörensen, CEO of Locus Energy
“The development and construction of the Gullbergelva power plant together with 17 km of grid and fiber connections represent a milestone for us and the municipality, and we are excited for the strengthened local connectivity and further renewable developments in the area “, says Lars Haugom, CEO of Blåfall AS.
“The construction of Gullbergelva fosters a strong confidence in the future development of Sørdalen by providing fiber connectivity, a grid upgrade and securing annual land leases for landowners. As Mayor, I am highly supportive of the efforts and investments being made in the valley, which have been made possible through close collaboration between the developer, the fiber provider, the municipality, and the county.”, says Erling Iversen (Sp), Mayor of Åfjord Municipality.
Following Gullbergelva, Locus Energy will continue construction and development activities for small scale hydro power plants at another 18 sites throughout Norway.
SEB Nordic Energy is a fund that focuses on direct investments in renewable energy infrastructure assets in the Nordic region. Investments are being made in small-scale hydropower, wind power, solar energy and geothermal energy, both through new construction and through upgrading of existing facilities to increase efficiency and energy production. The fund is open to professional investors with an investment horizon of more than 15 years and is an Article 9 fund, having sustainable investments as its objective. The fund is managed within the SEB Asset Management division, which offers a full range of asset management and advisory services, including fund management. SEB Nordic Energy | SEB (sebgroup.com)
Locus Energy is a portfolio company of the Article 9 fund SEB Nordic Energy with access to Nordic institutional capital. Locus Energy invests in assets for sustainable local energy production that can be upgraded with new technology to accelerate development and is currently present through direct investments in 61 Nordic municipalities.
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
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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 AB. The company has access to institutional capital from the Article 9 fund SEB Nordic Energy, where Nordic institutional clients have currently invested approximately SEK 4 billion. Locus Energy's business concept 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. And with additional investments in new construction of, e.g. storage and local energy refinement, further strengthen local competitiveness.
