LOCUS ENERGY, SEB NORDIC ENERGY’S PORTFOLIO COMPANY, SIGNS AGREEMENT TO ACQUIRE BLÅFALL UTVIKLING TO BECOME A MAJOR NORDIC OWNER OF SMALL-SCALE HYDROPOWER

Locus Energy AB has signed an agreement to acquire a hydropower portfolio of a total of 26 assets with a total potential production of more than 250 GWh in Norway from a fund managed by Impax Asset Management and Blåfall AS. The portfolio includes operational power stations as well as ongoing construction and development projects. Through the acquisition, Locus Energy becomes a major owner of small-scale hydropower in the Nordic region. The buyer's financing comes from Nordic institutional investors via SEB Nordic Energy fund.

Locus Energy AB has agreed to acquire 100% of the shares in Blåfall Utvikling AS from the sellers, the Impax-managed fund and Blåfall AS. The portfolio consists of hydropower assets in various phases including operational power stations, projects under construction and development projects in both early and late stages in electricity areas NO2, NO3, NO4 and NO5. Blåfall AS will continue to provide services to Blåfall Utvikling AS after the transaction.

Through the acquisition of Blåfall Utvikling, a platform is created for Locus Energy's continued expansion in Norway both through continued project investments and through additional acquisitions. Blåfall Utvikling is also an important step in Locus Energy's goal to create a leading pan-Nordic presence in small-scale hydropower and thereby contribute to creating stronger, more sustainable, and more robust local energy systems. In the past, Locus Energy has built a portfolio of small-scale hydropower in Sweden with a base in electricity areas SE3 and SE4.

In order to exploit the full potential of small-scale hydropower in Norway, Sweden and Finland, a changed competence in ownership combined with progressiveness in development is required. It is with great confidence that we now take on the challenge of growing further in Norway and the Nordics to become the best active owner of small-scale energy assets.

Niklas Sörensen, CEO Locus Energy

As the Nordic region's largest asset manager, we see a strong interest among our institutional investors in local sustainable energy infrastructure. It is with pleasure that I note that in our fund SEB Nordic Energy we are now significantly increasing the exposure to small-scale hydropower, which together with other small-scale asset types creates a robust energy system and enables a sustainable transition.

Richard Gavel, Portfolio Manager, SEB Nordic Energy

Impax is dedicated to investing in the transition to a more sustainable economy. Taking late-stage development risk, we partner with local developers and leverage our in-house technical and financial expertise to create value from greenfield assets. Together with our local partner Blåfall, we have developed significant expertise in the Norwegian small-scale hydro market over the last six years which we expect to continue to leverage through future potential investments in the region and technology. This sale is a testament to our ability to form strong local partnerships and build high-quality, strategic platforms that are highly attractive to long-term asset owners.

Babaola Omiyale, Director, PE/Infrastructure Team at Impax

A developer of small-scale hydropower plants, we are delighted to pass the baton on this significant portfolio to the quality Nordic renewables investor Locus Energy. We recognize the strategic fit to Locus‘ overall rationale and look forward to cooperating with Locus on the further development of the portfolio. SEB enjoys a long history in Norway and is together with Locus Energy well positioned for both continued growth and for maintaining the long-term commitment such portfolio represents to local landowners and stake holders.

Per Espen Watle, Chair of the Board, Blåfall AS

A team consisting of DNB Markets, Advokatfirmaet Wiersholm, EY and Ramboll acted as advisors to the buyer. A team consisting of SpareBank 1 Markets, Advokatfirmaet BAHR, Deloitte and Norconsult acted as advisors to the sellers.

L ocus Energy, a portfolio company of the Article 9 fund SEB Nordic Energy invests in assets for sustainable local energy production in the Nordics that can be upgraded with new technology to accelerate development. With the acquisition of Blåfall Utvikling, Locus Energy is present through direct investments in 23 Swedish and 21 Norwegian municipalities.

For further information, please contact:

Niklas Sörensen, CEO Locus Energy, niklas@locus.energy, +46 70 268 97

Richard Gavel, Portfolio manager, SEB Nordic Energy, richard.gavel@seb.se, + 46 70 772 32 53