SEB NORDIC ENERGY’S PORTFOLIO COMPANY LOCUS ENERGY PARTNERS WITH INGRID CAPACITY TO IMPROVE THE PROBLEMATIC POWER DEFICIT SITUATION IN SOUTHERN SWEDEN

The new partnership represents the second largest battery investment in the Nordics and is a key step in strengthening Sweden’s energy system and advancing the electrification of society. It will within 12 months improve the problematic power deficit situation in 13 communities in southern Sweden as the battery storage systems come online in the local grids.

The Swedish company Ingrid Capacity is a leading provider of flexible assets and energy storage. The new partnership between SEB Nordic Energy, trough Locus Energy, and Ingrid Capacity will enable the construction of 13 new large-scale battery energy storage systems across southern Sweden, adding an additional 196 MW of flexible capacity to the national grid in price areas SE3 and SE4. The projects, ranging between 8-20 MW, have been strategically located to maximize their value to the grid both immediately and over the long term.

The systems will help maintain the frequency and stability of the Nordic energy grid as more intermittent energy sources are integrated into the energy mix, by providing ancillary services and load shifting. Over time, the plan is also to support local energy grid companies (DSOs) and industries in places where the batteries are deployed to meet their peak power demands.

For Locus Energy, that is today present in over 50 local communities across the Nordics with hydro power and wind assets, the partnership will further support the build-out of the Nordic energy system through local presence, which is the ultimate purpose of every investment Locus makes.

“This partnership and to bring batteries as new asset class into the fund, is a logical step to meet the increasing price volatility and grid instability, but also ultimately to fulfil the objectives of strengthening local energy systems in Nordic communities, which is the ultimate objective of the fund”, says Richard Gavel, Portfolio Manager, SEB Nordic Energy

“The partnership with Ingrid Capacity will help accelerate the critical energy transition by adding much-needed flexibility to the Nordic energy system, and simultaneously create synergies with our existing production portfolio of wind- and hydropower located in the same price areas of SE3 and SE4. We have awaited this investment opportunity to get to a point where the cost of building battery storage systems has come down coupled with more realistic long-term pricing of flexibility services in the Swedish market. We’re excited to get started and together with Ingrid bring the systems online within the next 12 months”, says Mattias Söderqvist, Deputy CEO & Partner at Locus Energy.

“I am impressed by the Locus team, whose combination of long-term active ownership and deep expertise in energy systems makes them an ideal partner to help us achieve a shared vision of advancing the local energy transition. Partnering with Locus Energy is an excellent fit and underscores our position as the Nordic leader in battery energy storage and optimization, with a total portfolio exceeding 400 MW under management”, says Axel Holmberg, CEOof Ingrid Capacity

Energy storage plays a crucial role in the green transition by accelerating the integration of renewable energy—storing excess energy during periods of surplus production and redistributing it when wind and solar generation are low. Further, these flexible assets are vital for maintaining grid stability and contribute to a more decentralized energy system, which is essential for grid resilience and national security.

SEB Nordic Energy is a fund that focuses on direct investments in renewable energy infrastructure assets in the Nordic region. The fund is investing in 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 for 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. The fund is managed within the SEB Asset Management division, which offers a full range of asset management and advisory services, including fund management.

Locus Energy is a portfolio company of SEB Nordic Energy with access to Nordic institutional capital. Locus Energy invests in facilities for sustainable local energy production that can be upgraded with new technology to accelerate development and is currently present through direct investments in 52 Nordic municipalities.

Ingrid Capacity is an energy tech company specializing in flexible assets and energy storage in Europe. The company focus on enhancing grid utilization and stability and enabling the electrification of society, a prerequisite for the Net Zero transition. Ingrid Capacity will in September have over 200 MW operational battery energy storage assets under management, and 200 MW under construction, and a total development pipeline of 7+ GW.

For further information, please contact

Mattias Söderqvist, Deputy CEO & Partner, Locus Energy, mattias@locus.energy, +46 (0) 73 405 1919

Richard Gavel, Portfolio Manager, SEB Nordic Energy, richard.gavel@seb.se, + 46 70 772 3253