The acquisition of the Vara Kroken wind plant in Västra Götaland, Sweden, by Locus Energy, a portfolio company under SEB Nordic Energy, signifies a pivotal step towards enhancing local wind power production and sustainability. This acquisition comes on the heels of Locus Energy’s earlier purchase of three wind plants from the Mölndal municipality in March 2024, increasing the total number of facilities in their cluster to ten. Such moves are part of a broader strategy aimed at concentrating efforts on local wind power, with a particular focus on upgrading existing assets to optimize both efficiency and sustainability.
Vara Kroken features a Vestas V90 MK7 turbine with an installed capacity of 2 MW and an annual production average of 5.5 GWh. By acquiring this plant, Locus Energy aims to leverage its expertise in “soft re-powering,” a method that emphasizes the utilization of existing infrastructure like grid connections, foundations, and towers. The approach also includes adding new turbines and supplementary solar and battery storage over time. According to Niklas Sörensen, CEO of Locus Energy, this strategy not only offers strong investment potential but also significant sustainability benefits. The 30-year lease agreement for the Vara Kroken plant underscores a long-term commitment to these goals.
Investment and Sustainability Goals
Richard Gavel, Portfolio Manager of SEB Nordic Energy, emphasized that SEB Nordic Energy aims to enable institutional investors to contribute to local projects focused on enhancing energy production and promoting sustainable practices within Nordic municipalities. This aligns perfectly with the fund’s focus on renewable energy infrastructure, which extends to small-scale hydropower, wind power, solar energy, and geothermal energy. The acquisition process of Vara Kroken was expertly facilitated by MAQS Göteborg (legal) and Ramboll Sweden (technology and environment), ensuring a smooth and efficient transaction.
The seller, Lundby Vind, expressed satisfaction with the deal and confidence in Locus Energy’s ability to further develop the plant due to their technical proficiency in wind power. SEB Nordic Energy, managed by SEB Asset Management, is an Article 9 fund that prioritizes sustainable investments. Targeting professional investors, this fund focuses on projects with long-term horizons, particularly those extending over more than 15 years. Currently, around SEK 4 billion has been invested by Nordic institutional clients in this fund, demonstrating significant confidence in its ability to deliver sustainable energy solutions.
Enhancing Local Energy Production
The acquisition of the Vara Kroken wind plant in Västra Götaland, Sweden, by Locus Energy, a company under SEB Nordic Energy, marks a significant move towards boosting local wind power and sustainability. This purchase follows Locus Energy’s earlier acquisition of three wind plants from Mölndal municipality in March 2024, raising the number of their wind facilities to ten. These actions are part of a broader strategy to focus on local wind power, specifically upgrading existing assets for better efficiency and sustainability.
Vara Kroken features a Vestas V90 MK7 turbine with a 2 MW capacity and an annual average production of 5.5 GWh. Locus Energy plans to leverage its “soft re-powering” technique, which uses existing infrastructure like grid connections, foundations, and towers, while adding new turbines, solar panels, and battery storage over time. According to CEO Niklas Sörensen, this strategy offers strong investment potential and sustainability benefits. The 30-year lease for the Vara Kroken plant highlights Locus Energy’s long-term commitment to these objectives.
