Locus Energy has purchased a 158GWh hydropower portfolio in Norway.

Locus Energy, part of SEB Nordic Energy, has acquired a hydropower portfolio of 158 gigawatt hours (GWh) across Norway's price areas NO2 to NO5.

This acquisition strengthens its position in the Norwegian and Nordic energy markets and includes both operational and under-construction assets.

The new portfolio will increase Locus Energy's annual hydro generation capacity to 410GWh. This move aligns with Locus Energy's goal of becoming a pan-Nordic independent power producer with interests in wind, hydro, and battery energy storage systems in Norway, Sweden, and Finland.

Richard Gavel, portfolio manager at SEB Nordic Energy, noted that the addition of reliable hydropower enhances Locus Energy's long-term strategy and cash flow.

The company aims to optimize market participation by diversifying renewable asset classes within the same price areas and effectively managing intermittency to generate a system premium that exceeds the performance of standalone assets. Locus Energy has spotted growth opportunities in current markets for 2025.

CEO Niklas Sörensen remarked that this acquisition is a strategic move toward creating a balanced, technologically diverse, and financially optimized renewable portfolio across the Nordics, enhancing their competitive advantage. In September 2024, Locus Energy also partnered with Ingrid Capacity to deploy 196MW of battery energy storage capacity in southern Sweden.