A new sense of urgency in infrastructure development
Heidi Urbach, Head of SEB Structured Finance, sees two main trends pushing infrastructure up the strategic agenda. Firstly, its role in boosting industrial growth and competitiveness is becoming increasingly clear. Secondly, the growing need for national resilience amid rising geopolitical uncertainty.
When it comes to infrastructure in the Nordics, Heidi Urbach points out that underinvestment has been a persistent issue.
“We have been underinvesting for quite some time, and our systems are aging for example within transport infrastructure, climate adaptation, and electricity supply.”
According to Urbach, public funding alone is insufficient to solve this problem. She underlines the need for new ways of thinking to attract more private capital.
“It’s important to find models that mobilise both private and public capital – especially structures and return models that are attractive to all parties.”
An example is a public–private partnership (PPP) model that can be structured as an availability-based model, where the private sector is responsible for building and maintaining the infrastructure, while the public sector pays for its availability rather than actual usage. This approach eliminates volume risk for the public entity and ensures a clear distribution of risks between public and private financing.
It’s not just about business – it’s about building the future.
SEB Structured Finance was formed as a unit in 2021 by merging Shipping Coverage and Real Estate Coverage with Project and Infrastructure Finance. Urbach also oversees Real Estate Coverage.
“We maintain a strong presence in all Nordic countries, the UK, and Germany. Our greatest strength is our capacity to work across segments and geographies, supported by specialist expertise in both asset classes and local markets. This offers us a distinct competitive advantage,” Urbach says.
Even though infrastructure in the Nordics has long suffered from underinvestment, Urbach now sees a shift in awareness and political focus.
“There is a growing realisation that we need to improve our infrastructure to drive industrial growth and strengthen competitiveness. For example, a reliable electricity supply is fundamental to industrial production. Without it, scaling renewables or supporting industrial expansion becomes impossible.
“We also need to reform our permitting processes, which are currently far too slow and rigid, and hindering the progress. Legislative changes are essential to accelerate infrastructure development.”
Civil resilience is another factor contributing to the urgency in infrastructure planning and investment.
“We want to reduce dependence on other nations and become more self-sufficient. The question is: how do we achieve that? It’s not only about food security but also about the ability to transport goods, ensure a reliable electricity supply, and maintain dependable infrastructure for critical facilities such as data centres.”
All in all, Urbach is deeply engaged in a field that is both dynamic and rapidly evolving.
“Our mission is to support the transition while maintaining a sound risk profile,” she concludes. “It’s not just about business – it’s about building the future.”