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SEB fund invests in a large-scale battery storage system

Ingrid Capacity’s 12 MW battery energy storage site in Gävle, Sweden.

SEB Nordic Energy has formed a strategic partnership with energy storage company Ingrid Capacity to address the power deficit in southern Sweden. The fund will provide the financing needed to build Sweden’s second-largest battery storage system.

Within 12 months, 13 local battery storage systems with a total capacity of nearly 200 megawatts will be connected to the local grids, adding necessary flexibility to the system by participating on the grid frequency control market.

“We have long been exploring battery projects, and our partnership with Ingrid Capacity through Locus Energy provides an ideal fit. The assets are located in the same electricity price areas as our existing wind and hydro assets, allowing us to create synergies within our portfolio. Additionally, the project is ready-to-build, enabling us to bring these systems online within the next year,” says Elin Löfblad, Portfolio Manager, SEB Nordic Energy.

Locus Energy is a wholly owned investment vehicle for the SEB Nordic Energy fund, which is open only to professional investors with a long-term investment horizon (15 years).

The planned battery storage systems will help maintain the frequency and stability in the Nordic electricity grid as more intermittent energy sources are integrated into the energy mix, by providing ancillary services and arbitrage.

“This partnership, which introduces batteries as a new asset class into our fund, is a strategic move to address increasing price volatility and grid instability. Ultimately, it aligns with our goal of strengthening local energy systems across Nordic communities, which remains the core objective of our fund,” says Richard Gavel, Portfolio Manager, SEB Nordic Energy

Through this collaboration, SEB Nordic Energy continues to lead the way in sustainable energy investments, enhancing local energy resilience and supporting the broader electrification of society.

SEB Nordic Energy makes direct investments in renewable energy infrastructure assets in the Nordic region. The fund is investing in small-scale hydropower, wind power, solar energy and geothermal energy, both through new construction and upgrading of existing facilities to increase efficiency and energy production. The fund is a so-called Article 9 fund with sustainable investments as its objective.  

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Past performance is not indicative of future results. The value of fund units can rise as well as fall, and you may not get back the amount you invested. The fund can both decrease and increase significantly in value due to its composition and the management methods used by the management company. Fund information, including the KID, prospectus/information brochure, and sustainability-related disclosures, can be provided by your client executive.