The fund presented is intended for professional investors only. Past performance is not indicative of future results. The funds can both decrease and increase significantly in value, and you may not get back the amount invested. Prospectus and sustainability-related disclosures are available from SEB.
Assets under management increased sharply after new and existing investors contributed close to SEK 4 billion during the first quarter of 2026. SEB Nordic Energy has now reached just over SEK 8 billion in assets under management, and the fund has therefore closed to new subscriptions. The fund invests in renewable energy assets and aims to strengthen energy security in the Nordic region while delivering stable, long-term returns.
To date, the fund, through its portfolio company Locus Energy, has invested SEK 6.4 billion in energy assets and is considered well positioned for new acquisitions ahead of 2026.
“It is very encouraging to see the strong investor interest. It demonstrates confidence in the fund’s ability to deliver returns on invested capital as well as contribute to energy security and the energy transition, says Javiera Ragnartz, Head of SEB Asset Management.
During 2025, the fund further strengthened its position as an independent power producer in the Nordic region. Through a well-diversified portfolio consisting of hydropower, wind power, and battery storage, a robust and profitable combination of technologies has been created. As of January 2026, hydropower accounted for 59 percent, wind power for 22 percent, and battery storage for 19 percent of the fund’s assets.
Increased Need for Flexibility and Resilience
Electricity consumption in the Nordic region is expected to increase in the coming years as a result of electrification in the industrial and transport sectors, as well as new energy-intensive operations. At the same time, a growing share of weather-dependent electricity generation places higher demands on storage and flexibility in the power system. There is also an increasing need to strengthen resilience in local energy systems.
The fund is working to upgrade existing assets to improve efficiency and profitability, while keeping development risk lower than with new construction projects. During 2025, the largest so-called soft repowering project in the Nordic region was completed, where seven existing wind turbines were upgraded by replacing the turbines while retaining existing infrastructure such as roads, grid connections, towers, and foundations. The measure is expected to more than double electricity production.
The development of battery storage has also continued. Six of twelve planned battery storage projects in Sweden were completed during 2025.
“We really see the benefits of investing in existing assets and combining several different technologies to improve returns. This makes our portfolio more flexible and therefore more future proof,” says Elin Löfblad, Portfolio Manager at SEB Nordic Energy.
There are many interesting projects to invest in that the management team is reviewing together with the fund’s portfolio company Locus Energy, and the team is also considering launching a successor to the first fund.