Locus Energy signs agreement to acquire Blåfall Utvikling to become a major Nordic owner of small-scale hydropower

Locus Energy AB has signed an agreement to acquire a hydropower portfolio of a total of 26 assets with a total potential production of more than 250 GWh in Norway from a fund managed by Impax Asset Management and Blåfall AS. The portfolio includes operational power stations as well as ongoing construction and development projects in electricity areas NO2, NO3, NO4 and NO5. Through the acquisition, Locus Energy becomes a major owner of small-scale hydropower in the Nordic region. The buyer’s financing comes from Nordic institutional investors via SEB Nordic Energy fund.

Through the acquisition of Blåfall Utvikling, a platform is created for Locus Energy’s continued expansion in Norway both through continued project investments and through additional acquisitions..Blåfall Utvikling is also an important step in Locus Energy’s goal to create a leading pan-Nordic presence in small-scale hydropower and thereby contribute to creating stronger, more sustainable, and more robust local energy systems. In the past, Locus Energy has built a portfolio of small-scale hydropower in Sweden with a base in electricity areas SE3 and SE4

In order to exploit the full potential of small-scale hydropower in Norway, Sweden and Finland, a changed competence in ownership combined with progressiveness in development is required. It is with great confidence that we now take on the challenge of growing further in Norway and the Nordics to become the best active owner of small-scale energy assets.

Niklas Sörensen, CEO Locus Energy

As the Nordic region’s largest asset manager, we see a strong interest among our institutional investors in local sustainable energy infrastructure. It is with pleasure that I note that in our fund SEB Nordic Energy we are now significantly increasing the exposure to small-scale hydropower, which together with other small-scale asset types creates robust local energy systems and enables a sustainable transition.

Richard Gavel, Portfolio Manager, SEB Nordic Energy

Impax is dedicated to investing in the transition to a more sustainable economy. Taking late-stage development risk, we partner with local developers and leverage our in-house technical and financial expertise to create value from greenfield assets. Together with our local partner Blåfall, we have developed significant expertise in the Norwegian small-scale hydro market over the last six years which we expect to continue to leverage through future potential investments in the region and technology. This sale is a testament to our ability to form strong local partnerships and build high-quality, strategic platforms that are highly attractive to long-term asset owners.

Babaola Omiyale, Director, PE/Infrastructure Team at Impax

We are delighted to pass the baton on this significant portfolio to the quality Nordic renewables investor Locus Energy. We recognize the strategic fit to Locus‘ overall rationale and look forward to cooperating with Locus on the further development of the portfolio. SEB enjoys a long history in Norway and is together with Locus Energy well positioned for both continued growth and for maintaining the long-term commitment such portfolio represents to local landowners and stake holders.

Per Espen Watle, Chair of the Board, Blåfall AS

Image source: Blåfall AS

Jacob Jannering

Investment Associate

Jacob Jannering

Investment Associate
Joined Locus in January 2023. Previous experience from management consulting within infrastructure, real estate and technology at Priority Group. Holds a B.Sc in Business and Economics from the Stockholm School of Economics, with an exchange semester at the London School of Economics

Niklas Sörensen

CEO, Co-founder & General Partner

Niklas Sörensen

CEO, Co-founder & General Partner
Former CEO of Ramboll Sweden, the largest technology services company in Scandinavia with over 2000 experts within the areas of Buildings, Transport, Environment, Energy, Water and Management Consulting. Previously, Niklas was the Head of Infrastructure at WSP and prior to that the SVP and Head of Division at Grontmij with responsibility for business and technology development. Vast experience from Nordic energy and infrastructure projects.

MSc Royal Institute of Technology

Erik Tillberg

Co-founder & General Partner

Erik Tillberg

Co-founder & General Partner
25+ years international consulting experience advising boards and executive management teams across a wide array of private and public sectors including technology, energy, infrastructure, utilities, professional services and consumer goods. Specialization in change management, brand marketing and investor relations, public affairs, public relations & regulatory affairs. Erik started his career in the European space business including roles as Head of Space Utilization at SSC. Former founder & CEO of Lowe Plus (in partnership with IPG, LSE), Everystone (in partnership with WPP, NASDAQ) and Priority Group.

- MSc & Licentiate of Engineering, Royal Institute of Technology
- Chairman, Locus Infra AB.

Björn Rosengren

Co-founder & Industrial Advisor

Björn Rosengren

Co-founder & Industrial Advisor
Björn is one of very few Swedes with accumulated experience from top positions in politics, industry and the trade union movement. Former Minister of Industry and head of the so-called super ministry responsible for telecommunications, IT, energy, foreign trade, regional policy and labour market, including all state-owned enterprises. County Governor of the Norrbotten Region. 13 years as senior advisor to Kinnevik's CEO.

Chairman of Fastator, Studentbostäder i Norden, Point Properties Norwegian-Swedish Chamber of Commerce and co-founder of Priority, among others.

Mattias Söderqvist

Deputy CEO & Partner

Mattias Söderqvist

Deputy CEO & Partner
Previously CBDO/Head of Business Development at investment company Polar Structure and Head of Business Strategy at Priority Group. Experienced investor who has led several transactions within energy, infrastructure and technology in recent years.

- BSc in Economics from Lawrence University, Chicago, USA.

Joen Averstad

CFO & Partner

Joen Averstad

CFO & Partner
Former CEO of Hemcheck (Nasdaq First North). Previously management consultant at McKinsey & Company and Quartz (now Bain).

- Master of Business Administration from Stockholm School of Economics

Lars Martinsson

Chairman Locus Energy

Lars Martinsson

Chairman Locus Energy
Lars Martinsson has a long career in the power industry and has previously worked for ABB as head of the Power Transformers business area and in international roles for Alstom and Consolis. In recent years, he has advised mainly cleantech companies, but also other startups through KTH's incubator. Lars Martinsson holds a MSc in Electrical Engineering with a focus on power and physics from the Royal Institute of Technology.

Telefon: +4

Email: --

Lars Larsson

Partner, Operations & Technology

Lars Larsson

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Former CEO of Borlänge Energi AB. Senior advisor at Ramböll Sweden. Vice Chairman SweBio. Former CEO of Partille Energi, Ale Fjärrvärme and Head of Operations at Rabbalshede Kraft, Gothenburg.

Email: lars@locus.energy