SEB’s renewable energy fund continues to expand within the wind power sector. Through its portfolio company Locus Energy, the fund has so far invested around SEK 2.4 billion in several Nordic wind power facilities – despite the fact that many of the acquired wind farms have had weak or negative profitability over a long period.
The most recent transaction is the purchase of Wallenstam’s wind power operations for SEK 830 million. The deal covers 53 wind turbines with a total capacity of 112 megawatts, mainly located in the Swedish electricity market areas SE3 and SE4.
The investments are financed through SEB’s Nordic Energy fund, which is based on capital from pension savers in Sweden, Finland, and Denmark. The fund was launched in 2023 with the goal of managing SEK 15 billion and currently holds assets of just over SEK 8 billion.
The magazine Affärsvärlden has reviewed previous owners’ annual reports. The review shows that several of the wind farms now included in the fund’s portfolio have long demonstrated limited profitability and in several cases reported recurring losses.
The first acquisitions were made in Finland at the beginning of 2025, when the Pirttiselkä, Leppävirta, and Muntila parks were purchased. Although some of the facilities benefited from high electricity prices during the 2022 energy crisis, results have since deteriorated significantly.
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Even the Swedish wind farm Storrun showed a weak financial history at the time of its acquisition and had reported losses in seven out of the previous nine financial years. Wallenstam’s wind power business shows a similar trend, with recurring negative results.
Not the whole picture
However, Locus Energy’s CEO Niklas Sörensen argues that historical results do not provide a fair view of the facilities’ future potential.
According to Sörensen, the problem is partly a consequence of extensive support and investment in wind power over many years. He sees the solution in combining several different energy sources in the same portfolio.
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Locus Energy already owns hydropower plants and battery storage. By coordinating these assets, the company hopes to reduce costs and at the same time increase revenues from wind power production.
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A recurring problem for wind power producers is so-called imbalance costs, which arise when actual electricity production deviates from forecasts reported to the grid. With battery storage, production can be stabilized and costs reduced.
The strategy is based not only on energy storage but also on developing already existing power facilities.
“Would not be worried”
To pension savers who are worried that their money is invested in businesses with a history of losses, he offers a reassuring message:
– I would not be worried. I have invested in it myself, says Niklas Sörensen.