The transaction was executed through Aberdeen’s SL Capital Infrastructure I fund, with SEB acquiring the holding via its portfolio company, Locus Energy.

SLCI I entered the Norwegian hydropower market in 2015 through the acquisition of Nordic Power, an owner and operator of 15 hydropower plants located primarily in Norway’s Northern regions.

In 2021, Nordic Power merged with aventron Norway AS, a portfolio of hydropower and wind assets owned by Switzerland-based power producer, aventron AG.

Aberdeen added that the merger represented a transformational milestone in aventron Norway’s development, enhancing its scale, diversification and resilience.

It added that SLCI I pursued an “active value creation strategy,” which focused on strengthening, diversifying and de-risking the business. It executed two refinancings, implemented targeted operational upgrades and maintained a disciplined capital investment programme. It also appointed a strategic maintenance partner to support long-term operational performance.

The firm explained it completed three bolt-on acquisitions during this period, further increasing scale, enhancing portfolio quality, and broadening its appeal to strategic and financial investors.

Graeme Dunbar, senior investment director, economic infrastructure at Aberdeen Investments, said: “Over our 11-year ownership period, we have worked closely with local operating partners and the aventron team to execute a disciplined value creation strategy that has transformed the business into a larger, more diversified and more resilient renewable energy platform.

“The successful realisation of our investment demonstrates the benefits of active asset management and long-term stewardship and has delivered a positive outcome for SLCI I investors despite a challenging market environment. This transaction represents the economic infrastructure team’s fifth realisation in 2026 and the fourth from SLCI I.”