The solar power industry in the Nordics is rapidly growing as countries prioritize renewable energy sources. Companies involved range from established corporations to startups, focusing on solar technology development, project financing, and installations. Recent innovations in solar energy solutions are paving the way for increased efficiency and effectiveness in solar installations. The region's abundant natural light during summer months provides a unique advantage. As governments enforce ambitious environmental goals, the solar sector is poised for expansion, promising shorter project timelines and broader market engagement, making it an exciting area for investment and technological advancements.


The top solar power investors in the Nordics feature corporate giants and private equity firms from Finland, Sweden, and Denmark. Established amid various years, these investors range in size from small firms to large corporations, with investments peaking in 2024 at a remarkable count of deals. Companies such as EEP Africa and EQT Group reflect commitment toward renewable energy solutions, actively engaging in the solar industry. Their diverse strategies and focus on innovative technologies underscore a meaningful evolution in the landscape of solar investments in the region.


Top 13 Solar Power Investors in the Nordics


1. EEP Africa

  • Website: eepafrica.org
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2010
  • Headcount: 11-50
  • LinkedIn: eepafrica

EEP Africa is a not-for-profit organization based in Helsinki, Finland, founded in 2010. It is dedicated to enhancing energy access and investment in Southern and Eastern Africa through early-stage grants and support for innovative clean energy projects. EEP Africa collaborates with various funding partners to facilitate sustainable development in the region. Notably, EEP Africa has been involved in several transactions relevant to the solar power sector, including investments in companies like Clamore Solar, which received a grant in 2021, and other ventures such as Sun King, Swimsol, and Phaesun, which focus on renewable energy solutions. These transactions highlight EEP Africa's active role in promoting solar energy and clean technology in the region.


2. Equinor

  • Website: equinor.com
  • Type: Corporate
  • Headquarters: Stavanger, Rogaland, Norway
  • Founded year: 1972
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: equinor

Equinor ASA is a public entity based in Stavanger, Norway, operating primarily in the energy sector with a focus on oil, gas, and renewable energy. Founded in 1972, the company has over 10,000 employees and is committed to sustainability, aiming to achieve net-zero emissions by 2050. In recent years, Equinor has made strategic investments in the solar power sector to diversify its energy portfolio. Notably, in November 2018, Equinor acquired a minority stake of just over 10% in Scatec Solar ASA, a prominent solar power producer in Norway. Furthermore, Equinor has participated in funding rounds for Oxford PV, contributing to the development of perovskite-based solar cell technology. In November 2022, Equinor expanded its solar capabilities by acquiring BeGreen, a Danish solar power developer with over 700 MW of developed solar capacity and a project pipeline exceeding 6 GW. These transactions highlight Equinor's proactive approach to enhancing its renewable energy portfolio, particularly in the solar power domain.


3. Almi

  • Website: almi.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 201-500
  • Number of deals in 2024: 7
  • LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden, aiming to enhance their growth and competitiveness through tailored financial solutions. Among its notable transactions, Almi has invested in Spowdi, a Stockholm-based manufacturer of an energy-efficient, solar-powered water pump for small-scale farming, which raised SEK 20 million from Almi Invest. This investment highlights Almi's commitment to supporting innovative solutions in the renewable energy sector, particularly solar power. Additionally, Almi has been involved in other ventures such as Epishine and Ferroamp Elektronik, which, while not exclusively focused on solar power, contribute to the broader context of energy efficiency and sustainability.


4. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in managing diverse investment portfolios across various sectors, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT has been actively investing in the renewable energy sector, particularly solar power, as evidenced by its acquisition of Solarpack in June 2021 and Cypress Creek Renewables in July 2021. These acquisitions reflect EQT's strategy to expand its footprint in the renewable energy market. Additionally, EQT's recent acquisition of Clearvise AG and OX2 further underscores its commitment to investing in companies that contribute to sustainable energy solutions. With a total of 30 investments in 2024, EQT Group continues to demonstrate its capability and interest in fostering growth within the solar power industry.


5. Katapult

  • Website: katapult.vc
  • Type: Venture Capital
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 8
  • LinkedIn: katapult-accelerator

Katapult is an impact investment firm based in Oslo, Norway, founded in 2017. They focus on tech startups that address global challenges, providing investment, accelerator programs, and mentorship to early-stage companies. Katapult has been involved in several notable transactions in the solar power sector, including: 1) NXT Grid, a Nigerian solar mini-grid provider, which secured $1.4 million in funding from Katapult to expand its operations; 2) Over Easy Solar, which raised an undisclosed amount in a recent funding round; and 3) Solfium, which received support from Katapult as part of a global syndicate for its seed funding round. These investments highlight Katapult's commitment to supporting innovative solutions in the solar power industry.


6. Nordic Investment Bank

  • Website: nib.int
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1976
  • Headcount: 201-500
  • Number of deals in 2024: 19
  • LinkedIn: nordic-investment-bank

Nordic Investment Bank (NIB) is a public entity based in Helsinki, Finland, established in 1976. It specializes in providing sustainable financing solutions aimed at enhancing productivity and environmental benefits in the Nordic and Baltic regions. NIB offers a variety of loan products, including corporate, sovereign, and sustainability-linked loans, catering to both private and public sector clients. In recent years, NIB has been involved in several significant transactions that highlight its commitment to renewable energy. For instance, it provided debt financing to European Energy, a company focused on developing renewable energy projects, including solar power. Other notable transactions include financing for Å Energi and LT Energija, both of which are engaged in energy production, further emphasizing NIB's role in supporting the transition to sustainable energy sources.


7. Copenhagen Infrastructure Partners


Copenhagen Infrastructure Partners (CIP) is a private equity investment management firm based in Copenhagen, Denmark, founded in 2012. The firm specializes in renewable energy projects and manages multiple funds that focus on greenfield energy infrastructure, including offshore and onshore wind, solar PV, and energy storage. CIP plays a crucial role in facilitating the transition to a net-zero economy through strategic investments in renewable energy. In 2024, they announced a significant acquisition of a majority stake in Elgin Energy for £250 million, aiming to enhance its development portfolio in solar and storage projects. This transaction highlights their commitment to solar energy. Additionally, they have been involved in various financing activities, such as raising substantial funds for renewable energy initiatives, further demonstrating their active role in the sector.


8. Bravida

  • Website: bravida.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2000
  • Headcount: 10001+
  • LinkedIn: bravida

Bravida is a technical service provider based in Stockholm, Sweden, specializing in the installation and maintenance of electrical, heating, sanitation, ventilation, and security systems. Founded in 2000, the company operates across multiple locations in the Nordic region, serving property owners and facility managers to ensure the reliable and efficient functioning of essential systems. In a significant move towards renewable energy, Bravida Denmark acquired a 60% stake in the solar panel company Viva Energi A/S in December 2021, marking its first foray into the solar energy sector. This acquisition is part of Bravida's strategy to enhance its portfolio of climate-friendly energy solutions, with plans to acquire the remaining 40% by 2025. This strategic investment highlights Bravida's commitment to diversifying its offerings and participating in the growing solar power market.


9. Vattenfall


Vattenfall is a corporate investor based in Solna, Stockholm, Sweden, specializing in the production and retail of electricity and heat. Founded in 1909, Vattenfall is committed to providing sustainable energy solutions aimed at reducing dependency on fossil fuels. In 2023, Vattenfall made a significant move in the solar power sector by acquiring the German solar developer Solizer, which has a portfolio of 4GW of solar projects, increasing Vattenfall's total solar capacity in Germany to 7GW. This acquisition is part of their broader strategy to enhance their renewable energy offerings and achieve fossil freedom by 2040. Additionally, Vattenfall participated in a Series A funding round for Solytic, a solar data management company, showcasing their interest in innovative technologies within the solar industry. These transactions underline Vattenfall's active role in the solar power market, alongside their broader energy initiatives.


10. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They specialize in supporting researchers and entrepreneurs in commercializing deep tech innovations through various programs that provide business guidance, financing, and community networking. Chalmers Ventures emphasizes active ownership and investment in startups to help them scale and succeed in the market. Notably, they have invested in TRINE, a company that facilitates solar energy financing, raising significant amounts in both 2017 and 2024. Additionally, they have invested in Swedish Algae Factory, which, while primarily focused on algae-based solutions, operates within the realm of sustainable technologies that could complement solar energy initiatives.


11. Altor Equity Partners

  • Website: altor.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: altor

Altor Equity Partners is a private equity investment management firm based in Stockholm, Sweden, founded in 2003. The firm specializes in enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Altor has made notable investments in the solar power sector, including a significant minority stake in Svea Solar, a leading cleantech company in Sweden, which focuses on solar energy solutions. Additionally, Altor participated in funding for Sunbooster, a company that raised capital for photovoltaic power plants. These transactions highlight Altor's commitment to investing in renewable energy and sustainability, particularly in the solar power industry.


12. Ifu

  • Website: ifu.dk
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 1967
  • Headcount: 51-200
  • Number of deals in 2024: 3
  • LinkedIn: ifu

IFU - Investeringsfonden for Udviklingslande is a not-for-profit organization based in Copenhagen, Denmark, founded in 1967. It specializes in sustainable investments in developing countries, providing investment capital and advisory services to companies that aim to create positive social and environmental impacts. IFU operates through various funds and collaborates with businesses and organizations to achieve the UN's Sustainable Development Goals. Notably, IFU has made significant investments in the solar power sector, including a $38 million Series B investment in Daystar Power, a Nigerian energy startup focused on renewable energy solutions, and a $34 million investment in CleanMax, an Indian renewable energy company that is enhancing its solar portfolio across India, the Middle East, and Southeast Asia. These transactions highlight IFU's active role in promoting solar energy initiatives in developing markets.


13. Swedish Energy Agency


The Swedish Energy Agency (Energimyndigheten) is a public entity established in 1998, located in Eskilstuna, Södermanland, Sweden. It focuses on energy management and sustainability, providing guidance on energy efficiency and promoting renewable energy sources. The agency supports research and innovation in energy technologies, serving households, businesses, and public organizations in their transition to a sustainable energy system. Notably, the agency has been involved in significant transactions within the solar power context, including a $6 million conditional loan to Sol Voltaics, a Swedish solar startup, which highlights its commitment to advancing solar technology. Additionally, while it has engaged in various funding activities across different energy sectors, its support for solar initiatives demonstrates its relevance in the solar power investment landscape.



Solar Power Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EEP AfricaHelsinki, Uusimaa, Finland11-5020100
EquinorStavanger, Rogaland, Norway10001+19726
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
KatapultOslo, Oslo, Norway11-5020178
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
Copenhagen Infrastructure PartnersCopenhagen, Denmark501-100020129
BravidaStockholm, Stockholm, Sweden10001+20000
VattenfallSolna, Stockholm, Sweden10001+19090
Chalmers VenturesSweden11-50201526
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
IfuCopenhagen, Denmark51-20019673
Swedish Energy AgencyEskilstuna, Södermanland, Sweden201-50019984


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