The wind turbine maintenance industry in the Nordics plays a vital role in sustaining renewable energy sources across the region. This sector includes companies that provide maintenance, repair, and optimization services for wind turbine operations. Many of these firms also focus on innovative technologies, improving operational efficiency and reducing downtime. As the demand for clean energy rises, the industry is evolving, with a strong emphasis on digital solutions and sustainability practices. Interesting projections suggest that by 2030, the Nordic regions could potentially achieve an increase in wind energy output, pushing the boundaries of current technological capabilities.


The investor landscape for wind turbine maintenance in the Nordics features a mix of corporate giants, private equity firms, and venture capitalists. Spanning locations from Stavanger to Stockholm and Copenhagen, these investors vary in size from small teams to large corporations with thousands of employees. Founded as early as 1841, these companies have committed to strategic investments with 2024 seeing notable activity—ranging from acquisitions to seed funding rounds, marking a significant trend towards accelerating the growth of wind energy maintenance services.


Top 14 Wind Turbine Maintenance Investors in the Nordics


1. 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, Equinor has made significant strides towards sustainability, aiming to achieve net-zero emissions by 2050. The company serves a diverse customer base, including governments and industries, providing energy solutions that address climate challenges while ensuring energy security. In recent years, Equinor has actively invested in the wind energy sector, including notable transactions such as their investment in fos4X, a company specializing in fiber optic sensor technology for wind turbines, which closed an €8.2M Series B financing round in June 2018. Additionally, Equinor participated in the Series B financing of Rovco, a company involved in underwater robotics and data services for offshore wind farms. These investments highlight Equinor's commitment to advancing technologies that support wind turbine maintenance and operational efficiency.


2. 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 firm based in Stockholm, Sweden, founded in 1994. The firm specializes in various investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. In recent years, EQT has made significant investments in the renewable energy sector, including the acquisition of OX2, a company involved in renewable energy projects, and Tion Renewables, which focuses on renewable energy solutions. These transactions indicate EQT's commitment to expanding its footprint in the renewable energy market, which may include wind energy and related maintenance services.


3. Ferd AS

  • Website: ferd.no
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1998
  • Headcount: 51-200
  • LinkedIn: ferd-as

Ferd AS is a private equity investment company based in Oslo, Norway, founded in 1998. The firm focuses on creating lasting value through various business activities, including investment management, real estate development, and support for social entrepreneurs. Ferd AS has made significant investments in the wind energy sector, including participation in funding rounds for Shoreline Wind, a leader in wind energy SaaS, and Wind Catching Systems, which is developing innovative offshore wind technologies. Additionally, Ferd jointly acquired Aibel, a company specializing in offshore wind and energy services, for approximately 1.5 billion NOK. These transactions highlight Ferd AS's strategic interest in enhancing growth and impact within the wind energy industry, particularly in areas related to maintenance and operational support for wind turbine technologies.


4. 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 for projects in the Nordic and Baltic regions. NIB offers a variety of loan products, including corporate, sovereign, and sustainability-linked loans, aimed at enhancing productivity and environmental benefits. In recent years, NIB has been involved in several notable transactions within the wind energy sector, such as providing debt financing to KK Wind Solutions, which raised over $71 million, and LT Energija, which secured approximately $107 million. Additionally, NIB has financed European Energy and Å Energi, both of which are engaged in renewable energy projects, further solidifying its role in supporting the wind turbine maintenance 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, particularly in climate-tech and ocean-tech sectors. Katapult provides investment, accelerator programs, and mentorship to early-stage companies. In 2024, they participated in several seed rounds, including a notable investment in Gazelle Wind Power, which is directly related to the wind energy sector. This involvement highlights their commitment to supporting innovations in renewable energy, including potential maintenance solutions for wind turbines. Other transactions include investments in GKinetic Energy and GBM Works, further showcasing their active role in sectors that may intersect with wind energy maintenance.


6. 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, that provides loans, risk capital, and business development support to small and medium-sized enterprises. Founded in 1994, Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. Among its notable transactions, Almi has invested in SeaTwirl, a company specializing in innovative wind turbine technology, and Waves4Power, which is involved in renewable energy solutions. Additionally, Almi participated in a funding round for CorPower Ocean, which, while focused on wave energy, demonstrates Almi's commitment to supporting companies in the renewable energy sector. These investments highlight Almi's strategic interest in technologies that could intersect with wind turbine maintenance and operations.


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 focused 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. Notably, in 2024, CIP acquired Liberty Renewables, which has a portfolio of approximately 1.3 GW of onshore wind projects in New York, highlighting their commitment to wind energy. Additionally, their acquisition of a majority stake in Mulilo Wind Enterprises, a South African renewable energy developer with a pipeline of over 25GW of renewable energy capacity, further emphasizes their focus on wind energy. These transactions demonstrate CIP's active role in the wind sector, which is essential for wind turbine maintenance.


8. CapMan

  • Website: capman.com
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1989
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: capman

CapMan Oyj is a private equity investment management firm based in Helsinki, Finland, founded in 1989. The firm specializes in private equity, real estate, infrastructure, and natural capital investments, serving institutional investors with diverse strategies aimed at sustainable returns. Notably, CapMan acquired Moventas in 2005, a company that provides critical services and components for wind turbines, highlighting their involvement in the wind energy sector. In addition to Moventas, CapMan has made significant acquisitions such as NYAB and Aro Systems Oy, which may not directly relate to wind turbine maintenance but demonstrate their active investment strategy. Their recent acquisition of Dasos Capital, focused on sustainable timberland investment, further emphasizes their commitment to sustainable practices, aligning with the broader goals of renewable energy investments.


9. Vestas

  • Website: vestas.com
  • Type: Corporate
  • Headquarters: Aarhus, Denmark
  • Founded year: 1898
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: vestas

Vestas Wind Systems A/S, founded in 1898 and based in Aarhus, Denmark, is a prominent corporate investor in the renewable energy sector, particularly in wind energy. The company is known for its comprehensive approach to wind energy, which encompasses the design, installation, and maintenance of wind turbines. Vestas has been involved in several significant transactions that highlight its commitment to advancing wind energy technology and solutions. For instance, Vestas acquired Ogin in December 2017, which likely enhanced its technological capabilities in wind turbine design and maintenance. In 2023, Vestas led a funding round for Modvion, a startup focused on innovative turbine designs, which includes plans for a wooden turbine that could revolutionize the industry. This investment not only supports new technology but also aligns with Vestas's goal of optimizing energy production and reducing operational costs. Additionally, Vestas's acquisition of a minority stake in Sowitec, a developer with numerous wind and solar projects, further emphasizes its strategic focus on expanding its influence and capabilities in the renewable energy market, including maintenance services.


10. Polaris Private Equity


Polaris Private Equity is a private equity firm based in Copenhagen, Denmark, founded in 1998. The firm specializes in investment management, focusing on supporting mid-sized companies in the Nordic region through tailored investment strategies, including private equity, flexible capital, and public equity. Polaris partners with management teams to drive growth and operational improvements, helping these companies realize their full potential. Notably, Polaris has made significant investments in the wind sector, acquiring Connected Wind Services in 2012, a company that provides maintenance services for wind turbines, and Vinnergi AB in 2024, which is also involved in the wind energy industry. These transactions highlight Polaris's commitment to the wind turbine maintenance sector and their strategy of investing in companies that enhance operational efficiencies in this field.


11. Afry

  • Website: afry.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1895
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: afry

AFRY AB is a consulting and engineering firm based in Stockholm, Sweden, founded in 1895. The company provides a wide range of services, including sustainability consulting, digital solutions, and project management across various industries. In recent years, AFRY has made significant strides in the renewable energy sector, highlighted by their acquisition of Numerola Oy in June 2021, which specializes in digital solutions for wind power. This acquisition enhances AFRY's capabilities in wind turbine maintenance and operations. Additionally, their acquisition of Carelin Oy in March 2024, a Finnish leader in renewable energy project management, further emphasizes their commitment to the renewable energy landscape. These strategic moves position AFRY as a key player in the wind energy sector, making them a relevant investor in wind turbine maintenance.


12. Caverion

  • Website: caverion.com
  • Type: Corporate
  • Headquarters: Vantaa, Uusimaa, Finland
  • Founded year: 1912
  • Headcount: 10001+
  • LinkedIn: caverion

Caverion is a technical service company based in Vantaa, Uusimaa, Finland, specializing in building performance, maintenance, and lifecycle management. Founded in 1912, Caverion has grown to employ over 10,000 people and offers a wide range of services, including technical installations, project management, and smart solutions for businesses in the construction and real estate sectors. In recent years, Caverion has made strategic acquisitions to enhance its service offerings, including the acquisition of Wind Controller in May 2022, a Finnish service company focused on the wind power industry. This acquisition, along with others such as TMV Service Oy, which deals with energy sector services, demonstrates Caverion's intent to expand its footprint in the energy sector, particularly in wind turbine maintenance and related services.


13. Aker Solutions

  • Website: akersolutions.com
  • Type: Corporate
  • Headquarters: Fornebu, Akershus, Norway
  • Founded year: 1841
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: aker-solutions

Aker Solutions ASA is a prominent engineering firm based in Fornebu, Akershus, Norway, specializing in energy infrastructure. Founded in 1841, the company has evolved to provide integrated solutions and services for both low-carbon oil and gas production and renewable energy projects, including wind energy. Aker Solutions has made significant strides in the renewable sector, highlighted by its acquisition of Principle Power in October 2019, which focuses on floating wind turbine technology. This acquisition reflects Aker's strategy to enhance its offerings in the renewable energy market. Furthermore, the company has also acquired Unitech Power Systems, which specializes in electrical power systems, further supporting its capabilities in energy infrastructure. Aker Solutions operates globally, leveraging digital technology and strategic partnerships to navigate the transition to sustainable energy practices, making it a relevant player in the wind turbine maintenance industry.


14. FSN Capital Partners

  • Website: fsncapital.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1999
  • Headcount: 51-200
  • LinkedIn: fsn-capital

FSN Capital Partners is a private equity investment firm based in Oslo, Norway, founded in 1999. The firm specializes in managing investments across various sectors, including services, green transition, industrials, and technology. FSN Capital partners with companies to drive growth and transformation, primarily catering to institutional investors and pension funds seeking sustainable returns. Notably, FSN Capital has made significant investments in the wind turbine maintenance context, including a €135 million investment in PolyTech, a company dedicated to developing systems for protecting and enhancing wind turbines. This investment highlights FSN Capital's commitment to the renewable energy sector and its strategic focus on companies that contribute to the green transition. Other transactions, such as their stake in Obton Group A/S and acquisitions like Alvent A/S and Roplan, further demonstrate their active engagement in sectors that intersect with industrial and technological advancements, which can also relate to wind turbine maintenance.



Wind Turbine Maintenance Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EquinorStavanger, Rogaland, Norway10001+19726
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Ferd ASOslo, Oslo, Norway51-20019980
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
KatapultOslo, Oslo, Norway11-5020178
AlmiStockholm, Stockholm, Sweden201-50019947
Copenhagen Infrastructure PartnersCopenhagen, Denmark501-100020129
CapManHelsinki, Uusimaa, Finland51-20019894
VestasAarhus, Denmark10001+18982
Polaris Private EquityCopenhagen, Denmark51-20019984
AfryStockholm, Stockholm, Sweden10001+18951
CaverionVantaa, Uusimaa, Finland10001+19120
Aker SolutionsFornebu, Akershus, Norway10001+18411
FSN Capital PartnersOslo, Oslo, Norway51-20019990


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