The renewable energy industry in the Nordics is thriving, propelled by the region's commitment to sustainability and vast natural resources. Companies here are harnessing wind, solar, and hydropower technologies to create cleaner energy solutions. From large corporations like Equinor focusing on oil and renewables to innovative startups spearheading wave energy projects, the sector is buzzing with activity. The Nordics aims to be a forerunner in achieving net-zero emissions, with investments surging into technology that improves energy efficiency and storage. A notable shift towards electrification and smart grid technology showcases the industry's promising path forward.


In 2024, the Nordics saw a mix of 15 investors contributing to the renewable energy sector. Ranging from venture capital firms like Katapult and private equity giants like EQT Group to corporate entities like Vattenfall, these investors collectively processed a significant number of deals. Most are headquartered in Sweden and Norway, indicative of the regional powerhouses in this field. These firms vary in size and focus areas, with investments in both emerging startups and established energy producers, reflecting a robust commitment to renewable technologies and innovations.


Top 15 Renewable Energy 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, founded in 1972 and headquartered in Stavanger, Norway, is a public entity operating primarily in the energy sector, with a focus on oil, gas, and renewable energy. The company is committed to sustainability and aims to become a net-zero emissions entity by 2050. Equinor has been actively investing in the renewable energy sector, as evidenced by its acquisition of a 10% stake in Ørsted, a major player in offshore wind energy, for $2.3 billion. Additionally, Equinor has acquired over 10% of Scatec Solar ASA, enhancing its presence in solar energy. The company also acquired BeGreen, a Danish solar power developer with a significant project pipeline, further solidifying its commitment to expanding its renewable energy capabilities. Through these strategic investments, Equinor is positioning itself as a key player in the transition to renewable energy solutions.


2. 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, with the goal of enhancing their growth and competitiveness. Almi has been involved in several notable transactions in the renewable energy sector, including investments in CorPower Ocean, which is developing wave energy technology, and Waves4Power, another company focused on wave energy solutions. Additionally, Almi has invested in Epishine, a company that specializes in solar energy technology. These investments highlight Almi's active role in supporting innovative renewable energy projects, making them a relevant player in the renewable energy investment landscape.


3. 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 clean energy financing, providing early-stage grants and support for innovative clean energy projects in Southern and Eastern Africa. The organization collaborates with various funding partners to facilitate sustainable development and enhance energy access in the region. EEP Africa has been involved in several notable transactions in the renewable energy sector, including investments in companies such as Millennium Engineers, African Clean Energy, Solar Sister, Sun King, and East African Power. These ventures reflect EEP Africa's commitment to fostering renewable energy solutions and supporting the growth of clean energy technologies in Africa.


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 prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, the firm serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. In recent years, EQT has made significant strides in the renewable energy sector, highlighted by their acquisitions of OX2, a leader in renewable energy project development, and Solarpack, a company focused on solar energy solutions. Additionally, their acquisition of Clearvise AG, which operates in the renewable energy space, showcases their commitment to this industry. These strategic investments reflect EQT's broader strategy of diversifying its portfolio while actively contributing to the growth of renewable energy.


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 specialize in supporting tech startups that tackle global challenges, particularly in climate-tech and ocean-tech sectors. Katapult provides investment, accelerator programs, and mentorship to early-stage companies. Notably, they have been involved in significant transactions within the renewable energy space, such as their investment in SolarDuck, which raised €15 million for offshore floating solar power technology, and Mocean Energy, which focuses on wave energy technologies. These transactions highlight Katapult's commitment to fostering innovation in renewable energy, aligning with their mission to create a positive impact through their investments.


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, founded 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 both private and public sector customers. The bank focuses on enhancing productivity and delivering environmental benefits through its financing. In recent years, NIB has been involved in several significant debt financing transactions in the renewable energy sector, including a $73.4 million raise for European Energy, a $238 million raise for Latvenergo, and a $94.3 million raise for Å Energi. These transactions highlight NIB's commitment to supporting renewable energy projects and its role as a key financier in the industry.


7. Business Finland

  • Website: businessfinland.fi
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2018
  • Headcount: 501-1000
  • Number of deals in 2024: 26
  • LinkedIn: business-finland

Business Finland is a public entity established in 2018 that supports Finnish companies in their growth and internationalization efforts. It offers funding, consulting services, and market opportunities to help businesses innovate and succeed in global markets. Among its various initiatives, Business Finland has been involved in several transactions relevant to the renewable energy sector. For instance, they provided funding to AW-Energy, a developer of wave energy technology, which secured 14.8 million euros to advance its commercialization efforts. Additionally, they supported Ductor, which raised over $1.5 million in grants for its sustainable projects. Other notable investments include Norsepower Oy and Liquid Sun, both of which are engaged in renewable energy solutions. This track record highlights Business Finland's role in promoting renewable energy innovations alongside its broader mission of supporting Finnish businesses.


8. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They specialize in deep tech innovations and support researchers and entrepreneurs in commercializing their technologies through various programs. Their model emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, Chalmers Ventures has been involved in several transactions relevant to the renewable energy sector, including Minesto, which raised over $16 million in post-IPO equity for its ocean energy technology. They also invested in TRINE, a company focused on solar energy financing, with two significant Series A rounds totaling over $8 million. Additionally, they supported Modvion, which raised over $6 million for its innovative wooden wind turbine towers, further showcasing their commitment to renewable energy solutions.


9. 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. CIP's investment strategy includes significant involvement in offshore and onshore wind, solar PV, and energy storage projects. In 2023, CIP acquired a 26.67% stake in CWP Global's development platform for ultra-large-scale green hydrogen hubs, showcasing their commitment to innovative energy solutions. Additionally, they acquired a majority stake in Mulilo Wind Enterprises, a South African renewable energy developer with a pipeline of over 25GW of renewable energy capacity. These transactions highlight CIP's active role in promoting sustainable investment opportunities and facilitating the transition to a net-zero economy.


10. Vattenfall


Vattenfall is a corporate energy company based in Solna, Stockholm, Sweden, founded in 1909. With over 10,000 employees, Vattenfall specializes in the production and retail of electricity and heat, serving both businesses and consumers. The company is dedicated to providing sustainable energy solutions aimed at reducing dependency on fossil fuels, with a commitment to achieving fossil freedom by 2040. Vattenfall has made significant investments in the renewable energy sector, including the acquisition of the German solar developer Solizer, which added 4GW of solar projects to their portfolio, bringing their total solar capacity in Germany to 7GW. They have also acquired DELTA Energie, enhancing their fossil-free energy offerings in the Netherlands, and Vindstod.dk, which allows them to enter the Danish consumer market. These transactions highlight Vattenfall's strategic focus on expanding its renewable energy capabilities and its commitment to innovative energy technologies and partnerships.


11. HitecVision

  • Website: hitecvision.com
  • Type: Private Equity
  • Headquarters: Stavanger, Rogaland, Norway
  • Founded year: 1985
  • Headcount: 51-200
  • LinkedIn: hitecvision

HitecVision is a private equity investment firm based in Stavanger, Rogaland, Norway, founded in 1985. The firm specializes in the European energy sector, focusing on providing institutional capital to energy production and infrastructure projects. HitecVision emphasizes sustainability and the energy transition in its investment strategy. Notable transactions include investments in Aneo, Hafslund Oslo Celsio, and Sval Energi, which are involved in innovative energy solutions. Additionally, HitecVision's acquisition of CapeOmega in 2014 further demonstrates its commitment to expanding its portfolio in the energy sector, including renewable energy initiatives. The firm actively partners with various stakeholders to drive growth in renewable energy and related industries, positioning itself as a significant player in the transition towards sustainable energy solutions.


12. 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 providing consulting services across various sectors, including technology and consumer products, with a strong focus on enhancing operational efficiency and sustainable growth for its partners. Altor has made notable investments in the renewable energy sector, including a 30% stake in OX2 AB, a Swedish renewable energy developer managing 38 wind parks with a total capacity of 2.1 GW. Additionally, Altor acquired a significant minority stake in Svea Solar, a cleantech company, further emphasizing their commitment to the renewable energy industry. In 2024, Altor also participated in funding rounds for Aira, a company focused on the electrification of residential heating in Europe, showcasing their interest in innovative solutions that contribute to sustainability.


13. Swedish Energy Agency


The Swedish Energy Agency (Energimyndigheten) is a public entity established in 1998, located in Eskilstuna, Södermanland, Sweden. It plays a crucial role in guiding energy management and promoting sustainability within the country. The agency focuses on enhancing energy efficiency, supporting research and innovation in energy technologies, and facilitating the transition to a sustainable energy system for households, businesses, and public organizations. Notably, the agency has been involved in several significant transactions in the renewable energy sector, including investments in CorPower Ocean, a company specializing in wave energy technology, where it participated in multiple funding rounds totaling over $10 million. Additionally, it has supported Waves4Power, another venture in the marine energy space. These transactions highlight the agency's active role in fostering renewable energy initiatives and its commitment to advancing sustainable energy solutions.


14. 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 diverse business activities, including investment management, real estate development, and support for social entrepreneurs. Ferd AS has made notable investments in the renewable energy sector, including participation in Scatec ASA, a leading solar energy company, and Wind Catching Systems, which is developing innovative offshore wind technology. They also jointly acquired Aibel, a company specializing in offshore wind and energy services, for approximately 1.5 billion NOK. These transactions highlight Ferd AS's commitment to enhancing growth and impact in the renewable energy industry while also engaging in broader investment strategies.


15. Seb

  • Website: sebgroup.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1856
  • Headcount: 10001+
  • Number of deals in 2024: 13
  • LinkedIn: seb

Skandinaviska Enskilda Banken AB (SEB) is a leading banking group in Northern Europe, founded in 1856, providing a wide range of financial services including corporate and investment banking, asset management, and private wealth management. SEB serves large corporations, institutional clients, and private individuals, helping them manage their financial assets and navigate investment opportunities. In recent years, SEB has been involved in several notable transactions within the renewable energy sector, including a Series B investment in CorPower Ocean, which focuses on wave energy technology, and participation in the funding rounds for Exeger, a company developing solar cell technology. Additionally, SEB provided debt financing to Northvolt, a company dedicated to producing sustainable batteries for electric vehicles, further emphasizing its role in supporting renewable energy initiatives.



Renewable Energy Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EquinorStavanger, Rogaland, Norway10001+19726
AlmiStockholm, Stockholm, Sweden201-50019947
EEP AfricaHelsinki, Uusimaa, Finland11-5020100
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
KatapultOslo, Oslo, Norway11-5020178
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
Chalmers VenturesSweden11-50201526
Copenhagen Infrastructure PartnersCopenhagen, Denmark501-100020129
VattenfallSolna, Stockholm, Sweden10001+19090
HitecVisionStavanger, Rogaland, Norway51-20019850
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
Swedish Energy AgencyEskilstuna, Södermanland, Sweden201-50019984
Ferd ASOslo, Oslo, Norway51-20019980
SebStockholm, Stockholm, Sweden10001+185613


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