The wind farm construction industry in the Nordics is an essential component of the region's green energy transition. Predominantly involving specialized contractors, project developers, and turbine manufacturers, this industry focuses on harnessing wind energy to create sustainable power solutions. Key players here design, build, and maintain wind farms both onshore and offshore. With ambitious government targets for renewable energy, this sector is experiencing rapid growth. Innovative technologies and supportive policies have led to an increasing number of ambitious projects aimed at achieving net-zero emissions. The Nordics are set to remain at the forefront of wind energy advancements.


The list features a range of investors active in the wind farm construction industry. Comprising private equity firms, corporate entities, and venture capitalists, these investors hail from various Nordic countries, including Sweden, Norway, Denmark, and Finland. Ranging in size from small teams to large organizations with over 10,000 employees, they were mostly founded between the late 20th and early 21st centuries. In 2024, these investors completed an impressive total of 109 deals, emphasizing their commitment to sustainable energy initiatives. Their contributions highlight the growing importance of capital in this vital industry.


Top 15 Wind Farm Construction 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 over 10,000 employees and is committed to sustainability, aiming to achieve net-zero emissions by 2050. The company has made significant investments in the renewable energy sector, including a notable acquisition of a 10% stake in Ørsted, which is a major player in offshore wind energy. This transaction, valued at $2.3 billion, positions Equinor as the second-largest shareholder in Ørsted, highlighting its commitment to wind energy. Additionally, Equinor's venture arm has been involved in funding rounds for companies like United Wind, which focuses on wind energy solutions. These transactions demonstrate Equinor's active role in the wind farm construction industry and its strategic investments in renewable energy.


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 investment 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 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, acquiring companies such as OX2, a prominent player in the wind energy market, and Tion Renewables, which focuses on renewable energy solutions. These acquisitions highlight EQT's commitment to investing in the wind farm construction industry and supporting the transition to sustainable energy sources.


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. Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. Notably, Almi has participated in several transactions that are relevant to the renewable energy sector. For instance, it invested in CorPower Ocean, which is focused on developing wave energy converters and has secured funding to support its commercial projects across Europe. Additionally, Almi has been involved with companies like SeaTwirl, which is engaged in wind energy technology. These investments reflect Almi's interest in supporting innovative energy solutions, positioning it as a potential player in the renewable energy investment landscape, including wind farm construction.


4. 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 sectors like climate-tech and ocean-tech. Katapult provides investment, accelerator programs, and mentorship to early-stage companies. In 2021, they invested in Gazelle Wind Power, a company that operates within the wind energy sector, highlighting their engagement in renewable energy initiatives. In 2024, they participated in several seed rounds, including investments in GBM Works and Triton Anchor, which, while not directly related to wind energy, demonstrate their active role in supporting innovative technologies that may intersect with renewable energy solutions.


5. 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 significant investments in the wind energy sector, including a joint acquisition of Aibel, a company specializing in offshore wind and energy services, for approximately 1.5 billion NOK in 2012. They also participated in funding rounds for Shoreline Wind, a leader in wind energy SaaS, and Wind Catching Systems, a startup aiming to develop innovative offshore wind technologies. These transactions highlight Ferd AS's commitment to enhancing growth and impact in the wind energy industry, alongside their broader investment strategy.


6. Copenhagen Infrastructure Partners


Copenhagen Infrastructure Partners (CIP) is an investment management firm based in Copenhagen, Denmark, specializing in renewable energy projects. Founded in 2012, CIP manages multiple funds focused on greenfield energy infrastructure, including offshore and onshore wind, solar PV, and energy storage. The firm 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, showcasing their active role in wind farm construction. Additionally, their acquisition of a majority stake in Mulilo Wind Enterprises, which has a pipeline of over 25GW of renewable energy capacity, further emphasizes their commitment to the wind sector. CIP's clients are primarily institutional investors seeking sustainable investment opportunities, making them a key player in the renewable energy investment landscape.


7. 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 for projects in the Nordic and Baltic regions, offering a range of loan products including corporate, sovereign, and sustainability-linked loans. NIB aims to enhance productivity and environmental benefits through its financing solutions. In recent years, NIB has been involved in several significant transactions related to the wind energy sector, such as providing debt financing to KK Wind Solutions, which raised approximately $71 million, and European Energy, which secured around $73 million. These transactions highlight NIB's active role in supporting the wind farm construction industry and its commitment to renewable energy projects.


8. 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 through strategic acquisitions. Notably, they acquired Numerola Oy in June 2021, a leading provider of digital solutions specifically for wind power, which enhances their capabilities in this field. In March 2024, they acquired Carelin Oy, a Finnish leader in renewable energy project management, further solidifying their position in the renewable energy market. Additionally, their acquisition of a Dutch renewables consultancy company in February 2023 highlights their commitment to expanding their expertise in renewable energy, including wind power. These transactions demonstrate Afry's active involvement in the wind farm construction industry, making them a relevant player in this sector.


9. 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 focuses on enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Notably, Altor has made significant investments in the renewable energy sector, including a 30% stake in OX2 AB, a prominent Swedish renewable energy developer managing 38 wind parks with a total capacity of 2.1 GW. This investment highlights Altor's commitment to the wind energy industry. Additionally, they have invested in other cleantech companies, such as Svea Solar, further demonstrating their interest in sustainable energy solutions.


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, focusing on sustainable energy solutions aimed at reducing dependency on fossil fuels. The company is committed to achieving fossil freedom by 2040 and is involved in various renewable energy projects. Notably, Vattenfall has made significant acquisitions to enhance its renewable energy capabilities, including the acquisition of the German solar developer Solizer, which has a portfolio of 4GW of solar projects, and the acquisition of WSK Puls, a subsidiary developing a 400MW pumped hydro project. While the transactions listed do not directly involve wind farm construction, Vattenfall's strategic focus on renewable energy suggests that they are likely to invest in wind energy projects as part of their broader commitment to sustainability and renewable energy development.


11. 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 wind turbine manufacturer and energy solutions provider. The company specializes in the design, installation, and maintenance of wind energy projects, serving businesses and organizations in the renewable energy sector. Vestas is committed to helping clients transition to sustainable energy sources through innovative wind solutions. In recent years, Vestas has made strategic investments that align with its mission in the wind energy sector. Notably, they acquired a 25.1% minority stake in Sowitec, a German renewable energy developer with a portfolio of around 60 wind and solar projects totaling over 2.6 GW globally. This acquisition highlights Vestas's strategy to enhance its footprint in the wind energy market. Additionally, Vestas led a funding round for Modvion, a startup focused on developing wooden wind turbine towers, which aims to produce up to six megawatts of electricity. These transactions underscore Vestas's active role in the wind farm construction industry, as they not only manufacture turbines but also invest in innovative projects that contribute to the growth of wind energy.


12. 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 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 been involved in transactions related to wind energy, such as their investment in Modvion, which raised over $6 million in 2024 to support the installation of a 150-meter wooden turbine and the development of a new turbine expected to produce up to six megawatts of electricity. This involvement in the wind energy sector highlights their commitment to supporting innovative solutions in renewable energy.


13. Aker Horizons

  • Website: akerhorizons.com
  • Type: Corporate
  • Headquarters: Fornebu, Akershus, Norway
  • Founded year: 2020
  • Headcount: 51-200
  • Number of deals in 2024: 1
  • LinkedIn: aker-horizons

Aker Horizons is a renewable energy company based in Fornebu, Akershus, Norway, founded in 2020. The company is dedicated to sustainability and decarbonization, developing green energy projects, carbon capture initiatives, and hydrogen production. Aker Horizons operates globally, leveraging its expertise to drive the transition towards net zero emissions. Notably, Aker Horizons has made significant investments in the wind energy sector, including the acquisition of a 75% stake in Mainstream Renewable Power, which focuses on building gigawatt-scale renewable assets, including wind farms, across various regions. Additionally, Aker Horizons acquired Aker Offshore Wind, further emphasizing its commitment to wind energy development. These transactions highlight Aker Horizons' strategic focus on expanding its footprint in the renewable energy landscape, particularly in wind energy.


14. 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 and organizations in the construction and real estate sectors. In recent years, Caverion has made strategic acquisitions to enhance its capabilities in the energy sector. Notably, in May 2022, Caverion acquired Wind Controller, a Finnish service company focused on the wind power industry, which had a revenue of EUR 5.1 million in 2021. This acquisition allows Caverion to expand its service offerings in the wind energy sector, supporting its growth strategy and commitment to sustainability. Additionally, Caverion's acquisition of TMV Service Oy, which includes substation and transmission line services, further complements its capabilities in the energy domain, making it a relevant player in the wind farm construction industry.


15. Climentum Capital

  • Website: climentum.com
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2022
  • Headcount: 1-10
  • Number of deals in 2024: 4
  • LinkedIn: climentum

Climentum Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2022. The firm specializes in investing in early-stage companies that are champions of decarbonization, focusing on hardware and deep-tech solutions aimed at reducing CO2 emissions. Climentum Capital primarily supports startups in the climate tech sector, providing them with the necessary capital to scale their innovative technologies. Notably, in February 2024, Climentum Capital participated in a Series A funding round for Aegir Insights, which raised €8.5M to develop a web platform for the offshore wind industry, highlighting their commitment to supporting advancements in wind energy technology. Other investments include startups in various sectors, but the Aegir Insights transaction underscores their relevance to the wind farm construction context.



Wind Farm Construction Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EquinorStavanger, Rogaland, Norway10001+19726
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
AlmiStockholm, Stockholm, Sweden201-50019947
KatapultOslo, Oslo, Norway11-5020178
Ferd ASOslo, Oslo, Norway51-20019980
Copenhagen Infrastructure PartnersCopenhagen, Denmark501-100020129
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
AfryStockholm, Stockholm, Sweden10001+18951
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
VattenfallSolna, Stockholm, Sweden10001+19090
VestasAarhus, Denmark10001+18982
Chalmers VenturesSweden11-50201526
Aker HorizonsFornebu, Akershus, Norway51-20020201
CaverionVantaa, Uusimaa, Finland10001+19120
Climentum CapitalCopenhagen, Denmark1-1020224


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