The hydropower industry in the Nordics is a key player in clean energy production, utilizing the region's abundant water resources. Predominantly operated by corporations engaged in energy generation, engineering, and technological innovation, this segment focuses on sustainability by harnessing rivers and waterways for electricity. Recent trends show increased interest in modernization and efficiency improvements, with many companies investing in new technologies such as pumped storage systems. The transition towards climate neutrality makes hydropower vital for meeting future energy demands, while innovations in turbine efficiency promise to revolutionize the sector and enhance electricity reliability across Scandinavia.


This article showcases a selection of 16 notable investors operating within the hydropower sector in the Nordics. The list comprises different investor types, including private equity firms, corporate entities, and venture capitalists. These firms span locations from Stockholm to Helsinki and Vaasa and range in size from small teams to large organizations. Established between 1865 and 2017, these companies have demonstrated their engagement in the clean energy space, with various investment activities recorded in 2024 aiding the evolution of hydropower initiatives across the region.


Top 16 Hydropower 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. Among its notable transactions, EEP Africa has been involved with companies such as Songa Energy, East African Power, and Mphepo Power, all of which are engaged in the energy sector. These transactions indicate EEP Africa's commitment to supporting clean energy initiatives, which may include hydropower projects, thereby contributing to the overall energy landscape in the regions it serves.


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 prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notable transactions include the acquisition of Midland Cogeneration Venture, marking their entry into the U.S. energy market, and the acquisition of Adven, which operates in the energy sector. Their recent acquisition of Statera Energy, a player in the UK's battery storage and flexible generation sector, further highlights their focus on energy infrastructure. While specific hydropower investments are not detailed, EQT's strategic direction in energy investments positions them as a potential player in the hydropower industry.


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 by offering tailored financial solutions and guidance. Notably, Almi has been involved in several transactions within the renewable energy sector, including investments in companies like CorPower Ocean, which focuses on wave energy technology, and Waves4Power, which also operates in the renewable energy space. These investments reflect Almi's commitment to supporting innovative energy solutions, including those that are related to hydropower and other forms of renewable energy.


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 climate-tech and ocean-tech sectors. Katapult provides investment, accelerator programs, and mentorship to early-stage companies. Notably, they have invested in GKinetic Energy, which raised funds for its innovative kinetic energy solutions, potentially applicable to hydropower. They also participated in funding rounds for Mocean Energy, a wave energy pioneer, indicating their commitment to renewable energy technologies. Their investment in SolarDuck, which develops offshore floating solar power technology, further demonstrates their engagement in the broader renewable energy landscape, although not directly hydropower-related. Overall, Katapult's activities reflect a strong alignment with sustainable energy initiatives.


5. 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 across 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. In 2024, NIB was involved in several significant debt financing transactions, including Å Energi, which raised approximately $94.3 million, and Latvenergo, which secured around $238 million. These transactions highlight NIB's commitment to supporting energy projects, including those in the hydropower sector, thereby enhancing productivity and environmental benefits through its financing solutions.


6. 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 several strategic acquisitions to enhance its capabilities in the renewable energy sector. Notably, they acquired Carelin Oy in March 2024, a Finnish leader in renewable energy project management, which strengthens their position in the hydropower and broader renewable energy markets. Additionally, their acquisition of Numerola Oy, a provider of digital solutions in wind power, showcases their commitment to renewable energy, although it is not directly related to hydropower. Overall, AFRY's focus on sustainability and their involvement in renewable energy projects make them a significant player in the hydropower investment landscape.


7. Vattenfall


Vattenfall is a leading energy company based in Solna, Stockholm, Sweden, specializing in the production and retail of electricity and heat. Founded in 1909, Vattenfall serves both businesses and consumers with a strong commitment to sustainable energy solutions aimed at reducing dependency on fossil fuels. The company has set an ambitious goal of achieving fossil freedom by 2040, focusing on innovative energy technologies and partnerships. Notably, Vattenfall has made significant strides in the hydropower sector, particularly with its acquisition of WSK Puls in December 2022, which is developing a 400MW pumped hydro project in Germany. This acquisition enhances Vattenfall's capabilities in renewable energy, especially in pumped storage systems, demonstrating its active role in the hydropower industry. Additionally, Vattenfall's broader portfolio includes various renewable energy projects, reinforcing its commitment to sustainable energy.


8. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They focus on deep tech innovations and support researchers and entrepreneurs in commercializing their technology through various programs, providing business guidance, financing, and community networking. Chalmers Ventures emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, they have been involved in transactions such as their investment in Modvion, which raised funds to develop a wooden turbine expected to produce significant electricity, showcasing their commitment to renewable energy solutions. Additionally, their investment in Minesto, which focuses on marine energy, further highlights their engagement in the broader renewable energy sector, including hydropower-related technologies.


9. Swedfund International

  • Website: swedfund.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1979
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: swedfund-international

Swedfund International is a public entity based in Stockholm, Sweden, founded in 1979, that focuses on development finance aimed at reducing poverty through sustainable investments in developing countries. The organization supports small and medium enterprises and public sector projects, enhancing access to essential services and promoting economic growth. Swedfund mobilizes private capital and provides technical assistance to foster sustainable development. Notably, Swedfund has invested in Serengeti Energy, which is developing over 100MW of renewable energy capacity, and in Husk Power Systems, which is expanding its mini-grid business in Africa and Asia. These transactions highlight Swedfund's commitment to renewable energy, including potential hydropower projects, as part of its broader investment strategy.


10. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments, providing financial backing and advisory services to resilient entrepreneurs across various sectors. In 2024, Lifeline Ventures was involved in 14 investments, showcasing their active role in supporting startups. Notably, they co-led a seed funding round for Steady Energy, a Finnish energy tech company, which raised €2M to further its research and development efforts. This investment indicates Lifeline Ventures' engagement in the energy sector, which may encompass hydropower technologies. Additionally, they participated in subsequent funding rounds for Steady Energy, including a Series B round that raised over $23 million, further emphasizing their commitment to supporting innovative energy solutions.


11. VNT Management

  • Website: vntm.com
  • Type: Venture Capital
  • Headquarters: Vaasa, Ostrobothnia, Finland
  • Founded year: 2002
  • Headcount: 1-10
  • LinkedIn: vnt-management

VNT Management Oy is a venture capital firm based in Vaasa, Ostrobothnia, Finland, founded in 2002. The firm specializes in clean technologies and manages three investment funds totaling €157 million, focusing on early-stage and growth-phase companies in renewable energy and energy-saving technologies. VNT provides funding and advisory services to help startups develop their business models and technologies, primarily in the Nordics and German-speaking countries. Notable transactions include investments in Wello, a company that raised funds for innovative energy solutions, and other clean technology firms like Siqens, Convion, and Elcogen, which are involved in advanced energy technologies. While VNT Management's direct involvement in hydropower is not explicitly stated, their commitment to renewable energy positions them as a potential investor in the hydropower sector.


12. 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 an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. The firm has a strong presence in the Nordic markets and leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan has been involved in several acquisitions that reflect its commitment to sustainable investments, including the acquisition of Hydroware, a leading provider of lift modernization systems in the Nordics, which may have relevance to hydropower operations. Additionally, their acquisition of Dasos Capital, an asset management company specializing in sustainable timberland investment, further emphasizes their focus on natural capital investments. These transactions indicate CapMan's potential interest in sectors related to hydropower, making them a relevant player in the hydropower investment landscape.


13. Dnv

  • Website: dnv.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1865
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: dnvgl

Det Norske Veritas (DNV) is a consulting firm founded in 1865, based in Oslo, Norway, with over 10,000 employees. DNV provides a wide range of services including advisory, certification, classification, and cyber security across various industries such as maritime, oil and gas, and renewable energy. In recent years, DNV has made strategic acquisitions to enhance its capabilities in the energy sector. Notably, they acquired Power System Dynamics, a firm specializing in high-voltage power systems, which is relevant for hydropower infrastructure. Additionally, DNV acquired the consulting arm of Antuko, an energy price forecaster, to bolster their market intelligence in the energy sector. These transactions reflect DNV's commitment to expanding its expertise in energy, including potential applications in hydropower.


14. Indutrade Life Science

  • Website: indutrade.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1978
  • Headcount: 1001-5000
  • Number of deals in 2024: 14
  • LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company is part of an industrial group that focuses on developing and acquiring companies with high technical expertise across various sectors, including technology and industrial applications. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. Notably, Indutrade has made strategic acquisitions that align with the hydropower sector, such as OCI B.V., which specializes in customized assemblies for energy and water applications, and acti-Chem A/S, known for its sustainable water treatment solutions. These transactions highlight Indutrade's commitment to enhancing its portfolio in areas that intersect with energy and water management, relevant to the hydropower industry.


15. Fortum

  • Website: fortum.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 1998
  • Headcount: 5001-10000
  • LinkedIn: fortum

Fortum Oyj is a corporate energy company based in Espoo, Uusimaa, Finland, founded in 1998. The company specializes in clean energy solutions, including electricity generation, heating, cooling, and waste management, primarily serving energy-intensive industries and organizations. Fortum is committed to achieving carbon neutrality and operates mainly in the Nordic region. Notably, Fortum has been involved in significant transactions, such as its stake acquisition in Wello Oy, a wave energy developer, which reflects its interest in innovative renewable energy technologies. Additionally, Fortum's investments in companies like Uniper and AW-Energy further demonstrate its engagement in the energy sector, although these are not directly related to hydropower. Overall, Fortum's strategic focus on sustainability and clean energy positions it as a relevant player in the broader renewable energy landscape.


16. Midroc New Technology

  • Website: midrocnewtech.se
  • Type: Corporate
  • Headquarters: Solna, Stockholm, Sweden
  • Headcount: 1-10

Midroc New Technology is a corporate investor based in Solna, Stockholm, Sweden, specializing in various sectors including real estate development, environmental technology, and industrial services. The company operates through multiple subsidiaries, each focusing on specific service areas aimed at enhancing operational efficiency and sustainability. Notably, Midroc has participated in significant funding rounds for companies in the renewable energy sector, such as Minesto and CorPower Ocean. In 2017, they invested in Minesto through a post-IPO equity round, and in 2020, they led a funding round for CorPower Ocean, which is developing wave energy converters. These transactions highlight Midroc's engagement in innovative energy solutions, positioning them as a potential player in the hydropower investment space.



Hydropower Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EEP AfricaHelsinki, Uusimaa, Finland11-5020100
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
AlmiStockholm, Stockholm, Sweden201-50019947
KatapultOslo, Oslo, Norway11-5020178
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
AfryStockholm, Stockholm, Sweden10001+18951
VattenfallSolna, Stockholm, Sweden10001+19090
Chalmers VenturesSweden11-50201526
Swedfund InternationalStockholm, Stockholm, Sweden51-20019796
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
VNT ManagementVaasa, Ostrobothnia, Finland1-1020020
CapManHelsinki, Uusimaa, Finland51-20019894
DnvOslo, Oslo, Norway10001+18654
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
FortumEspoo, Uusimaa, Finland5001-1000019980
Midroc New TechnologySolna, Stockholm, Sweden1-100


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