The solar energy industry in the Nordics is rapidly expanding, supported by the region's commitment to sustainability and renewable energy. Companies range from established energy giants to innovative startups, focusing on solar technology development, financing solutions, and project management. The Nordic countries, benefitting from clean resources, are testing advanced solar solutions like floating solar panels and energy storage systems. In recent years, there's been a noticeable push towards integrating solar power into national grids and promoting energy efficiency in urban spaces. As the governmental support and public awareness grow, the future for solar energy in the Nordics looks promising and bright.


The list of top solar energy investors includes a mix of corporate players and private equity firms, headquartered mainly in Stockholm and Helsinki. These investors vary in size, with many employing over a thousand people, and span founding years from 1967 to 2017. In 2024 alone, they executed numerous deals across the solar sector, with some investors like EQT Group and Katapult making notable commitments. These investments signal a robust interest in advancing solar technologies and sustainable solutions, reflecting the market's growing importance in the overall energy landscape.


Top 16 Solar Energy 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 clean energy financing and provides 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. Notably, EEP Africa has been involved in several transactions relevant to the solar energy sector, including funding for Pawame, a UAE-based off-grid solar energy startup that secured $2.5 million in grants and equity. Additionally, EEP Africa has participated in funding rounds for other renewable energy projects, such as Sun King and OffGridBox, which focus on providing affordable renewable energy solutions. These transactions highlight EEP Africa's commitment to supporting the solar energy industry and its broader clean energy initiatives.


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 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 become a net-zero emissions entity by 2050. In recent years, Equinor has made significant strides in the renewable energy sector, particularly in solar energy. Notably, in November 2018, Equinor acquired a minority stake of just over 10% in Scatec Solar ASA, enhancing its presence in the solar power market. Additionally, Equinor has participated in funding rounds for Oxford PV, contributing to the development of perovskite-based solar cell technology. These investments reflect Equinor's strategy to diversify its energy portfolio and address climate challenges while ensuring energy security for a diverse customer base, including governments and industries.


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, 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. In recent years, Almi has been involved in several transactions that highlight their interest in renewable energy technologies. Notably, they invested in Epishine, which raised over $4.5 million in venture funding for its innovative organic solar cell technology. Additionally, Almi participated in funding rounds for CorPower Ocean, a company focused on wave energy, indicating their broader commitment to supporting sustainable energy solutions. These investments reflect Almi's strategic interest in the renewable energy sector, including solar energy, making them a relevant player in this field.


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. In recent years, EQT has made significant strides in the renewable energy sector, particularly in solar energy. Notable transactions include the acquisition of Solarpack on June 16, 2021, which underscores their commitment to solar energy. Additionally, EQT acquired Cypress Creek Renewables on July 3, 2021, further expanding its footprint in the solar and storage development space. These strategic investments reflect EQT's dedication to enhancing its portfolio in the renewable energy sector, particularly solar energy, while serving institutional investors with expertise across multiple geographies and sectors.


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 sectors like climate-tech and ocean-tech. Katapult provides investment, accelerator programs, and mentorship to early-stage companies. In the solar energy context, they have been involved in several relevant transactions, including a seed funding round for Solfium, which raised $3 million to expand its operational capacity and technology investment. Additionally, they participated in funding for SolarDuck, which secured €15 million for the development of offshore floating solar power technology. These investments highlight Katapult's commitment to supporting innovative solutions in the solar energy sector.


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's mission is to enhance productivity and environmental benefits through its financing solutions. In recent transactions, NIB has been involved in significant debt financing for companies such as European Energy, which raised approximately $73.4 million, and Keravan Energia, which secured about $10.6 million. These transactions indicate NIB's active role in supporting energy projects, potentially including solar energy initiatives, thereby reinforcing its commitment to sustainability and environmental improvement.


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's clients are primarily institutional investors seeking sustainable investment opportunities. In 2024, CIP 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 CIP's strategic focus on solar energy. Additionally, their involvement in various financing rounds and acquisitions in the renewable sector further solidifies their role in facilitating the transition to a net-zero economy through strategic investments in renewable energy.


8. Vattenfall


Vattenfall is a corporate investor based in Solna, Stockholm, Sweden, and is one of the largest energy companies in Europe, specializing in the production and retail of electricity and heat. Founded in 1909, Vattenfall has a workforce of over 10,000 employees and is committed to achieving fossil freedom by 2040. The company focuses on innovative energy technologies and partnerships to provide sustainable energy solutions. Recently, Vattenfall acquired 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 marks a significant step in Vattenfall's strategy to enhance its solar energy offerings, with construction on the first projects from this new portfolio set to begin in 2024. This move aligns with their goal of expanding their renewable energy footprint and reducing reliance on fossil fuels.


9. 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 invested in TRINE, which raised significant funding for solar energy financing solutions, and Epishine, a company developing organic solar cells. Additionally, they have supported the Swedish Algae Factory, which, while not exclusively solar-focused, operates in the sustainability space. These transactions highlight their engagement in the solar energy sector and related technologies.


10. 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 essential systems function reliably and efficiently. 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 expanding its services into the solar energy market, alongside its traditional technical service offerings.


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 across various sectors, including technology and consumer products. Notably, Altor has made significant investments in the solar energy sector, including a substantial minority stake in Svea Solar, a leading cleantech company in Sweden, which focuses on solar energy solutions. Additionally, they participated in funding for Sunbooster, which is involved in photovoltaic power plants. These transactions highlight Altor's commitment to investing in renewable energy and sustainability, particularly in the solar energy domain.


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 focuses on 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 energy sector, including a $34 million funding for CleanMax, an Indian renewable energy company that is expanding its solar portfolio. Additionally, IFU led a $38 million Series B investment in Daystar Power, a Nigerian energy startup focused on solar solutions. Furthermore, IFU participated in the Series C funding of Bright, which is also involved in solar energy projects. 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, promoting renewable energy sources, and supporting research and innovation in energy technologies. The agency serves households, businesses, and public organizations, helping them transition to a sustainable energy system. Notably, the agency has been involved in significant transactions within the solar energy context, including a $6 million conditional loan to Sol Voltaics, a Swedish solar startup, which highlights its commitment to advancing solar technology. Additionally, while the agency has also supported other energy-related projects, its direct involvement in solar energy initiatives makes it a relevant player in the solar investment landscape.


14. 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 d.light, a company that specializes in solar energy solutions, participating in multiple funding rounds including a $15 million venture round in 2021 and a $1.9 million round in 2023. Additionally, they have invested in Xurya, which raised over $54 million in 2024, further emphasizing their commitment to solar energy initiatives. These transactions highlight Swedfund's active role in promoting solar energy as part of their broader mission to support sustainable development.


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, providing a wide range of financial services including corporate and investment banking, asset management, and private wealth management. Founded in 1856, 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 significant transactions within the renewable energy sector, including a notable investment in Exeger, a Swedish deep tech company that specializes in solar technology. In December 2022, SEB participated in Exeger's Series B funding round, which raised approximately SEK 400 million to support the rollout of its innovative Powerfoyle® technology. This involvement highlights SEB's engagement in the solar energy industry, alongside other investments in companies like Northvolt and CorPower Ocean, which are also focused on sustainable energy solutions.


16. Soltech Energy Sweden AB


Soltech Energy Sweden AB, founded in 2006 and based in Stockholm, is a corporate investor specializing in renewable energy solutions, particularly solar energy. The company focuses on transforming properties into sustainable energy producers by offering solar cells, battery storage, and charging solutions to both homeowners and businesses. In recent years, Soltech has actively expanded its footprint in the solar energy sector through several strategic acquisitions. Notably, in 2023, they acquired Din Elkontakt, an electrical engineering company, to enhance their solar energy department. In 2021, they acquired a 90.1% stake in Wettergrens Tak & Plåtslageri AB, further solidifying their presence in the roofing and solar sectors. Additionally, their acquisition of 60% of Miljö & Energi Ansvar Sverige AB in 2020 aimed to strengthen their expertise in electricity and installation, showcasing their commitment to expanding their solar energy capabilities. These transactions reflect Soltech's aggressive growth strategy in the solar industry, making them a significant player in the renewable energy market.



Solar Energy 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
VattenfallSolna, Stockholm, Sweden10001+19090
Chalmers VenturesSweden11-50201526
BravidaStockholm, Stockholm, Sweden10001+20000
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
IfuCopenhagen, Denmark51-20019673
Swedish Energy AgencyEskilstuna, Södermanland, Sweden201-50019984
Swedfund InternationalStockholm, Stockholm, Sweden51-20019796
SebStockholm, Stockholm, Sweden10001+185613
Soltech Energy Sweden ABStockholm, Stockholm, Sweden1001-500020060


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