The wind energy industry in the Nordics is rapidly evolving, reflecting a strong commitment to sustainable energy solutions. Companies ranging from established giants to innovative startups are dedicated to harnessing wind power, developing technologies like advanced turbines and distribution systems. Norway, Sweden, Denmark, and Finland are notable for their significant investments in offshore and onshore wind farms. As global energy demands rise, the focus is increasingly on developing projects that reduce carbon emissions. An interesting fact is that the Nordics boast some of the highest wind energy capacities per capita, signaling a promising trajectory for the industry.


Investors in the Nordic wind energy sector are a mix of corporate giants, venture capitalists, and private equity firms, with headquarters in Norway, Sweden, and Denmark. These investors vary in size, with some supporting only a handful of employees while others employ thousands. Founded between 1856 and 2019, many of these investors are actively backing renewable energy initiatives, evidenced by numerous deals in 2024. Their deal counts range from 1 to as many as 30, reflecting their strategic emphasis on advancing clean energy solutions and obtaining competitive investment opportunities.


Top 18 Wind 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, focusing on oil, gas, and renewable energy. With a commitment to sustainability and a goal to achieve net-zero emissions by 2050, Equinor is actively transitioning towards renewable energy solutions. In 2024, Equinor increased its stake in Ørsted, acquiring an additional 0.2% to hold a total of 10%, making it the second largest shareholder in this leading offshore wind developer. This $2.3 billion investment underscores Equinor's strategic focus on wind energy. Furthermore, Equinor's venture arm, Statoil Energy Ventures, led an $8 million Series B financing round for United Wind, a company dedicated to providing wind energy solutions. They also participated in funding rounds for Danotek Motion Technologies, which develops technologies relevant to wind energy. These transactions highlight Equinor's active role in the wind energy sector, aligning with their broader commitment to renewable energy.


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, 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 has also participated in funding rounds for CorPower Ocean, which is involved in renewable energy technologies, including wave energy. Additionally, Almi has supported Waves4Power, another company in the renewable energy sector. These investments highlight Almi's commitment to supporting the growth of companies in the renewable energy space, including wind energy.


3. 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 private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Recently, EQT has made significant strides in the renewable energy sector, highlighted by their acquisition of Tion Renewables AG, where they acquired a controlling 82.1% stake, emphasizing their commitment to renewable energy solutions. Additionally, their acquisition of Clearvise AG and OX2 further showcases their strategic focus on companies that are likely involved in wind energy projects, reinforcing their role as a key player in the wind energy investment landscape.


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. Katapult provides investment, accelerator programs, and mentorship to early-stage companies. Notably, they have invested in Gazelle Wind Power, a company that is directly involved in the wind energy sector, and GKinetic Energy, which also operates within the renewable energy space. In 2024, they participated in several seed rounds, including a significant investment in Triton Anchor, which, while not explicitly a wind energy company, is involved in marine technology that could intersect with renewable energy applications. Their diverse portfolio reflects a commitment to fostering innovation in sectors that include wind energy.


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 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 environmental benefits through its financing solutions. Notably, NIB has been involved in several significant transactions in the wind energy sector, including debt financing for KK Wind Solutions, LT Energija, and European Energy, which collectively raised substantial amounts to support wind energy projects. These transactions highlight NIB's active role in promoting renewable energy initiatives, particularly in wind energy, thereby reinforcing its position as a relevant investor in this field.


6. 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, managing private equity funds and partnering with various stakeholders to drive growth in renewable energy and related industries. Notable transactions include the acquisition of CapeOmega in 2014, which is involved in energy infrastructure, and several venture rounds for companies like Aneo and Sval Energi, which may have interests in renewable energy solutions. Although specific wind energy projects are not detailed in their recent transactions, their overall focus on the energy sector aligns with the goals of wind energy investment.


7. 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 been involved in several notable transactions in the wind energy sector, including participation in funding rounds for Wind Catching Systems, which aims to develop offshore wind technologies, and Shoreline Wind, a software leader in the wind energy space. These investments reflect Ferd AS's strategy to partner with innovative companies that enhance growth and impact in the renewable energy sector, particularly wind energy.


8. 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. In 2024, CIP made a significant acquisition of Liberty Renewables, which has a portfolio of approximately 1.3 GW of onshore wind projects in New York. This acquisition was completed on behalf of their fifth flagship fund, CI V. Additionally, CIP acquired a majority stake in Mulilo Wind Enterprises, marking their first investment in South Africa and contributing to a pipeline of over 25GW of renewable energy capacity. These transactions underscore CIP's active role in the wind energy sector and its commitment to sustainable investment opportunities.


9. 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 and promoting renewable energy sources. The agency supports research and innovation in energy technologies, serving households, businesses, and public organizations in their transition to a sustainable energy system. Notably, the agency has been involved in several transactions relevant to the wind energy context, including investments in CorPower Ocean, which raised funds in multiple venture rounds aimed at developing wave energy technology that complements wind energy initiatives. Additionally, the agency's support for companies like Waves4Power further emphasizes its commitment to advancing renewable energy technologies, including those that intersect with wind energy.


10. Vattenfall


Vattenfall is a corporate energy company based in Solna, Stockholm, Sweden, founded in 1909. It specializes in the production and retail of electricity and heat, serving both businesses and consumers with a focus on sustainable energy solutions aimed at reducing dependency on fossil fuels. Vattenfall is committed to achieving fossil freedom by 2040 and is actively involved in innovative energy technologies and partnerships. Notably, Vattenfall has made several acquisitions that enhance its capabilities in the renewable energy sector, such as the acquisition of WSK Puls, which is developing a 400MW pumped hydro project, and the acquisition of Solizer, a German solar developer with a significant portfolio. While the transactions listed do not directly involve wind energy, Vattenfall's overall strategy and commitment to renewable energy suggest that it is likely involved in wind energy projects as part of its broader portfolio.


11. 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. In 2024, they were involved in 26 investments, including significant funding rounds for companies in the wind energy sector. Notably, they participated in funding Modvion, a Gothenburg-based startup that raised over $6 million in 2024 to develop a 150-meter wooden turbine, showcasing their commitment to advancing wind energy technology. Their investment strategy emphasizes active ownership and helping startups scale, which is crucial for the growth of innovative solutions in the renewable energy market.


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 focuses on enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Notably, Altor has made significant strides in the renewable energy sector, particularly through its investment in OX2 AB, where they acquired a 30% stake in 2020. OX2 is a prominent developer of renewable energy, managing 38 wind parks with a total capacity of 2.1 GW. This investment highlights Altor's commitment to the wind energy industry, alongside their other investments in sectors such as technology and consumer products. Additionally, Altor has engaged in other cleantech investments, further emphasizing their focus on sustainable growth.


13. 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 wind energy sector. As a leading manufacturer of wind turbines, Vestas specializes in providing energy solutions that facilitate the transition to sustainable energy sources. The company has been involved in significant transactions that highlight its commitment to wind energy innovation and development. For instance, Vestas acquired Ogin in December 2017, enhancing its capabilities in wind turbine technology. In 2019, Vestas took a strategic step by acquiring a 25.1% minority stake in Sowitec, a German renewable energy developer with a portfolio of over 60 wind and solar projects totaling more than 2.6 GW globally. Additionally, Vestas has invested in Modvion, a startup focused on developing wooden wind turbines, participating in funding rounds in 2021 and 2023 to support innovative turbine designs. These transactions underscore Vestas's active role in advancing wind energy solutions and its dedication to optimizing energy production and reducing operational costs for its customers.


14. 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 transactions that align with renewable energy initiatives. Notably, they participated in a Series B funding round for CorPower Ocean, which raised approximately $34.7 million in October 2024, focusing on ocean energy technology. Additionally, SEB Greentech Venture Capital acquired a stake in ESFORIN, a company specializing in algorithm-based trading solutions that enhance flexibility in the energy market and promote renewable energy integration. These transactions highlight SEB's commitment to supporting innovative solutions in the renewable energy sector, including wind energy.


15. Innovation Norway


Innovation Norway is a public entity established in 2004, based in Oslo, Norway, that aims to support Norwegian businesses through financing, advisory services, and networking opportunities. They focus on fostering innovation and sustainable growth, particularly for startups and companies aiming for international expansion. Their services include grants, loans, and various business development programs. In the context of wind energy, Innovation Norway has been involved in several relevant transactions, including a grant of approximately $1.64 million to WindSpider in July 2024 and a grant of about $1.09 million to Nekkar in January 2020. Additionally, they provided significant funding to Aker Horizons, which is involved in renewable energy, including wind. These transactions highlight their commitment to supporting the wind energy sector alongside other industries.


16. Helen Ventures

  • Website: helenventures.fi
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2019
  • Headcount: 1-10
  • Number of deals in 2024: 7
  • LinkedIn: helen-ventures

Helen Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2019. The firm is dedicated to investing in clean energy technology companies, providing both capital and expertise to help businesses develop innovative solutions for energy management and electric vehicle infrastructure. Their portfolio includes companies like Renewabl and Virta, which focus on enhancing sustainability and reducing carbon emissions. Notably, Helen Ventures has participated in several relevant transactions, including a Series A investment in node.energy, a sustainable energy startup that raised €7 million to develop its software platform. This indicates their commitment to supporting companies that may contribute to the renewable energy landscape, including potential wind energy applications. Additionally, their involvement in Eologix and Renewcast, both of which are engaged in energy-related innovations, further underscores their focus on the clean energy sector.


17. Verdane

  • Website: verdane.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1985
  • Headcount: 51-200
  • Number of deals in 2024: 7
  • LinkedIn: verdane-capital

Verdane is a private equity investment firm based in Oslo, Norway, founded in 1985. The firm specializes in growth equity investments in technology-enabled companies, focusing on digitalization and decarbonization trends. Verdane provides capital and hands-on support to help businesses scale, primarily targeting technology companies looking to enhance their market position and operational efficiency. Notably, Verdane has made significant investments in the energy sector, including a €25M investment in Cleanwatts, a Portuguese energy management software company, which aims to expand its commercial presence and develop its software further. This investment reflects Verdane's commitment to supporting innovations that contribute to energy efficiency and sustainability, which are essential for the wind energy industry. Additionally, Verdane has been involved in various acquisitions and funding rounds, showcasing its active role in the technology and energy sectors.


18. 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 bolster its position in the renewable energy sector. Notably, they acquired Numerola Oy in June 2021, a leading provider of digital solutions specifically for wind power, which enhances their capabilities in this area. In March 2024, they acquired Carelin Oy, a Finnish leader in renewable energy project management, further solidifying their commitment to the renewable energy market. Additionally, their acquisition of a Dutch renewables consultancy company in February 2023 highlights their strategic focus on enhancing their expertise in renewable energy. These transactions demonstrate Afry's active role in the wind energy industry, making them a relevant player in this sector.



Wind Energy Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EquinorStavanger, Rogaland, Norway10001+19726
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
KatapultOslo, Oslo, Norway11-5020178
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
HitecVisionStavanger, Rogaland, Norway51-20019850
Ferd ASOslo, Oslo, Norway51-20019980
Copenhagen Infrastructure PartnersCopenhagen, Denmark501-100020129
Swedish Energy AgencyEskilstuna, Södermanland, Sweden201-50019984
VattenfallSolna, Stockholm, Sweden10001+19090
Chalmers VenturesSweden11-50201526
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
VestasAarhus, Denmark10001+18982
SebStockholm, Stockholm, Sweden10001+185613
Innovation NorwayOslo, Oslo, Norway501-100020048
Helen VenturesHelsinki, Uusimaa, Finland1-1020197
VerdaneOslo, Oslo, Norway51-20019857
AfryStockholm, Stockholm, Sweden10001+18951


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