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Largest Renewable Energy Public Companies in Norway
Benchmark revenue and EBITDA valuation multiples for public comps like
Norsk Hydro, Scatec, Bonheur, Cloudberry Clean Energy and Integrated Wind Solutions.
 | Norsk Hydro ASA is an aluminium and renewable energy company. The company owns and operates businesses and holds investments in sustainable industries. Its operations span multiple market segments, including aluminum, energy, metal recycling, renewable energy, and batteries, providing expertise across these areas. The company's reportable segments are Hydro Bauxite & Alumina, Hydro Energy, Hydro Aluminium Metal and Hydro Extrusions and Hydro Metal Markets activities. The majority of the company's revenue is derived from the Hydro Extrusions segment, which delivers products within extruded profiles, building systems and precision tubing, and operates several recycling facilities, both integrated with its extrusion plants and separate plants. | $13 | +111% | $25B | $26B | 1.2x | 8.8x | ||
| Scatec ASA is a renewable energy solutions provider, developing, building, investing in, and operating renewable energy plants across different continents. The company's operating segments are Power Production (PP), Development and Construction, and Corporate. A majority of its revenue is generated from the Power Production segment, which manages the group’s power-producing assets and derives its revenue from the production and sale of solar, wind, and hydro-generated electricity, mainly based on long-term Power Purchase Agreements or feed-in tariffs. Geographically, it derives maximum revenue from South Africa, followed by Botswana, Tunisia, Netherlands, and other regions. | $11 | +14% | $2B | $5B | 8.4x | 9.8x | ||
| Bonheur ASA was initially a Norwegian shipping company. Currently, the company is engaged in several businesses. It provides services through four segments: Other Investments, Renewable Energy, Cruise, and Wind Services. The renewable energy segment is involved in developing, constructing, and operating wind farms in Scotland, Norway, Sweden, Ireland, Italy, and the USA. The wind Service segment is engaged in logistics and services within the offshore wind industry. Cruise owns and operates four cruise ships and provides a diverse range of cruises, The other investments segment has investments within media, real estate, bonds, and shares. | $27 | +11% | $1B | $1B | 0.9x | 2.7x | ||
| Cloudberry Clean Energy ASA is a Nordic energy company that owns, develops, and operates hydropower and wind power plants in Norway and Sweden. The company produces renewable energy for future generations, with an ambition to develop a sustainable society and create value for stakeholders. The company has four segments Projects, Commercial, Asset Management and Corporate. | $1 | +4% | $455M | $767M | 12.3x | 17.9x | ||
| Integrated Wind Solutions ASA is an integrated provider of offshore wind services by integrating construction and Commissioning service operation vessels (CSOVs) with engineering products and manpower services in a wind farm’s installation, commissioning, and operations phase. | $6 | +43% | $259M | $439M | 3.6x | 11.2x | ||
| Magnora ASA is a renewable energy development company, focusing on the development of wind and Solar PV projects. The group has one operating segment, which is the development of renewable projects that includes four segments: Onshore solar photovoltaic (PV) energy, Onshore wind energy, Battery energy storage systems (BESS), and Offshore wind energy. | $3 | +34% | $246M | $232M | 18.2x | 92.6x | ||
| Otovo ASA is an energy company. It is engaged in the development, commercialization and installation of renewable power, as well as taking ownership or providing business advice related to it. The Group’s operating segments are The Marketplace, and Subscription SPV. The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. | $1 | -44% | $77M | $62M | 1.0x | (2.3x) | ||
| Eqva ASA is a company that specialises in acquiring and developing tier-1 companies that provide productive, safe, and sustainable service and solutions to industrial companies. The companies segments includes: Industrial Solutions: The segment is comprised of BKS Group and Kvinnherad Elektro; Renewables: Fossberg Kraft focuses on the development and operation of small-scale hydropower plants in southern Norway; and Real Estate: The real estate segment includes the Groups real estate properties. The properties are predominantly production related and offices. Majority revenue from Industrial Solutions. | $0 | -34% | $27M | $52M | 0.4x | 5.4x | ||
| Energeia AS develops, manages and owns renewable energy projects based on PV solar power plants. | $1 | -69% | $8M | $13M | 2.2x | (6.2x) | ||
| Horisont Energi AS is a Norwegian clean energy, carbon infrastructure, and storage company. It is developing blue hydrogen, blue ammonia, and carbon storage solutions, providing clean energy and carbon transport, and storage services. The company transforms gas, water, and renewable energy into clean ammonia and hydrogen and offers CO2 transportation and storage services using proprietary technology. Its Project includes the Gismarvik CO2 hub, the Polaris carbon storage project, and the Barents Blue project for the production of clean ammonia, featuring a low carbon footprint. | $0 | -- | $5M | $5M | - | - | ||
| Ocean Sun AS manufactures and distributes floating solar power production systems. The company operates as a technology provider, offering license agreements to developers and independent power producers across the world. Its Ocean Sun systems (OS-75 and OS-50) consist of one or multiple floaters anchored side-by-side to build larger power plants. The company's technology is used in various floating solar power production projects, including Alida, Siera Brava, Haiyang (offshore), and Soneva Secret, among others. Geographically, it generates maximum revenue from Europe and Middle East, followed by North East Asia (including China), South East Asia, and the Americas. | $0 | -32% | $4M | $3M | 13.9x | (1.5x) | ||
| Aker Horizons ASA is an investment management company. It invests in and develops companies within renewable energy sectors and other technologies that make material contributions to reducing emissions or promoting sustainable living. The company's reportable segments are Aker Carbon Capture (ACC), Asset Development (AAD), Mainstream Renewable Power (Mainstream), Aker Horizons and holdings, and Others. Company operates in Australia, Norway, USA, Korea, Ireland, Chile, South Africa, Indonesia, Colombia, Uk, Germany, and other. | $0 | -96% | $4M | $167M | - | - | ||
| EAM Solar AS is an Investment company that acquires and operates solar power plants for long-term ownership. The company is mainly active in Italy and operates four solar power plants which generate electricity. The solar power plants operated by the company are Lorusso, Brundesini, Scardino, and ENFO 25. | $0 | -26% | $4M | $6M | 4.1x | (26.5x) | ||
| Median | $1 | -11% | $77M | $167M | 3.6x | 5.4x |
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