October 2026
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. | $8 | +19% | $16B | $18B | 0.8x | 6.8x | ||
| 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 | +2% | $1.7B | $4.9B | 12.8x | - | ||
| Bonheur ASA was initially a Norwegian shipping company. Currently, the company is engaged in several businesses. The company 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 | +23% | $1.1B | $1.5B | 1.2x | 3.8x | ||
| Cloudberry Clean Energy ASA is an independent power producer, developing, owning and operating renewable assets in the Nordics. The company is focused on developing, owning, and operating hydropower plants, wind farms, BESS and solar plants across Norway, Sweden, and Denmark. The company has four segments: Projects, Commercial, Asset Management and Corporate. The majority of revenue is derived from the Commercial segment, which owns and manages renewable power assets with long-term cash flows in the Nordics. Geographically, it generates the maximum revenue from Denmark, followed by Norway and Sweden. | $1 | -1% | $592M | $977M | 18.1x | 25.3x | ||
| 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. | $7 | +57% | $261M | $501M | 4.2x | 13.5x | ||
| 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. | $2 | +8% | $157M | $101M | 9.7x | 116.2x | ||
| Otovo ASA is engaged in the residential solar energy industry, focusing on the sale, installation, and servicing of home energy products. The group operates through three reportable segments: Newbuild, Recurring Services, and Field Services. The Newbuild segment involves the sale and installation of home energy products, including solar panels, either directly to end customers or through associated entities. The Recurring Services segment includes membership-based services such as maintenance, grid services, electricity provision, and rental of home energy products, along with service-related fees. The Field Services segment provides installation, maintenance, and other service activities related to home energy products for both residential and business customers. | $1 | +36% | $72M | $69M | 1.2x | (2.6x) | ||
| 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 | -39% | $24M | $63M | 0.5x | 6.9x | ||
| 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 | +58% | $10M | $16M | 11.8x | (84.7x) | ||
| Energeia AS develops, manages and owns renewable energy projects based on PV solar power plants. | $1 | +5% | $8M | $13M | 2.3x | (6.2x) | ||
| NOS Nova AS is a Norwegian clean energy company accelerating the transition to a carbon neutral future. | $0 | -10% | $5M | $4M | 4.7x | (0.8x) | ||
| 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 | -63% | $4M | $2M | 8.2x | (0.9x) | ||
| Median | $1 | +7% | $115M | $85M | 4.5x | 3.8x |
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