October 2026
Largest Utilities Public Companies in Norway
Benchmark revenue and EBITDA valuation multiples for public comps like
Cloudberry Clean Energy, Elmera Group, Magnora, Eqva and Skandia GreenPower.
 | 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 | ||
| Elmera Group ASA is engaged in the sale of electrical power and related services. The company has three operating segments: Consumer, Business, and Nordic. The Consumer segment comprises the sale of electrical power and related services to private consumers in Norway. The Business segment includes the sale of electrical power and related services to business customers in Norway. The Nordic segment involves the sale of electrical power and related services to consumers in Finland and Sweden. It generates the majority of its revenue from the Consumer segment. | $5 | +53% | $541M | $672M | 0.5x | 9.0x | ||
| 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 | ||
| 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 | ||
| Skandia GreenPower AS is a provider of electricity in the private retail market. It also offers end-to-end solar cell solutions for roofs. The company generates the majority of its revenue from the domestic market. | $0 | +17% | $23M | $12M | 0.2x | 4.2x | ||
| 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) | ||
| 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 | $0 | +8% | $24M | $63M | 8.2x | 6.9x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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