May 2026
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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 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 | +5% | $457M | $771M | 12.3x | 17.9x | ||
| Elmera Group ASA formerly Fjordkraft Holding ASA is an electric power supply company that serves the private and public sectors along with the residences of Norway. It operates in segments namely Consumer, Business, and Nordic. The consumer segment comprises the sale of electrical power to private consumers which generates key revenue whilst the latter comprises of sale of electricity to businesses. | $3 | -14% | $346M | $555M | 0.4x | 6.9x | ||
| 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 | +37% | $252M | $238M | 18.7x | 94.7x | ||
| 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 | -29% | $29M | $54M | 0.4x | 5.6x | ||
| 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 | +8% | $21M | $11M | 0.2x | 3.5x | ||
| 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 | -11% | $5M | $4M | 18.9x | (2.0x) | ||
| 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 | -34% | $3M | $5M | 3.8x | (24.7x) | ||
| Median | $0 | -13% | $25M | $111M | 3.8x | 5.6x |
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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