Sunnhordland Kraftlag

What Sunnhordland Kraftlag does

Sunnhordland Kraftlag AS (SKL) is a privately held Norwegian renewable energy company founded in 1946, headquartered in Stord, and owned by Haugaland Kraft AS, Eviny AS, and Stord municipality. The company produces electricity from 21 wholly-owned hydropower plants with 875 MW of installed capacity and an average annual production of approximately 3,200 GWh across wholly-owned and co-owned assets, making it one of the 10-15 largest power producers in Norway. SKL also operates the 142 MW Midtfjellet wind farm (acquired in 2024) and co-owns additional wind, hydrogen (HYDS), and offshore wind (Deep Wind Offshore) ventures.

The company sells electricity primarily into the Nordpool spot market, achieving an average realized price of 88.7 øre/kWh in 2025, supplemented by approximately 616 GWh/year of pre-sold bilateral fixed-price contracts plus an additional 300 GWh under a 5-year contract beginning in 2026 and ~19 GWh/year in end-user fixed-price agreements. Revenue is recognized at grid injection points, with the largest customer segment being the Norwegian power grid / network operators. SKL is currently constructing the 185 MW Blåfalli Fjellhaugen hydropower project (described as the largest hydropower development currently underway in Norway, with main contractor LNS and completion targeted for 2029) and the Onarheim kraftverk, while completing the 850 MNOK Løkjelsvatn modernization (60 MW, officially opened May 2026).

Financially, SKL generated 671.8 MNOK in full-year 2025 net profit (parent company) on strong hydro production (2,530 GWh, 229 GWh above mean) and elevated spot prices, up from 232.2 MNOK in H1 2024. The company invested 831 MNOK across its portfolio in 2025, financed in part by a EUR 42.8 million (7-year) Nordic Investment Bank loan for Løkjelsvatn, and paid 260 MNOK in dividends, 178.6 MNOK in municipal taxes/fees, and 595.4 MNOK in state taxes/fees, underlining both its profitability and its role as a regional economic anchor.

Name

Sunnhordland Kraftlag

Legal name

Sunnhordland Kraftlag AS

Website

https://skl.as

Company type

Private

Founded year

1946

Operating status

Operating

Headcount range

51–100 employees

Short description

Sunnhordland Kraftlag (SKL) is a privately held Norwegian renewable energy producer operating 21 wholly-owned hydropower plants and a 142 MW wind farm (~3,200 GWh/year), selling power to the Nordpool spot market and under bilateral fixed-price contracts.

Ownership category

akta.pro rank

Product category

Renewable Power Generation

NAICS

Hydroelectric Power Generation (221111), Wind Electric Power Generation (221115), Electric Power Generation, Transmission and Distribution (2211)

akta.pro primary industry

Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations) (EUACAFAF)

akta.pro secondary industries

Onshore Wind Power Generation (Utility-Scale) (EUACAFAA), Offshore Wind Project Development & Leasing (EUAMACAB)

Keywords

• Hydropower production
• Renewable energy generation
• Wind power generation
• Electricity wholesale
• Power grid supply

Headquarters

HQ city

Stord Island

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Others

Revenue model

1. Hydropower and Wind Power Sales: SKL generates electricity from 21 wholly-owned hydropower plants and co-owns wind and additional hydropower. Power is sold primarily on the Nordpool spot market at variable prices. A portion (~616 GWh/year) is pre-sold at fixed prices, with additional fixed-price contracts. Revenue is recognized at the point of power delivery to the grid injection point. Production in 2025: 2,530 GWh hydro (229 GWh above mean production). Spot price achieved in 2025: 88.7 øre/kWh.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Sunnhordland Kraftlag (SKL) is a Norwegian renewable power producer that operates 21 wholly-owned hydropower plants and co-owns the Midtfjellet wind farm, generating approximately 3,200 GWh/year of electricity (875 MW installed capacity). The company sells power primarily via the Nordpool spot market and through bilateral fixed-price contracts, and is currently constructing Blåfalli Fjellhaugen kraftverk (185 MW), one of Norway's largest active hydropower developments.

Product overview

Sunnhordland Kraftlag (SKL) is a Norwegian renewable energy company specializing in hydroelectric and wind power production. The company operates 21 wholly-owned hydroelectric power plants and holds ownership stakes in 18 additional hydro plants and 1 wind power facility. Total installed capacity is 875 MW with average annual production of 3,200 GWh. Key facilities include the Blåfalli Vik (235 MW), Løkjelsvatn (60 MW), Blåfalli III, and Midtfjellet wind farm. Major development projects include Blåfalli Fjellhaugen (185 MW, planned 2029) and Onarheim kraftverk. SKL also holds stakes in hydrogen ventures through HYDS and offshore wind through Deep Wind Offshore.

Differentiator

Problem solved

Functional benefit

Products and services

• Blåfalli Vik Hydropower Plant

Quantifiable outcome

• Løkjelsvatn modernization doubled capacity from 29 MW to 60 MW, adding 20 GWh/year (+20% production increase)
• +4 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Leonhard Nilsen & Sønner (LNS)coreImplementation/ SI/ Consulting Partner · 5 November 2025LNS is the main contractor for the construction of Blåfalli Fjellhaugen kraftverk, described as the largest hydropower construction project in Norway at present. Construction began in November 2025. The contract was signed in August 2025.
• EDF RenewablesminorStrategic or Co-development Partner · 15 February 2023Deep Wind Offshore (co-owned by SKL) entered a cooperation with French EDF Renewables for offshore wind development. The partnership leverages EDF's global offshore wind expertise with DWO's Norwegian project pipeline.
• Småkraft ASminorStrategic or Co-development Partner · 5 May 2022SKL, HYDS AS, and Småkraft AS entered a cooperation agreement for hydrogen development. The collaboration involves small-scale hydropower as a potential source of green hydrogen production.
• HYDS (Hydrogen Solutions AS)coreStrategic or Co-development Partner · 18 March 2021SKL co-founded Hydrogen Solutions AS (HYDS) with Liquiline, aiming to become a total supplier of green hydrogen with a focus on the maritime sector. SKL holds 50% ownership. HYDS has received Enova support for hydrogen production studies and projects. Dalane Energi later acquired a 10% stake in HYDS. In November 2025, HYDS took investment decisions on two 20 MW hydrogen production facilities in Florø and Egersund.
• Deep Wind Offshore (DWO)coreStrategic or Co-development Partner · 11 January 2021SKL co-founded Deep Wind Offshore (DWO) together with Haugaland Kraft and Knutsen OAS, with the aim of developing offshore wind projects in Norway and internationally. DWO has entered joint ventures with bp for 6 GW of projects in South Korea and with EDF Renewables for offshore wind development.
• Norwegian Climate Foundation (Norsk Klimastiftelse)minorStrategic or Co-development Partner · 7 September 2020SKL entered a 3-year collaboration agreement with the Norwegian Climate Foundation to share knowledge on climate and energy topics. The partnership supports SKL's role as a knowledge contributor and strengthens the foundation's position as an independent knowledge provider.
• NCE Maritime CleanTechminorStrategic or Co-development Partner · 20 January 2015SKL signed a partner agreement with NCE Maritime CleanTech, a maritime clean technology cluster. SKL was one of the founding members of Maritime CleanTech West in 2011. SKL participates in various development projects including the Folgefonn project and Urban Water Shuttle.
• StatnettminorStrategic or Co-development Partner · 18 November 2014SKL and Statnett signed a cooperation agreement regarding grid planning in Sunnhordland and Haugalandet, covering necessary grid developments for potential new aluminum plant on Karmøy, electrification from Kårstø, and growing general consumption.

Scale indicators11 records

Recent moves10 records

Expansion highlights7 records

Broad incumbents

• Statkraft: Norway's largest state-owned hydropower producer and Europe's largest renewable energy generator. Directly comparable to SKL in Norwegian hydro generation, dispatchable renewable asset ownership, and grid-scale power marketing via Nordpool.
• Vattenfall AB: Swedish state-owned European utility with large Nordic hydro and wind portfolios. Comparable to SKL as a Northern European hydro-heavy utility selling into Nordpool and operating utility-scale renewable assets.
• Fortum Oyj: Finnish state-controlled utility with significant Nordic hydro and thermal generation. Comparable to SKL in dispatchable hydro generation, Nordpool exposure, and European renewable strategy.

Direct peers

• Eviny (formerly BKK): Norwegian regional energy company and SKL co-owner, operating hydropower and grid assets in Western Norway. Highly comparable as a West-Norwegian hydropower and grid operator with municipal ownership similar to SKL's structure.
• BKK AS: Western Norway power producer with significant hydro and grid operations, headquartered in Bergen. Comparable to SKL in hydro portfolio, regional concentration, and end-user power supply in the same Norwegian market.
• Lyse Energi: Norwegian energy group with hydropower production and grid operations on Norway's west coast. Comparable to SKL as a regional hydropower producer with municipal ownership structure and similar asset scale.
• Agder Energi: Norwegian regional energy company (Statkraft-controlled) producing hydropower and supplying electricity in Southern Norway. Directly comparable to SKL in dispatchable hydro generation, Nordpool spot sales, and grid-scale renewable operations.
• Haugaland Kraft: SKL's parent group and co-developer of the joint green financing framework. Directly comparable as a Norwegian hydropower and grid operator in the same Hordaland/Rogaland region.

Emerging players

• Deep Wind Offshore (DWO): Offshore wind developer co-founded by SKL with Haugaland Kraft and Knutsen OAS, partnering with bp (Korea) and EDF. Comparable as SKL's direct route into offshore wind exposure and adjacent renewable development.
• Hydrogen Solutions AS (HYDS): 50%-owned SKL hydrogen JV targeting maritime green hydrogen, with two 20 MW facilities in FID. Comparable as SKL's downstream green-energy adjacency linking hydro assets to fuel production.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/sklvannkraft
• LinkedInlinkedin.com/company/sunnhordland-kraftlag-as

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries20 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sunnhordland Kraftlag