What Emergy does

Emergy AS is a Norwegian-headquartered renewable energy developer (founded 2004 as NBT, rebranded 2022) that originates, develops, and sells large-scale wind and solar projects across Southeast Europe. It operates a 'develop-to-construction-ready, then divest' model, holding 2,618 MW of total capacity under management — 1,850 MW historically divested at Ready-to-Build stage and 1,057 MW in late-to-early-stage developments — across Serbia (644 MW, Banat I-V + Zabalj PV), Romania (714 MW, Stribog 1 and 2 portfolios), Greece (160 MW), and Ukraine (1,100 MW across Zophia on hold and Perun in development).

The technical platform is centred on physical renewable infrastructure development rather than software: 150-metre meteorological masts with eleven high-precision anemometers for wind resource assessment, year-long biodiversity monitoring campaigns (avifauna, chiroptera, flora), grid connection engineering including co-financing of 400/110 kV substations, and integrated ESG management aligned with IFC Performance Standards, ILO standards, and EU Taxonomy. Green ammonia and low-emission hydrogen integration studies point to early adjacent-vertical research.

Commercially, Emergy monetises through one-off asset sales to strategic buyers — exemplified by the June 2026 closing of the 168 MW Alibunar wind project to Heavy Energy International (a Sany Renewable Energy subsidiary) after securing a 15-year PPA with Serbian state-owned utility Elektroprivreda Srbije via Serbia's second renewable energy auction. Buyers span state-owned utilities (EPS, Transelectrica), international turbine OEMs (Sany), and large EPC contractors (PowerChina Chengdu). Primary customer segments are state-owned utilities and government energy authorities in SEE markets, with corporate energy buyers as a secondary channel. Operations are run through regional hubs in Oslo (HQ), Bucharest, Belgrade, and via the Ukrainian subsidiary Green Volyn LLC.

Name

Emergy

Legal name

Emergy AS

Website

https://emergy.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

Emergy is a Nordic renewable energy developer that originates, develops to construction-ready status, and sells large-scale wind and solar projects across Southeast Europe to state-owned utilities and international strategic buyers.

Ownership category

akta.pro rank

Product category

Renewable Energy Project Development

NAICS

Wind Electric Power Generation (221115)

akta.pro primary industry

Wind Farm Development & Permitting (Greenfield/Brownfield) (EUACAFAE)

akta.pro secondary industries

Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations) (EUACAFAF), Wind Operations, Maintenance & Asset Management (Scheduled/Unscheduled) (EUAMACAH)

Keywords

• Wind farm development
• Renewable energy projects
• Solar project development
• Ready-to-build energy assets
• Onshore wind development

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Project Development and Sale: Emergy originates, develops, and matures large-scale renewable energy projects across Southeast Europe to construction-ready (Ready-to-Build) status, then sells them to strategic buyers. This is a land-and-expand model where value is created through advancing projects through permitting, grid connection, community engagement, and auction selection. After sale, Emergy may retain a development relationship and continues advancing its remaining pipeline.
2. Government Grants and Development Support: Emergy receives government grants and development support for project work in challenging markets. The Norwegian Government, through Norad, granted 30.1 million NOK to Emergy for wind power project development work in Ukraine.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Emergy develops, matures and sells large-scale onshore wind and solar projects across Southeast Europe (Serbia, Romania, Greece and Ukraine). It originates sites, conducts wind measurement and environmental assessments, secures permits and grid connections, runs community engagement, and brings projects to construction-ready (Ready-to-Build) status before selling them to strategic buyers such as utilities, international energy companies and investors.

Product overview

Emergy is a Nordic renewable energy developer that builds large-scale wind and solar projects across Southeast Europe (Serbia, Romania, Greece, and Ukraine). The company's portfolio consists of distinct wind and solar energy projects at various development stages: Serbia has Banat I-V wind farms (564 MW combined) and Zabalj PV (80 MW); Romania has Stribog 1 (Baraganu 258 MW, Independenta 141 MW) and Stribog 2 (Topraisar 77 MW, Ulmu 133 MW, Zavoaia 105 MW) totaling 714 MW; Greece has Mavrovrouni (60 MW) and Pavlini (100 MW); Ukraine has Zophia (800 MW, on hold) and Perun (300 MW). Emergy develops projects from origination through construction-ready status before selling them, following an integrated ESG-driven approach aligned with international standards. The Alibunar wind project (168 MW) was recently divested to Heavy Energy International after being developed to construction-ready status.

Differentiator

Problem solved

Functional benefit

Products and services

• Banat I, III, & IV Wind Farms Late-stage development wind farms in South Banat, Serbian province of Vojvodina, with combined capacity of 306 MW. Part of the five Banat (I-V) wind farms that will total over 100 turbines and 564 MW across Serbia.
• Banat II & V Wind Farms Late-stage development wind farms in South Banat, Serbian province of Vojvodina, with combined capacity of 258 MW. Together with Banat I, III and IV, they form the 564 MW Banat wind portfolio in Serbia.
• Zabalj PV Solar Project Solar photovoltaic project in Serbia with capacity of 80 MW, contributing to Emergy's 644 MW Serbian portfolio alongside the Banat wind farms.
• Alibunar Windfarm A and B 168 MW wind project in Serbia's Vojvodina province comprising Alibunar A (96.6 MW) and Alibunar B (71.4 MW), developed to construction-ready status and divested to Heavy Energy International (Sany Renewable Energy subsidiary) in June 2026; expected to generate approximately 480 GWh of electricity annually.
• Baraganu Wind Project Mid-stage development wind project in Constanta, southeast Romania, with capacity of 258 MW, part of the Stribog 1 portfolio where wind measurement campaigns have been launched.
• Independenta Wind Project Mid-stage development wind project in Constanta, southeast Romania, with capacity of 141 MW, part of the Stribog 1 portfolio. Wind measurement campaigns were launched at Independenta and Baraganu WPPs (402.6 MW combined).
• Topraisar Wind Project Mid-stage development wind project in southeast Romania with capacity of 77 MW, part of the Stribog 2 portfolio.
• Ulmu Wind Project Mid-stage development wind project in southeast Romania with capacity of 133 MW that has secured a Technical Connection Permit for 133 MW grid integration into the Romanian National Energy System, targeted for operation in 2029.
• Zavoaia Wind Project Mid-stage development wind project in southeast Romania with capacity of 105 MW that has secured a Technical Connection Permit for 105 MW grid integration into the Romanian National Energy System, targeted for operation in 2029.
• Mavrovrouni Wind Project Wind project in Greece with capacity of 60 MW, part of Emergy's Greek portfolio (Pavlini & Mavrovrouni combined 160 MW).
• Pavlini Wind Project Early-stage development wind project in partnership with a local developer in Greece, with capacity of 100 MW, part of the combined 160 MW Pavlini & Aetorrachi projects.
• Zophia Wind Farm 800 MW Ready-To-Build wind farm in southern Ukraine along the northwestern shores of the Azov Sea, completed prior to the Russian invasion. Expected to generate approximately 1.25 TWh annually, enough to supply more than 627,000 Ukrainian households. Currently on hold under force majeure conditions.
• Perun Wind Farm 300 MW early-stage development wind project in the Volyn region, western Ukraine, approximately 70 km from the Polish border. Development initiated in 2025 with support from a 30.1 million NOK Norwegian Government (Norad) grant; SPV managed by Green Volyn LLC.

Quantifiable outcome

• Alibunar wind project expected to generate approximately 480 GWh of electricity annually, contributing substantially to Serbia's renewable energy ambitions and long-term energy security.
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered major, core, regional and supporting.

• Heavy Energy InternationalmajorStrategic or Co-development PartnerHeavy Energy International, a Hong Kong-based subsidiary of Sany Renewable Energy (an international top-tier turbine manufacturer), acquired the 168 MW Alibunar wind project from Emergy and WV International in June 2026. The transaction was a landmark deal for Emergy, representing a significant milestone for its strategy of originating and developing large-scale renewable projects across Southeast Europe.
• WV InternationalcoreStrategic or Co-development PartnerWV International is a Dutch-Belgium based developer and Emergy's partner on the Alibunar wind project in Serbia. WV International co-developed the 168 MW project with Emergy and jointly sold it to Heavy Energy International. Following the sale, WV International remains committed to continuing the development of approximately 700 MW of wind projects in Serbia.
• PowerChina ChengducoreImplementation/ SI/ Consulting PartnerPowerChina Chengdu was selected for engineering, procurement, and construction (EPC) services for the Alibunar wind project in Serbia in May 2025. As the EPC contractor, PowerChina Chengdu is responsible for constructing the 168 MW wind project (96.6 MW Alibunar A and 71.4 MW Alibunar B) located 50 km northeast of Belgrade.
• Constanța County CouncilregionalStrategic or Co-development PartnerEmergy met with officials from the Constanța County Council in October 2025 to discuss urban development projects and establish a framework for closer institutional cooperation. The Council expressed support for Emergy's initiatives throughout various stages of development, facilitating efficient project execution and coordination in Romania.
• Kovel City CouncilregionalStrategic or Co-development PartnerEmergy's Ukrainian subsidiary Green Volyn LLC signed an agreement with the Kovel City Council and a professional contractor for the development of a Detailed Territory Plan for placement of transmission line infrastructure connecting the Perun Wind Farm to Ukraine's national power grid. This followed a 2024 Memorandum of Cooperation between the company and the Kovel community.
• UKREKOKONSALTsupportingImplementation/ SI/ Consulting PartnerUKREKOKONSALT are environmental consultants who, together with Perun Project company Green Volyn LLC, conducted community engagement activities in November 2025 within the Kolodazhna Territorial Community as part of the early-stage development of the Perun Wind Project.

Scale indicators10 records

Recent moves2 records

Expansion highlights6 records

Direct peers

• Voltalia: French-listed renewable IPP and developer with wind, solar, and storage projects across Europe and emerging markets. Comparable mix of project development and operating assets, with similar multi-country portfolio approach.
• RP Global: Austrian renewable energy developer with significant wind and solar project pipeline in Southeast Europe and emerging markets. Comparable to Emergy through its independent developer model targeting RTB exits in SEE/CEE geographies.
• Rezolv Energy: Renewable energy developer focused on wind, solar, and storage in Southeast Europe (headquartered in Sofia, Bulgaria). Closely comparable to Emergy in target geography, technology mix, and stage of development pipeline.
• CWP Global: Independent wind and solar project developer with operations across emerging markets including Southeast Europe. Comparable independent-developer business model with utility-scale projects targeting strategic buyers at RTB.
• Enery: Austrian-headquartered renewable energy developer (formerly Econergy) focused on wind, solar, and storage across Central and Southeast Europe. Closest direct peer to Emergy by geography (SEE/CEE focus), business model (independent developer selling RTB-stage projects), and customer base (state utilities, strategic acquirers).

Broad incumbents

• Statkraft: Norwegian state-owned renewable energy generator and largest producer of hydropower in Europe, with growing wind portfolio across SEE. Larger and more diversified than Emergy, but shares Norwegian parentage and overlaps on European wind development.
• RWE Renewables: German major utility's renewables arm, one of Europe's largest wind/solar developers and operators. Broader geographic and technology footprint than Emergy, but competes for the same SEE pipeline and strategic acquirer relationships.
• EDP Renováveis: Portuguese major utility's renewables platform with significant wind and solar operations across Europe, including emerging markets. Larger and more diversified than Emergy but operates in overlapping geographies and competes for institutional capital and PPA offtake.

Emerging players

• Masdar: Abu Dhabi-headquartered renewable energy developer with growing European and emerging-markets wind/solar portfolio. Comparable as a project developer in emerging markets seeking strategic exits, though at greater scale and with sovereign backing.
• Elicio: Belgian independent wind energy developer with European pipeline across France, Belgium, Poland, and emerging markets. Smaller-scale direct comparator to Emergy's independent-developer model targeting RTB exits.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/substain-emergy?originalSubdomain=no

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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 Emergy