Småkraft

What Småkraft does

Småkraft AS is Europe's largest operator of small-scale hydropower plants, owning and operating 234-250+ facilities across Norway and Sweden with combined annual production exceeding 2 TWh — sufficient to supply over 125,000 households. The company partners with more than 1,100 local landowners who retain ownership of their waterfall rights (fallrettigheter) while Småkraft leases them under long-term agreements of 40-60 years. Through this structure, Småkraft handles development, financing, construction coordination with external developers (such as Norsk Grønnkraft Utbygging AS, Hywer AS, Tinfos AS, Hardanger maskin AS, and Njord vannkraft AS), and ongoing operations. Revenue is generated across four streams: power sales (Kraftsalg) on the Nordic spot market, power plant development, long-term operation and maintenance services (including for external owners), and financing arrangements with landowners and developers.

The operational backbone is a centralised control center (driftsentral) in Bergen that remotely monitors and controls 221+ power plants via video surveillance, real-time operational parameter tracking, and alarm handling, complemented by a distributed network of local field inspectors (tilsynsvakter) — typically the landowners themselves — providing rapid on-site response. Småkraft also operates a dedicated head of production optimization, suggesting active dispatch and value-extraction management across the portfolio.

Småkraft is majority-owned by Dutch pension fund APG, with additional stakes held by a German insurance company and funds managed by Aquila Capital. In October 2023, the company issued EUR 100 million in senior secured green bonds maturing 2028 (admitted to trading on Oslo Børs) to fund continued growth. The company has publicly stated a goal of scaling production from 2 TWh to 3 TWh by 2027, supported by a portfolio of regional offices across Norway plus a Swedish office in Gävle, and a recently established in-house M&A function.

Name

Småkraft

Legal name

Småkraft AS

Website

https://smaakraft.no

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Småkraft AS is Europe's largest operator of small-scale hydropower plants, owning 234-250+ plants across Norway and Sweden that produce 2+ TWh annually. The company partners with 1,100+ landowners, handling development, financing, construction, and operations via a centralised Bergen control center.

Ownership category

akta.pro rank

Product category

Small-Scale Hydropower Operations

NAICS

Hydroelectric Power Generation (221111)

SIC

Cogeneration Services & Small Power Producers (4991), Engines & Turbines (3510), Motors & Generators (3621)

akta.pro primary industry

Hydropower Operations, Maintenance & Asset Management (O&M, Spares, Performance) (EUAMADAE)

akta.pro secondary industries

Hydropower Plant Development & Permitting (Greenfield/Brownfield) (EUACAEAE), Hydropower EPC & Civil Construction (Dams, Weirs, Tunnels, Penstocks) (EUAMADAB), Hydropower Plant Controls, SCADA & Digital Optimization (Automation, Monitoring, Analytics) (EUAMADAG), Small & Micro Hydropower Systems (Off-grid, Rural Electrification) (EUAMADAI)

Keywords

• Small hydropower operations
• Renewable energy generation
• Power plant development
• Electricity market optimization
• Hydropower project financing

Headquarters

HQ city

Bergen

HQ country

Norway

HQ region

Europe

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Power Sales (Kraftsalg): Småkraft generates the majority of its revenue from selling electricity produced by its fleet of 234+ small hydropower plants across Norway and Sweden. The company employs specialists to optimise the value extracted from power production and delivery through strategic market participation.
2. Power Plant Development: Småkraft develops new hydropower projects in collaboration with landowners and external developers (such as Norsk Grønnkraft Utbygging AS, Hywer AS, Tinfos AS, Hardanger maskin AS, Njord vannkraft AS). Development revenue is earned through securing concessions, organising land rights, and project management.
3. Operation and Maintenance Services: Småkraft provides ongoing operation and service (drift og service) for its own portfolio as well as for external owners. Services include automated monitoring, local tilsynsvakt support, maintenance coordination, and rapid fault response. Revenue is earned as part of long-term operational contracts with landowners.
4. Financing Services: Småkraft offers financing with favourable terms to landowners and project developers seeking to build new hydropower plants. Interest income and financing arrangement fees constitute a revenue stream.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Småkraft builds, finances, and operates small-scale hydropower plants (1–10 MW) on the watercourses of rural landowners in Norway and Sweden under long-term 40–60 year lease agreements. The company delivers an integrated value chain covering development and construction, ongoing operation and maintenance, electricity market sales, and project financing, currently operating 250+ plants with combined annual production of over 2 TWh.

Product overview

Småkraft AS is Europe's largest operator of small-scale hydropower plants, offering a comprehensive suite of services for hydro power development and operation. The core offering consists of construction services (Utbygging), operational management through a centralized control center in Bergen (Drift og service), power sales (Kraftsalg), and financing (Finansiering). The company operates over 200 small hydropower plants in Norway and Sweden with a combined annual production capacity exceeding 2 TWh. The operations are supported by a 24/7 control center enabling remote monitoring and control of facilities, complemented by a network of local field inspectors who handle on-site maintenance and monitoring.

Differentiator

Problem solved

Functional benefit

Products and services

• Utbygging (Development and Construction) End-to-end development and construction services for small hydropower plants, from securing NVE concessions and arranging land rights to managing construction delivery with partner builders. Targeted at landowners in Norway and Sweden.
• Drift og service (Operation and Service) 24/7 operational management and maintenance for the small hydropower plant portfolio, including automated remote monitoring from the Bergen control center, coordinated field response, and rapid fault handling. Provided to landowners and external plant owners.
• Kraftsalg (Power Sales) Electricity market sales and value optimisation services for the power produced by Småkraft's hydropower portfolio, including spot market participation and trading strategies designed to maximise revenue from generation.
• Finansiering (Financing)
• Smådalselva kraftverk Small hydropower plant with 3.5 MW installed capacity, officially opened in October 2025, supplying approximately 450 households.
• Tokheim kraftverk Small hydropower plant located in Ullensvang municipality, with 8.2 MW installed capacity and estimated annual production of 21.07 GWh, opened in September 2025.
• Øygardselva kraftverk Small hydropower plant, one of the smallest in Småkraft's portfolio, producing approximately 2.9 GWh annually, opened in May 2026.
• Jørnevikelva kraftverk Small hydropower plant opened in June 2026, marking the 10th power plant in its host municipality.

Quantifiable outcome

• 2.1+ TWh annual renewable energy production from 234+ small hydropower plants, sufficient to supply 125,000+ households
• +2 more outcomes

Named customers5 records

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Norsk Grønnkraft Utbygging ASminorStrategic or Co-development PartnerExternal developer engaged by Småkraft for the construction of new hydropower projects. Norsk Grønnkraft Utbygging AS is one of several developers used for project construction.
• Hywer ASminorStrategic or Co-development PartnerExternal developer engaged by Småkraft for hydropower project development and construction.
• Tinfos ASminorStrategic or Co-development PartnerExternal developer engaged by Småkraft for hydropower project development and construction.
• Hardanger maskin ASminorStrategic or Co-development PartnerExternal developer and equipment/services provider engaged by Småkraft for hydropower project development and construction.
• Njord vannkraft ASminorStrategic or Co-development PartnerExternal developer engaged by Småkraft for hydropower project development and construction.
• Småkraftforeninga (The Small Power Association)minorOthersIndustry association for small hydropower operators in Norway. Småkraft is an active member and contributes to advocacy, knowledge sharing, and industry standards development.
• NVE – Norges vassdrags- og energidirektoratcoreOthersNorwegian Water Resources and Energy Directorate is the regulatory authority that grants concessions (konsesjon) for hydropower development. Småkraft's business depends on securing and maintaining licences from NVE. Also referenced as a partner for compliance and regulatory oversight.

Scale indicators11 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Statkraft: Statkraft is Norway's state-owned hydropower giant and Europe's largest renewable energy generator. It operates large-scale and small hydropower across Norway, sharing the same regulatory (NVE) framework and Norwegian small-hydro customer base, but at vastly larger scale and as part of a broader renewables portfolio.
• Vattenfall AB: Vattenfall is the Swedish state-owned utility and one of Europe's largest hydropower operators, active across Sweden and Norway. It operates small and large hydro under the same regulatory framework and competes in the Nordic power market, though as part of a much broader generation portfolio.
• Fortum Oyj: Fortum is a Finnish state-owned energy company with significant Nordic hydropower operations, including assets in Sweden. Comparable as a large-scale Nordic hydropower operator exposed to the same spot market dynamics, though it operates across a broader energy portfolio.

Direct peers

• BKK AS: BKK is a regional Norwegian energy group that operates small and medium hydropower plants, distributes electricity, and sells power to end customers in western Norway. It directly competes with Småkraft in the same small-hydro development and operating niche in overlapping Norwegian geographies.
• Cloudberry Clean Energy ASA: Cloudberry is a Nordic renewables developer and operator with a growing portfolio of small and medium hydropower assets in Norway and Sweden, listed on Oslo Børs. It is the closest publicly traded pure-play small-hydro peer to Småkraft, competing for the same development pipeline and acquisition targets.

Regional players

• Agder Energi: Agder Energi is a regional Norwegian utility with a portfolio of small and medium hydropower plants in southern Norway. It is comparable to Småkraft as a small-hydro operator within the same NVE regulatory regime, though focused on the Agder region.
• Lyse Energi: Lyse Energi is a Norwegian energy group based in Stavanger that owns and operates small and medium hydropower plants in the Rogaland region. It shares the same small-hydro business model and Norwegian concession framework as Småkraft, but is regionally focused.
• Skagerak Energi: Skagerak Energi is a regional Norwegian utility operating hydropower assets in the Grenland and Vestfold/Telemark region. It competes in the same small-to-medium Norwegian hydropower market under the same NVE concession regime as Småkraft.
• TrønderEnergi AS: TrønderEnergi is a regional Norwegian utility with hydropower operations concentrated in the Trøndelag region. It is comparable to Småkraft as a small-to-medium hydro operator in the same NVE regulatory framework, though smaller and regionally focused.
• Akershus Energi AS: Akershus Energi is a regional Norwegian energy company with hydropower assets in eastern Norway. It shares the same Norwegian small-hydro operating model and regulatory regime as Småkraft, though it serves a more localized geography around the Oslo region.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCytNY_q-zbHNv34OPLu6o9w
• LinkedInlinkedin.com/company/sm-kraft-as

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 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 Småkraft