Vardar AS

What Vardar AS does

Vardar is an energy company that invests in renewable energy to help the environment.

Name

Vardar AS

Legal name

Vardar AS

Website

https://vardar.no/

Company type

Private

Founded year

1996

Operating status

Operating

Short description

Vardar is an energy company that invests in renewable energy to help the environment.

Ownership category

akta.pro rank

Product category

Renewable Energy Production and District Heating

NAICS

Hydroelectric Power Generation (221111), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Biomass Electric Power Generation (221117), Electric Power Generation, Transmission and Distribution (2211), Steam and Air-Conditioning Supply (221330)

SIC

Electric, Gas & Sanitary Services (4900), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Distributed Generation (DG) Solar & Small Wind (EUAMAJAD)

akta.pro secondary industry

Energy & Renewables Specialty Contracting (Solar PV, Storage, EV Charging) (IMAFALAJ)

Keywords

• Renewable energy production
• District heating services
• Hydroelectric power generation
• Wind power operations
• Commercial solar installations

Headquarters

HQ city

Drammen

HQ country

Norway

HQ region

Europe

Offices11 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Renewable Energy Production and Sales: Vardar produces and sells renewable energy from hydroelectric, wind, bioenergy, and solar sources. Energy is sold to the power grid and directly to customers through district heating and cooling systems.
2. Industrial Ownership and Investment Returns: The company maintains ownership stakes in various renewable energy and green technology companies, generating returns through dividends and value appreciation from companies like Å Energi (12.9%), Zephyr (50%), and various innovation companies.
3. District Heating and Cooling Services: District heating and cooling services sold to residential and commercial customers in Hønefoss and Vestfossen areas, with pricing models including spot price and fixed price options.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

Vardar AS produces and sells renewable energy from hydroelectric, wind, bioenergy and solar sources, and distributes it via owned district heating and cooling pipe networks to residential, commercial and industrial customers in Hønefoss and Vestfossen (Norway). In parallel, the company installs rooftop solar systems for commercial property owners via a dedicated subsidiary and partnership with Sunease AS, and sells grid power through the Norwegian energy exchange. Revenue and growth also come from strategic minority ownership positions in clean-tech firms such as Å Energi (12.9%), Zephyr (50%), Sunly (10%), Sunease (34%), Vow Green Metals, Nordic Batteries (18%) and Carbon Centric (over 13%).

Product overview

Vardar AS is a renewable energy company organized as a platform of distinct business units and strategic investments spanning the entire clean energy value chain. The company operates four core production segments: hydroelectric power (through Vardar Vannkraft AS), wind power (through Vardar Boreas AS, Vardar Vind AB, and Kvalheim Kraft DA), bioenergy (through Vardar Varme AS providing district heating/cooling), and solar power (through Vardar Sol AS and Soldekke AS). These production units are complemented by industrial ownership stakes in growth companies including Å Energi AS (12.9%), Zephyr AS (50%), Sunly AS (10%), Sunease AS (34%), Vow Green Metals, Solcellespesialisten AS, and Carbon Centric AS. The innovation segment includes early-stage investments in Hyperthermics AS (20%), Kongsberg Innovasjon AS (12%), Nordic Batteries AS (18%), and Sunly Innovation OÜ (35%). The portfolio generates approximately 11,479 GWh of hydroelectric, 140 GWh of wind, 62 GWh of bioenergy, and 105 GWh of solar power annually.

Differentiator

Problem solved

Functional benefit

Brands

• Vardar Varme: District heating and cooling services in Hønefoss and Vestfossen
• Vardar Vind AB
• Vardar Vannkraft
• Vardar Sol
• Soldekke

Products and services

• District Heating Services (Hønefoss and Vestfossen) District heating supply in Hønefoss and Vestfossen using CO2-neutral bioenergy from local forest waste (wood chips, bark, demolition wood). Mandatory connection for new buildings over 1000 m² BRA in Hønefoss. Spot and fixed-price contracts offered.
• District Cooling Services (Hønefoss) District cooling supply in Hønefoss with cooling networks at Hvervenmoen and in the city center, serving commercial and public-sector customers including Statens Kartverk and Sykehuset.
• Construction Heating Services Construction site heating using district heating infrastructure during building processes, reducing climate gas emissions while providing increased safety and economic savings.
• Hydroelectric Power Production (Hallingdal) Production and sale of hydroelectric power from Usta and Nes power stations in Hallingdal, operated through wholly-owned Vardar Vannkraft AS with 2/7 ownership of Usta and Nes kraftverk producing approximately 600 GWh per year (with broader 11,479 GWh indirect hydroelectric capacity via the Å Energi stake).
• Wind Power Production (Norway) Wind power production and project development in Norway through wholly-owned Vardar Boreas AS, with 50% ownership in Kvalheim Kraft DA (Mehuken wind park originally Norway's largest), in cooperation with Østfold Energi and Dong Energy.
• Wind Power Production (Sweden) Wind power production in Skåne, southern Sweden, via wholly-owned Vardar Vind AB operating three wind farms — Kiaby, Rögle and Västraby — with combined annual production of approximately 130 GWh.
• Commercial Rooftop Solar Installations (Soldekke) Solar panel installations on commercial building rooftops in Norway, owned via wholly-owned Soldekke AS and managed under Vardar Sol AS. Delivered installations provide 20-40% of the host building's annual electricity consumption (named customers include Kongsberghallen, Byggmakker Handel, Fram Eiendom, Dali Holding AS and PK Hus AS).
• Ground-Mounted Solar Park Development Development of ground-mounted solar parks in Norway via wholly-owned Vardar Sol AS, established in 2023 as part of Vardar's entry into solar energy production.
• 3 MWh Battery Energy Storage System at Kiaby Wind Park Hybrid wind-battery energy production system with 3 MWh BESS integrated at Kiaby wind park in Sweden, developed in partnership with Powerworks Energy AB, enabling flexibility market participation and improved utilization of price variations.
• Battery Storage Pilot for Commercial Solar (Bingeplassveien) Pilot facility combining existing solar panel system with battery storage at Bingeplassveien 1 in Kongsberg, enabling increased utilization of locally produced solar power, reduced peak loads on the power grid, and participation in flexibility and energy markets.

Quantifiable outcome

• 11,479 GWh hydroelectric power, 140 GWh wind power, 62 GWh bioenergy, 105 GWh solar power production capacity

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core, strategic and minor.

• Powerworks Energy ABcoreTechnology or Integration · 24 June 2026Partnership for development and construction of 3 MWh BESS (Battery Energy Storage System) facility at Kiaby wind park in Sweden, creating hybrid wind-battery energy production.
• StartuplabstrategicStrategic or Co-development Partner · 4 September 2024Partnership with leading Norwegian tech incubator providing access to early-stage clean tech innovations, startups, and mentorship programs. Approximately 600 startups apply annually, with ~8% accepted.
• Briban Invest ABminorOthers · 20 August 2024Seller of Västraby Energi AB to Vardar Vind AB, completing wind park portfolio consolidation in Skåne, Sweden.
• Vow Green Metals ASstrategicStrategic or Co-development Partner · 23 April 2024Vardar invested 50 million NOK for 25% ownership in VGM Operatør AS to own and operate biocarbon production facility at Treklyngen in Hønefoss. Vardar Varme purchases excess energy from the biocarbon process.
• Sunease AScoreChannel Partner/ Reseller/ Distributor · 16 September 2023Sunease develops, operates, and manages solar panel installations on commercial rooftops on behalf of Vardar. Vardar owns 34% of Sunease.
• Østfold EnergicoreStrategic or Co-development Partner · 1 January 2006Long-standing industrial partner in renewable energy ventures. Co-owners of Zephyr AS, Carbon Centric AS, and Kvalheim Kraft. Together with Vardar, Østfold Energi represents major Norwegian municipal energy ownership.

Scale indicators19 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Å Energi AS: Norwegian vertically integrated municipal energy company formed in 2022 from the merger of Glitre Energi and Agder Energi. Vardar holds a 12.9% stake, and Å Energi is the buyer of Vardar's operating business — directly comparable in hydro/wind/solar production, district heating, and Norwegian municipal ownership structure.
• Skagerak Energi AS: Norwegian regional energy company owned by Drammen, Porsgrunn, Skien, and Bamble municipalities; co-investor with Vardar in Vow Green Metals. Comparable as a municipal-owned multi-technology renewable producer and investor.
• Østfold Energi AS: Norwegian municipal energy company and long-standing Vardar JV partner in Zephyr AS, Carbon Centric AS, and Kvalheim Kraft. Highly comparable multi-technology renewable portfolio with municipal ownership and similar investment-platform strategy.
• Agder Energi AS: Norwegian municipal energy company (now part of Å Energi) producing hydro, wind, district heating, and grid services. Highly comparable in scale and product mix, with similar municipal ownership and district heating business.
• Fred. Olsen Renewables AS: Norwegian wind power developer and operator (acquired by Å Energi in 2024); previously sold its Swedish wind portfolio to Vardar Vind AB. Closely comparable in Norwegian and Nordic wind development and operation.

Broad incumbents

• BKK AS: Large Norwegian regional energy company owned by 17 municipalities in Vestland; operates hydropower, district heating, grid, and telecom businesses. Comparable scale and municipal-ownership structure, broader portfolio including transmission.
• Lyse Energi AS: Norwegian regional energy group owned by 16 municipalities in Rogaland; operates hydropower, district heating, fiber networks, and home services. Comparable Norwegian municipal energy utility with diversified renewable generation.
• Statkraft AS: Norway's state-owned renewable energy producer and Europe's largest generator of hydropower; operates wind, hydro, and solar across the Nordics. Comparable multi-technology renewable generation but at vastly greater scale.
• Hafslund AS: Major Norwegian energy group with hydropower production, district heating (Hafslund Eco), and ownership of Norway's largest grid company. Comparable in district heating and renewable generation, though larger and broader.

Regional players

• Eidsiva Energi AS: Norwegian regional energy company owned by Innlandet municipalities; produces hydro, bioenergy, and district heating. Comparable renewable-energy municipal utility focused on a specific Norwegian region.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/vardar-as

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries19 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Vardar AS