What Finnmark Kraft does

Finnmark Kraft AS is a privately-held Norwegian renewable energy company founded in 2009 and headquartered in Alta, in the Finnmark region of northern Norway. The company develops, owns, and operates wind and hydropower generation assets, with an operational portfolio consisting of the Havøygavlen wind farm (41.4 MW, approximately 135 GWh per year) and the Hamnefjell wind farm (51.75 MW, approximately 210 GWh per year), for combined installed capacity of roughly 93 MW and annual generation of approximately 340 GWh. The company is owned by the regional power utilities of Finnmark and Troms together with FeFo (Finnmarkseiendommen), the public landowner entity that administers approximately 95% of Finnmark's land; this structure aligns the company's strategy with regional industrial development and renewable deployment in northern Norway.

The business model is a utility-scale wholesale generation model rather than a retail model. Electricity produced by Finnmark Kraft is fed into Norway's national grid and sold into the Nordic wholesale market, with revenues determined by system prices rather than by direct off-take contracts. End demand served is structurally diversified across Norwegian households, municipal loads, and industrial users, including emerging electricity-intensive segments such as data centers and mining in northern Norway. The company's cost position benefits from exceptional wind conditions in Finnmark (8-9.5 m/s), which drive high capacity factors and competitive levelized cost of energy.

Finnmark Kraft is in an active expansion phase, with a development pipeline exceeding 2,100 MW across Snefjord (160 MW), Vilgesrassa (300 MW), Hamnefjell Trinn III (166 MW), Laksefjorden (450 MW), and Digermulen (450-500 MW). In April 2024, the company entered a strategic partnership with Fred. Olsen Renewables to co-develop Laksefjorden and Digermulen, materially de-risking the two largest pipeline assets, and in June 2024 renewed an exclusive 15-year land-rights agreement with FeFo. The combination of pipeline depth, regulatory access, regional ownership, and co-development partnerships points to a multi-year build-out that, if executed, would transform the asset base from approximately 93 MW operational to over 1,500 MW.

Name

Finnmark Kraft

Legal name

Finnmark Kraft AS

Website

https://finnmarkkraft.no

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Finnmark Kraft AS is a Norwegian renewable energy company developing and operating wind and hydropower plants in Finnmark, northern Norway. Founded in 2009 in Alta, it generates approximately 340 GWh annually and feeds electricity into Norway's national grid for residential, industrial, and municipal customers.

Ownership category

akta.pro rank

Product category

Renewable Energy Generation

NAICS

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

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Onshore Wind Power Generation (Utility-Scale) (EUACAFAA)

akta.pro secondary industries

Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations) (EUACAFAF), Wind Farm Development & Permitting (Greenfield/Brownfield) (EUACAFAE), Wind Operations, Maintenance & Asset Management (Scheduled/Unscheduled) (EUAMACAH), Wind Grid Interconnection & Power Systems (Transformers, Reactive Power, SCADA) (EUAMACAK), Renewable Energy Infrastructure (FSAAAKAG)

Keywords

• Wind power generation
• Renewable energy production
• Hydroelectric power generation
• Wind farm operations
• Power utility services

Headquarters

HQ city

Alta

HQ country

Norway

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Electricity Production and Sales: Finnmark Kraft generates revenue through production and sale of electricity from wind and hydropower sources. The company owns and operates wind farms (Hamnefjell vindkraftverk and Havøygavlen vindkraftverk) and develops additional wind and hydropower projects. Electricity is sold through Norway's power grid infrastructure to residential, commercial, and industrial customers.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Finnmark Kraft AS develops, builds, owns and operates onshore wind power and hydropower plants in Finnmark county, Norway. The company produces and sells renewable electricity (340 GWh annually) into Norway's national power grid, supplying the equivalent of 21,250 Norwegian households. Its operational portfolio includes Havøygavlen (world's northernmost wind farm, 41.4 MW) and Hamnefjell (51.75 MW), with a multi-gigawatt development pipeline.

Product overview

Finnmark Kraft is a locally-owned renewable energy company established in 2009 that develops, builds, and operates wind and hydroelectric power plants in Finnmark, Norway. The company operates a portfolio of two operational wind farms (Havøygavlen vindkraftverk via subsidiary Arctic Wind AS, and Hamnefjell vindkraftverk via subsidiary Hamnefjell Vindkraft AS) with combined capacity of approximately 93 MW. The company is pursuing multiple development-stage wind power projects including Laksefjorden (450 MW) and Digermulen (450-500 MW) in partnership with Fred. Olsen Renewables, as well as expansion projects like Hamnefjell Trinn III (166 MW). Several earlier projects were rejected or abandoned including Fálesrášša, Korselva, and Stjernevatn hydroelectric projects. The company maintains subsidiaries for specific operating assets and is owned by local power companies and Finnmarkseiendommen (FeFo).

Differentiator

Problem solved

Functional benefit

Products and services

• Havøygavlen vindkraftverk Operational onshore wind power plant located in Måsøy municipality — the world's northernmost wind park — with 41.4 MW installed capacity and approximately 135 GWh annual production. Operated by subsidiary Arctic Wind AS and owned by Finnmark Kraft. Sells electricity production into Norway's national power grid.
• Hamnefjell vindkraftverk Operational onshore wind power plant in Båtsfjord municipality with 15 Vestas V112 3.45 MW turbines, 51.75 MW installed capacity and approximately 210 GWh annual production. Owned via subsidiary Hamnefjell Vindkraft AS (jointly with AXA pension fund) and operated by Finnmark Kraft. Sells electricity into Norway's national power grid.
• Laksefjorden vindkraftverk Development-stage onshore wind power project in Lebesby municipality, jointly developed with Fred. Olsen Renewables. Planned capacity up to 450 MW with 60-65 turbines of approximately 7 MW each, expected annual production of 1.6 TWh, and estimated investment of 5.85 billion NOK. Will sell electricity into the national grid when operational.
• Digermulen vindkraftverk Development-stage onshore wind power project in Gamvik municipality, jointly developed with Fred. Olsen Renewables. Planned capacity 450-500 MW with 60-70 turbines of approximately 7 MW each, expected annual production of 1.6 TWh, and estimated investment of 5.85 billion NOK. Currently on hold to prioritize Laksefjorden.
• Vilgesrassa vindkraftverk Planning-stage onshore wind power project on Porsangerhalvøya in Måsøy municipality. Planned capacity up to 300 MW with 50-60 turbines of 5-8 MW each, expected annual production of 1.1 TWh, and estimated investment of 2-3 billion NOK. Planned operation start within 2030.
• Hamnefjell Trinn III Expansion project for the existing Hamnefjell wind farm. Plans 23 additional turbines of 7.2 MW each, adding 166 MW of capacity with expected annual production of 650 GWh. Estimated investment of 2-2.5 billion NOK. Construction planned 2028-2030.
• Snefjord vindkraftverk Planning-stage onshore wind power project on Snefjordhalvøya in Måsøy municipality. Planned capacity 160 MW with 20-23 turbines, expected annual production of 490 GWh, and estimated investment of 1.4 billion NOK.

Quantifiable outcome

• 340 GWh annual production capacity sufficient for 21,250 households
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Twelve partnerships are on record, tiered core, major and supporting.

• Fred. Olsen Renewables AScoreStrategic or Co-development Partner · 25 April 2024Strategic partnership for development of Laksefjorden vindkraftverk (450 MW planned capacity) and Digermulen vindkraftverk (450-500 MW planned capacity). Joint development includes development, construction, ownership and operation. Fred. Olsen Renewables brings international wind power development expertise while Finnmark Kraft provides local knowledge and exclusive rights. Digermulen project put on hold in 2024 to prioritize Laksefjorden.
• Vestas Norway AScoreTechnology or IntegrationTurbine supplier for Hamnefjell vindkraftverk. Delivered and installed 15 Vestas V112-3.3/3.45 MW turbines. Vestas is the world's largest turbine manufacturer providing leading wind power technology.
• PEAB Anlegg ASmajorImplementation/ SI/ Consulting PartnerConstruction contractor for Hamnefjell vindkraftverk. Responsible for building roads, turbine foundations, transformer building, and service building construction.
• MulticonsultmajorImplementation/ SI/ Consulting PartnerEngineering and project management consultant for Hamnefjell vindkraftverk. Responsible for detailed engineering design, construction management, discipline leadership, and administrative support during implementation phase.
• Linka ASsupportingTechnology or IntegrationResponsible for internal 22 kV electrical network installation within Hamnefjell wind park.
• Elektro-LinjesupportingTechnology or IntegrationConstruction contractor for high-voltage power lines connecting to transformer building in Hamnefjell wind park.
• VEO ASsupportingTechnology or IntegrationSupplier of transformer, apparatus, and control systems for Hamnefjell vindkraftverk.
• Finnmarkseiendommen (FeFo)coreStrategic or Co-development PartnerFeFo is the landowner owning approximately 95% of land in Finnmark and holds exclusive rights agreement with Finnmark Kraft for wind and hydropower development. Renewed agreement in 2024 for additional 15 years. FeFo contributes MNOK 20 in equity strengthening for Finnmark Kraft projects.
• Arctic Wind AScoreStrategic or Co-development PartnerWholly-owned subsidiary of Finnmark Kraft based in Havøysund. Responsible for operating Havøygavlen vindkraftverk, the world's northernmost wind farm.
• Hamnefjell Vindkraft AScoreStrategic or Co-development PartnerSubsidiary company co-owned by Finnmark Kraft and French pension fund AXA. Owns and operates Hamnefjell vindkraftverk in Båtsfjord.
• StatnettsupportingTechnology or IntegrationNational grid operator working on network upgrades in Finnmark to enable new wind power connections. Expansion of central network is prerequisite for Laksefjorden and other wind farm projects.
• AF DecomsupportingTechnology or IntegrationResponsible for decommissioning old turbines at Havøygavlen wind park during re-establishment. Achieved 98% recycling rate for materials.

Scale indicators11 records

Recent moves6 records

Expansion highlights7 records

Emerging players

• Korrovoima: Finnish wind and renewables developer with similar regional footprint in Nordic near-Arctic conditions. Comparable as a Nordic wind developer facing similar permitting, grid, and indigenous rights considerations in remote northern geographies.

Broad incumbents

• Statkraft: Norwegian state-owned power producer and Europe's largest generator of renewable energy. Operates wind, hydro, and other renewables across Norway. Compares on generation profile and Norwegian energy market exposure, though at vastly larger scale.
• Å Energi: One of Norway's largest electricity producers with significant wind and hydropower exposure across southern Norway. Comparable as a regional power producer with vertically integrated generation and distribution; broader portfolio than Finnmark Kraft.
• Vattenfall (Norway): Swedish state-owned utility with significant Norwegian wind development including the Fosen wind project. Comparable as a major international wind developer operating in the same regulatory landscape, including Sami consultation requirements.

Regional players

• BKK: Norwegian regional utility operating on Norway's west coast with wind, hydro, and grid assets. Comparable business model as a regional power producer with renewable generation portfolio, though geographically concentrated in western Norway.
• Lyse: Norwegian regional energy company with significant renewables portfolio and grid operations. Comparable as a regional utility with vertically integrated activities similar to Finnmark Kraft's owner companies.
• TrønderEnergi: Norwegian regional utility with wind and hydropower generation in Trøndelag. Comparable as a regional energy company with renewable generation portfolio and similar ownership structure involving municipal stakeholders.

Direct peers

• Fred. Olsen Renewables: Norwegian-headquartered wind power developer and operator with a global portfolio exceeding 1.5 GW operational. Direct peer and current JV partner on Laksefjorden and Digermulen — same technology, same Norwegian regulatory environment, similar project development focus.
• Norsk Vind Energi: Norwegian onshore wind developer focused on greenfield development across multiple municipalities. Comparable in scale and business model to Finnmark Kraft with utility-scale wind farms in operation and development.
• Aneo: Norwegian renewable energy company developing and operating wind farms, with a focus on greenfield projects in Norway. Operates Hitra 2 wind farm and pursues similar permitting and development processes to Finnmark Kraft.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/hamnefjell
• LinkedInlinkedin.com/company/finnmark-kraft-as

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 Finnmark Kraft