Sogn og Fjordane Energi

What Sogn og Fjordane Energi does

Sogn og Fjordane Energi (SFE) is a Norwegian renewable energy producer headquartered in Sandane, operating a portfolio of 33 power plants in Vestland county — 27 hydroelectric stations (with operator responsibility for most) and direct operation of the 51.1 MW Lutelandet wind farm, plus minority stakes in the Hennøy and Okla wind farms. The company traces its roots to 1908, was formally consolidated in 2003, and today produces approximately 2,400 GWh of renewable electricity annually — equivalent to the consumption of about 130,000 households. Its asset base is capital-intensive and concession-protected: large reservoir-based hydro plants with direct sea outlets enable rapid up- and down-regulation of output, a feature that has become increasingly valuable as Norway's grid absorbs more variable wind power.

SFE generates revenue through two primary streams. First, it sells wholesale electricity into the Nordic power market in the NO3 price area and directly to large industrial and commercial customers; this volume-based revenue tracks both production and spot power prices. Second, it monetizes the flexibility of its reservoir-based hydro plants by providing balancing and system services to Statnett (the Norwegian transmission system operator), which generated 239 million NOK in 2025. A third contribution comes from equity-method income on minority stakes in the network company Linja (33.3%) and the telecom/fiber company Enivest (40.3%, agreed for sale to Telenor in 2026). SFE is not a retail electricity supplier; it does not sell directly to households.

The company is municipally and regionally owned, with the largest shareholders being Sogn og Fjordane Holding (49.51%) and Eviny AS (36.80%), and holds a BBB (stable) credit rating from Scope Ratings. It is undertaking its largest-ever capital project — the 1.2 billion NOK Nye Øksenelvane hydropower station, which will quadruple capacity at the site from 28 MW to 110 MW — and has established Nyvinn AS (autumn 2024) as a development vehicle for adjacent green-energy ventures including biogas (Byrkjelo) and a planned land-based green hydrogen facility called HyFuel (Florø).

Name

Sogn og Fjordane Energi

Legal name

Sogn og Fjordane Energi AS

Website

https://sfe.no

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

101–250 employees

Short description

Sogn og Fjordane Energi is a Norwegian hydropower and wind power producer operating 33 plants in Vestland county, generating ~2,400 GWh annually for the wholesale market and Statnett system services. It is municipally owned and currently building its largest-ever hydro station.

Ownership category

akta.pro rank

Product category

Renewable Power Generation

NAICS

Hydroelectric Power Generation (221111), Wind Electric Power Generation (221115)

SIC

Electric Services (4911)

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

Keywords

• Renewable energy generation
• Hydropower production
• Wind power generation
• Grid balancing services
• Wholesale power sales

Headquarters

HQ city

Sandane

HQ country

Norway

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Power generation and sales: SFE generates renewable electricity from its portfolio of 33 hydropower plants and wind farms and sells power into the Nordic electricity market. Revenue is influenced by power prices in the NO3 price area and production volume. In 2025, SFE produced 2,412 GWh and achieved an annual result of 364 million NOK.
2. System services to Statnett: SFE provides balancing and system services to Statnett (the Norwegian transmission system operator) through its flexible reservoir-based power plants. In 2025, this generated 239 million NOK in additional revenue.
3. Equity associates (Linja, Enivest): SFE holds minority stakes in network company Linja (33.3%) and telecom/fiber company Enivest (40.3%), generating dividend and equity method income.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Sogn og Fjordane Energi generates renewable electricity from a portfolio of 27 hydroelectric power plants and a wind park in Vestland county, Norway, producing about 2.4 TWh annually. The company sells power into the Nordic wholesale market (NO3 price area), supplies balancing and system services to Statnett via reservoir-based flexible plants, and provides operations services to small hydropower owners. Through subsidiary Nyvinn it is developing biogas production at Byrkjelo and a planned land-based hydrogen plant (HyFuel) at Florø.

Product overview

SFE operates as a vertically integrated renewable energy company focused on hydropower and wind power production. The company manages a portfolio of 33 power plants (27 hydroelectric and 1 wind power directly operated, plus stakes in additional wind plants), producing approximately 2,400 GWh annually—enough to power about 130,000 households. The core operations are organized around power generation assets including major hydroelectric facilities like Åskåra (133 MW combined), Svelgen plants (119 MW combined), Mel (55 MW), Østerbø (48 MW), and Jølstra (50 MW), alongside wind power through Lutelandet (51.1 MW) and co-ownership in Okla and Hennøy wind farms. The company also operates through Nyvinn, a development subsidiary established in 2024 focusing on green innovation including biogas production and hydrogen technology (HyFuel). Beyond power production, SFE provides services including small power plant operations, apprenticeships, trainee programs, and community sponsorships.

Differentiator

Problem solved

Functional benefit

Brands

• Nyvinn: SFE's development company focused on innovation and sustainable development, including biogas projects at Byrkjelo and HyFuel hydrogen project in Florø.
• Vatn
• Vind
• Biogass

Products and services

• Hydropower Production Renewable electricity generation from 27 operated hydroelectric power plants in Vestland county, using Pelton and Francis turbines and reservoir regulation. Annual production of about 2.4 TWh, equivalent to power for approximately 130,000 households.
• Wind Power Production Wind power generation from the operated Lutelandet wind park (9 Nordex N149 turbines, 51.1 MW) producing electricity for about 9,000 households, plus co-ownership interests in the Okla and Hennøy wind farms.
• Grid Balancing and System Services Balancing and frequency regulation services sold to Statnett (Norwegian transmission system operator) by rapidly adjusting hydropower output through SFE's reservoir-based plants with direct sea outlets, exploiting narrow wholesale price fluctuations.
• Småkraft Services Operations, maintenance, project planning, and power administration services sold to owners of small-scale hydropower plants in Norway, leveraging SFE's operational expertise from its own 27-plant portfolio.
• Nye Øksenelvane Hydropower Plant New hydropower development at Øksenelvane designed to quadruple installed capacity from 28 MW to 110 MW and increase annual production to 171 GWh. NVE-approved construction of a 110 MW facility with two Pelton aggregate units optimized for narrow price-fluctuation dispatch.
• HyFuel Hydrogen Production Planned zero-emission hydrogen production at Florø via water electrolysis powered by SFE's renewable electricity, targeting land and sea transport fuel markets.
• Biogass Production (Byrkjelo) Planned biogas, green CO2, and biofertilizer production facility at Byrkjelo developed through Nyvinn, supplying industrial and transport sectors and agricultural users.
• Lutelandet Wind Power Plant SFE's operated onshore wind power park at Lutelandet, Fjaler municipality, comprising 9 Nordex N149 turbines totaling 51.1 MW of installed capacity, generating renewable electricity for approximately 9,000 Norwegian households.

Quantifiable outcome

• 2,412 GWh renewable electricity produced in 2025
• +4 more outcomes

Named customers1 record

Segments3 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

13 partnerships are on record, tiered core and minor.

• SkanskacoreImplementation/ SI/ Consulting Partner · 19 December 2024Skanska is the main contractor for civil engineering construction of Nye Øksenelvane kraftverk. The project involves building new intake at Store Øksendalsvatn, 2.2 km of new waterway, and access and outlet tunnels. Construction estimated at 1.2 billion NOK, the largest investment in SFE's history.
• Andritz HydrocoreTechnology or Integration · 19 December 2024Andritz delivers turbines, generators, and control systems for Nye Øksenelvane kraftverk. The power station will have two 55 MW aggregate units with Pelton turbines, located 500 meters inside the mountain.
• Nyvinn AScoreStrategic or Co-development Partner · 1 January 2024Nyvinn is SFE's development subsidiary established in autumn 2024. It focuses on biogas production at Byrkjelo (biogas, green CO2, biofertilizer for agriculture) and HyFuel, a planned hydrogen production facility at Florø using electrolysis powered by renewable energy.
• Fjaler kommune (municipal government)minorStrategic or Co-development PartnerFjaler municipality is represented in the local committee that reviews Vinn-Vind grant applications for the Lutelandet wind farm area.
• Våge grendelag (local community association)minorStrategic or Co-development PartnerVåge local community association is represented in the Vinn-Vind grant review committee for the Lutelandet wind farm.
• Hellevik grendelag (local community association)minorStrategic or Co-development PartnerHellevik local community association is represented in the Vinn-Vind grant review committee for the Lutelandet wind farm.
• Renantis Norway ASminorStrategic or Co-development PartnerSFE holds 10.13% stakes in Hennøy wind farm (50.4 MW, 12 turbines) and Okla wind farm (21 MW, 5 turbines) through Renantis Norway AS, which is the majority owner and concessionaire.
• Sparebank 1 Sogn og FjordaneminorStrategic or Co-development PartnerCo-organizer of the annual 'Kraft i Vest' conference, one of the most important networking venues in Vestland.
• Vestland Fylkeskommune (Vestland County Council)minorStrategic or Co-development PartnerCo-organizer of the annual 'Kraft i Vest' conference.
• Høgskulen på Vestlandet (Western Norway University of Applied Sciences)minorStrategic or Co-development PartnerCo-organizer of the annual 'Kraft i Vest' conference and partner in student collaboration programs.
• Innovasjon Norge VestlandminorStrategic or Co-development PartnerCo-organizer of the annual 'Kraft i Vest' conference.
• DrivkraftminorStrategic or Co-development PartnerNew co-organizer of Kraft i Vest 2026 conference. Supports the DRIV-prisen green innovation award.
• Framtidsfylket VestlandminorStrategic or Co-development PartnerSFE has been a trainee company since 2004 and is a partner in Framtidsfylket Vestland, one of Norway's most comprehensive trainee programs.

Scale indicators9 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Skagerak Energi: Power producer owned by Statkraft and municipal shareholders in southern Norway. Comparable as a regional Norwegian hydro/wind IPP selling into the Nordic wholesale market.
• Lyse Energi: Vertically integrated Norwegian energy group with a large hydro portfolio in southwestern Norway. Comparable as a regional IPP combining hydro generation, grid, and telecom/tet-adjacent businesses.
• Eviny: Western Norway energy group (formerly BKK) producing hydropower and grid services. Most directly comparable regional peer and SFE's largest single shareholder (36.80%); operates overlapping hydro assets and sells into Statnett's balancing market.
• Å Energi: Norwegian power producer formed from Agder Energi and Glitre Energi, operating hydro and wind assets across southern and eastern Norway. Comparable ownership structure and IPP business model to SFE.
• Hafslund Eco: Norwegian power producer specializing in hydropower across eastern Norway. Comparable as a major Norwegian hydro IPP with portfolio scale and similar exposure to wholesale and system-services markets.
• Statkraft: Norway's largest state-owned renewable energy producer, with a hydro-heavy portfolio and significant wind assets across the Nordics. Directly comparable to SFE as a Norwegian IPP selling into the same wholesale and system-services markets.
• Fred. Olsen Renewables: Norwegian-based renewable energy developer and operator focused on wind and hydro in the Nordics and UK. Comparable to SFE in operating technology and Norwegian market orientation, particularly for the wind segment.
• NTE (Nord-Trøndelag Elektrisitetsverk): Norwegian regional energy company operating hydro and wind assets in central Norway. Comparable to SFE as a Nordic hydro IPP with grid-related subsidiaries and similar ownership profile.
• Trøndelag Kraft: Regional Norwegian power producer with a large hydro portfolio in Trøndelag. Comparable as a municipally-influenced Norwegian hydro IPP operating multiple plants and providing grid-balancing services.

Broad incumbents

• Vattenfall: Large European state-owned utility with extensive Nordic hydro and wind generation. Less directly comparable due to continental scale and broader portfolio, but provides a benchmark for European hydro-heavy utility economics.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/sognogfjordaneenergi
• LinkedInlinkedin.com/company/sognogfjordaneenergi

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries10 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 Sogn og Fjordane Energi