Downing acquire three hydropower plants in Finland
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Downing acquire three hydropower plants in Finland
26/3/26
5 min
Renewable energy
News
On 25 March 2026, Tornionlaakson Voima’s current owners, Tornionlaakson Sähkö Oy and PVO-Vesivoima Oy, signed an agreement to sell the entire shareholding of Tornionlaakson Voima Oy to Downing, which has a long history and focus on Nordic renewable energy. This is a share transaction, meaning that Tornionlaakson Voima will continue operating as a company. As a result of the transaction, the company’s responsibilities and obligations will remain unchanged, with Downing assuming ownership responsibility for the company. The daily operations of Tornionlaakson Voima will continue as normal and the transaction will not affect customers. The completion of the transaction is subject to a voluntary review and approval by the Ministry of Economic Affairs and Employment regarding foreign corporate acquisitions.
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Funds managed by Downing, the UK-based investment manager, have agreed to acquire Tornionlaakson Voima Oy, which owns and operates three hydropower plants in the Tengeliönjoki river basin in Northern Finland. Downing will continue to operate the business following completion of the transaction, which is expected to take place in spring 2026.
On 25 March 2026, Tornionlaakson Voima’s current owners, Tornionlaakson Sähkö Oy and PVO-Vesivoima Oy, signed an agreement to sell the entire shareholding of Tornionlaakson Voima Oy to Downing, which has a long history and focus on Nordic renewable energy. This is a share transaction, meaning that Tornionlaakson Voima will continue operating as a company. As a result of the transaction, the company’s responsibilities and obligations will remain unchanged, with Downing assuming ownership responsibility for the company. The daily operations of Tornionlaakson Voima will continue as normal and the transaction will not affect customers. The completion of the transaction is subject to a voluntary review and approval by the Ministry of Economic Affairs and Employment regarding foreign corporate acquisitions.
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Funds managed by Downing, the UK-based investment manager, have agreed to acquire Tornionlaakson Voima Oy, which owns and operates three hydropower plants in the Tengeliönjoki river basin in Northern Finland. Downing will continue to operate the business following completion of the transaction, which is expected to take place in spring 2026.
On 25 March 2026, Tornionlaakson Voima’s current owners, Tornionlaakson Sähkö Oy and PVO-Vesivoima Oy, signed an agreement to sell the entire shareholding of Tornionlaakson Voima Oy to Downing, which has a long history and focus on Nordic renewable energy. This is a share transaction, meaning that Tornionlaakson Voima will continue operating as a company. As a result of the transaction, the company’s responsibilities and obligations will remain unchanged, with Downing assuming ownership responsibility for the company. The daily operations of Tornionlaakson Voima will continue as normal and the transaction will not affect customers. The completion of the transaction is subject to a voluntary review and approval by the Ministry of Economic Affairs and Employment regarding foreign corporate acquisitions.
Henrik Dahlström, Senior Investment Director at Downing, comments: “We are pleased to be acquiring Tornionlaakson Voima, an excellent complement to our existing 30 MW windfarm in Konttisuo in Ostrobothnia, Finland. With circa 50 hydropower plants across Sweden, Norway and Iceland in Downing’s existing hydropower portfolio, we have an experienced team which will continue the responsible operation of the company while investing in the long-term future of these assets. We remain committed to continuing to build our business in the Nordic region.”
Jani Pulli, Managing Director of PVO-Vesivoima Oy, says: “The new owner brings additional resources for the future of the smaller-scale hydropower plants located in the Tengeliönjoki river basin. PVO-Vesivoima will focus on developing its operations in its core areas: the Ii and Kemijoki rivers, as well as the Kokemäenjoki river.”
Sakke Rantala, Managing Director of Tornionlaakson Sähkö Oy, says: “Downing, with its focus on the renewable energy sector, has the strong capabilities to develop the operations of Tornionlaakson Voima’s hydropower plants. At Tornionlaakson Sähkö, we want to enable new growth in our area, both in network operations and energy production.”
The parties have agreed on transitional services to ensure a seamless and responsible transfer of ownership.
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On 25 March 2026, Tornionlaakson Voima’s current owners, Tornionlaakson Sähkö Oy and PVO-Vesivoima Oy, signed an agreement to sell the entire shareholding of Tornionlaakson Voima Oy to Downing, which has a long history and focus on Nordic renewable energy. This is a share transaction, meaning that Tornionlaakson Voima will continue operating as a company. As a result of the transaction, the company’s responsibilities and obligations will remain unchanged, with Downing assuming ownership responsibility for the company. The daily operations of Tornionlaakson Voima will continue as normal and the transaction will not affect customers. The completion of the transaction is subject to a voluntary review and approval by the Ministry of Economic Affairs and Employment regarding foreign corporate acquisitions.
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