Funds managed by Downing have agreed to acquire Tornionlaakson Voima Oy, which owns and operates three hydropower plants in the Tengeliönjoki river basin in northern Finland.
Downing said the agreement was signed on 25 March 2026 with sellers Tornionlaakson Sähkö Oy and PVO-Vesivoima Oy for the entire shareholding of Tornionlaakson Voima Oy.
The company added that the transaction is expected to complete in spring 2026, subject to approval by the Ministry of Economic Affairs and Employment.
Tornionlaakson Voima will continue to operate as a company following the share transaction, with daily operations and customer arrangements unchanged.
Downing will assume ownership responsibility and continue to operate the business after completion.
“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.” said Henrik Dahlström, senior investment director at Downing.
“We remain committed to continuing to build our business in the Nordic region.”
“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.” said Jani Pulli, managing director of PVO-Vesivoima Oy.
“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.” said Sakke Rantala, managing director of Tornionlaakson Sähkö Oy.