EQVA ASA: Fossberg Kraft – Proven model and growing pipeline in NO2
Fossberg Kraft, the wholly owned renewable energy arm of EQVA ASA (OSE: EQVA), has since 2018 developed and sold seven small-scale hydropower plants, acquired and further developed three, and today operates ten power plants on behalf of third-party owners. The business model is proven and repeatable, comprising five steps:
1. Identification of waterfall rights 2. Concession and financing 3. Design and construction 4. Sale of fully developed power plant — where value is realised 5. Operation on behalf of the buyer as an optional add-on
The sale of Gjosa Power Plant is a direct confirmation of this model. Fossberg Kraft has recently entered into an agreement to sell Gjosa Kraftverk AS to Norsk Vannkraft AS. Gjosa Power Plant in Sirdal (Agder, NO2) has an estimated annual production of 8.7 GWh. Agreed sale price is NOK 62–67 million (subject to certain contractual terms). Revenue and profit from the project will be recognised from May 2026 through to estimated delivery in Q2 2027. The transaction is expected to generate a 19–29% return on invested capital and an implied value of NOK 7.1–7.7 million per GWh of production capacity.
Fossberg Kraft holds a portfolio of waterfall rights and development projects representing more than 85 GWh in probability-weighted pipeline – a portfolio in continuous growth as new projects mature. Two further projects have already been identified as the next realisation candidates:
• Nedre Molla Power Plant (NO2). Estimated annual production of 5.0 GWh, with expected completion in Q2 2028. • Haugåna Power Plant (NO2). Estimated annual production of 7.0 GWh, with expected completion in Q2 2029.
With a solid pipeline, two further projects approaching realisation, and a strong position in NO2, Fossberg Kraft is at the centre of Norway's most important energy trend.
The sale of Gjosa comes at a time when the power market is undergoing fundamental change. NVE projections show Norway moving from a power surplus of 22 TWh in 2023 to 7 TWh in 2030. A significantly tighter power balance from 2028 onwards, particularly in NO2 – driven by data centre development, electrification of industry and transport, and hydrogen and ammonia production. Dispatchable hydropower is the most valuable resource in this context, and Fossberg Kraft's three nearest-term projects are all located in NO2, the region where demand for new power generation is currently greatest.
Please refer to the attached presentation for further information, or visit eqva.no and fossbergkraft.no.
For further information, contact: Daniel Hjertaker Molvik, CFO, EQVA ASA: +47 952 69 991, daniel.molvik@eqva.no.
About EQVA ASA
EQVA is a full-service provider of industrial services, built on development and long-term ownership of strong and complementary industrial companies.
EQVA's customers include leading industrial players across smelting operations, process industry, aquaculture, the maritime sector, and offshore. The Group's core competencies span engineering services and mechanical solutions, steel structures, piping and tank systems, ventilation, power and automation, as well as the development and operation of hydropower plants.
EQVA combines organic growth with targeted acquisitions to strengthen cash flow, core operations, and its geographical footprint. Portfolio companies operate with a high degree of autonomy, within clearly defined frameworks for governance, reporting, and shared support functions. This model enables efficient operations, economies of scale, and the realization of synergies - while preserving close proximity to customers and end markets.
EQVA's asset-light model and strong focus on cash generation support an attractive capital structure and enable profitable growth over time. With more than 700 specialized employees and a strong presence across several of Norway's key industrial regions, EQVA is well positioned for continued growth.
For more information, visit www.eqva.no.