Downing to acquire Tornionlaakson Voima Oy, owner of three Finnish hydropower plants

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. Tornionlaakson Voima’s current owners, Tornionlaakson Sähkö Oy and PVO-Vesivoima Oy, signed an agreement on March 25, 2026, to sell their entire shareholding in the company to Downing. The transaction is expected to complete in spring 2026, pending a voluntary review and approval by Finland’s Ministry of Economic Affairs and Employment. This acquisition complements Downing's existing 30 MW wind farm in Konttisuo, Ostrobothnia, and expands its Nordic hydropower portfolio, which already includes approximately 50 plants across Sweden, Norway, and Iceland. PVO-Vesivoima Oy will now focus on developing operations in its core areas: the Ii, Kemijoki, and Kokemäenjoki rivers.

Counterparts (4)

Buyer

Downing

company

UK-based investment manager Downing LLP manages over £2 billion across venture capital, private equity, property, and infrastructure assets. Their infrastructure arm primarily invests in UK and European renewable energy (solar, wind, hydro, battery storage) and social infrastructure projects.

Seller

T

Tornionlaakson Sähkö Oy

company

P

PVO-Vesivoima Oy

company

T

Tornionlaakson Voima Oy

company