Funds managed by Downing LLP have agreed to acquire Tornionlaakson Voima Oy, which owns and operates three hydropower plants in the Tengeliönjoki river basin in northern Finland. The transaction is expected to complete in spring 2026.
The agreement was signed on 25 March 2026 between current owners Tornionlaakson Sähkö Oy and PVO-Vesivoima Oy to sell the entire shareholding of Tornionlaakson Voima to Downing.
The deal is structured as a share transaction, allowing Tornionlaakson Voima to continue operating as a standalone company. Existing responsibilities and obligations will remain in place, with Downing assuming ownership. Day-to-day operations and customer arrangements are not expected to change.
Completion remains subject to a voluntary review and approval by Finland’s Ministry of Economic Affairs and Employment regarding foreign corporate acquisitions.
“We are pleased to be acquiring Tornionlaakson Voima, an excellent complement to our existing 30MW windfarm in Konttisuo in Ostrobothnia, Finland” commented Henrik Dahlström, Senior Investment Director at Downing. “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, added “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, said: “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 transitional service arrangements to support the transfer of ownership.
