Funds managed by Downing, the UK-based investment manager, have completed the acquisition of Tornionlaakson Voima Oy, which owns and operates three hydropower plants in the Tengeliönjoki river basin in Northern Finland.
In March 2026, Tornionlaakson Voima’s former 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 of investing in Nordic renewable energy. The transaction was subject to a review by the Ministry of Economic Affairs and Employment in Finland regarding foreign corporate acquisitions. Approval was granted on 22 June 2026, and the transaction has now completed.
This was a share transaction, meaning that Tornionlaakson Voima will continue operating as a company. The company’s responsibilities and obligations remain unchanged, with Downing assuming ownership responsibility. Daily operations continue as normal and the transaction does not affect customers. Downing will continue to operate the business following completion.
Henrik Dahlström, Senior Investment Director at Downing, comments:
“We are pleased to complete the acquisition of Tornionlaakson Voima, an excellent complement to our existing 30 MW windfarm in Konttisuo in Ostrobothnia, Finland. With approximately 50 hydropower plants across Sweden, Norway and Iceland in Downing’s existing hydropower portfolio, we have an experienced team to support the continued responsible operation of the company while investing in the long-term future of these assets. We remain committed to building our presence in the Nordic region.”
The parties agreed transitional services to support a seamless and responsible transfer of ownership.
