Equitix in the Nordics: investing in the future of infrastructure

Driving decarbonisation, decentralisation, and digitalisation across northern Europe

The Nordic region has emerged as a global leader in sustainable infrastructure, and for Equitix, it represents a vital pillar of our international investment strategy. Since entering the market in 2020, we’ve built a diversified portfolio across Sweden, Norway, Finland, Denmark, and Iceland – now valued at over €600 million. Our investments span renewable energy, digital infrastructure, biogas, geothermal, desalination, and transport; each aligned with our long-term commitment to resilient, low-carbon infrastructure.

A region defined by innovation and stability

The Nordics offer a unique blend of political stability, progressive climate policy, and institutional sophistication. These factors make the region an attractive destination for long-term infrastructure investors. However, the market is not without its complexities.

Oskar Backman, Equitix’s European Managing Director for the Nordics, explains: “We’re seeing a temporary slowdown in local investment appetite, particularly in renewables, as institutional investors rebalance portfolios after years of heavy allocation. In Sweden, structural reforms to the AP pension system are also influencing capital flows, though we expect renewed activity once these changes settle by 2025/26.”

Despite this recalibration, Equitix remains confident in the region’s long-term fundamentals.

“We anticipate a resurgence in investment activity from late 2025 onwards, driven by pent-up demand and delayed vintages”

Backman adds “We’re also seeing increased interest from municipalities exploring asset sales to strengthen public finances in a high-interest-rate environment.”

Strategic investments with lasting impact

Aurora Infrastructure Oy: partnering with Finnish industry

Our 2022 acquisition of Aurora Infrastructure exemplifies our greenfield and brownfield expertise. Aurora operates private electricity networks for Finland’s largest industrial clients, delivering over 5 TWh annually – around 6% of Finland’s total energy consumption. The company is now expanding into unregulated services, including a €200 million partnership with Blastr Green Steel to support a new green steel facility in Inkoo.

Baseload Capital: scaling geothermal energy

Through our partnership with Baseload Capital, we’re advancing geothermal energy across Sweden, Iceland, and beyond. By integrating geothermal with intermittent renewables, we’re helping to stabilise grids and enhance investor returns – an increasingly important strategy as Europe accelerates its energy transition.

“We’re advancing geothermal energy across Sweden, Iceland, and beyond”

Geothermal energy is the world’s largest untapped energy resource: clean and always on, available 24/7. Baseload Capital aims to unlock this largely unexploited global potential, estimated at 200 GWe and 5000 GWt with existing technology. Installed global capacity today is 16.3 GWe and 173 GWt.

Local Connect: building the digital backbone

In Sweden, our investment in Local Connect is helping bridge the digital divide. Serving over 4,400 premises in Falköping, this fibre infrastructure project is a model for public-private collaboration. “Early involvement from our Asset Management team ensured strategic alignment and long-term value creation,” says Peter O’Flaherty, Managing Director at Equitix. “Beyond returns, we’re delivering real community benefits – education, healthcare access, and local employment.”

A platform for sustainable growth

Equitix’s success in the Nordics is built on deep local relationships, sector expertise, and a long-term investment horizon. Most of our transactions are sourced bilaterally, reflecting the trust we’ve earned in the region.

“Our local presence and proven track record position us to lead the next wave of infrastructure development across the Nordics,” says Backman. “We’re not just investing in assets – we’re investing in the future of communities, economies, and the planet.”

With a dedicated Nordic team and a robust pipeline of greenfield and brownfield opportunities, Equitix is proud to be shaping the infrastructure of tomorrow – today.

Creating a lasting legacy for generations

Want to find out more? Contact us: IR@equitix.com