EQVA ASA: Fossberg Kraft – Proven model and growing pipeline in NO2

28 May 2026 12:47 CEST

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.

More information:
Access the news on Oslo Bors NewsWeb site

674737_EQVA Renewables - Fossberg Kraft Operational Update.pdf