A sustainable hydropower investment asset
Durable technology with storage potential located in proven power markets
Hydropower benefits from high energy efficiency and the stable predictability of returns.
1.5 bn EUR
transaction volume
903 MW
capacity installed and under development
small-scale hydropower plants
584.500 t
CO2-avoidance in 2021*
as at: 30.09.2022


Eine Wasserkraft Anlage für Investitionen

Aquila Capital to acquire Portuguese hydropower portfolio from EDP

09/11/2018 - Portfolio has a capacity of approximately 100 MW and complements existing extensive Scandinavian hydropower portfolio.

Eine Wasserkraft Anlage für Investitionen

Aquila Capital acquires six Norwegian hydropower plants

24/04/2017 - The power plants, located near Bergen, produce approximately 70 gigawatt hours (GWh) of electricity per year.

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Aquila Capital to merge Norway’s Småkraft and Norsk Grønnkraft

06/12/2016 - Aquila Capital has reinforced its commitment to Norway by planning to merge Småkraft and Norsk Grønnkraft (NGK).

Eine Wasserkraft Anlage für Investitionen

Aquila Capital wins bid to acquire Småkraft

11/11/2015 - 45 operating plants generating over 500 GWh annually.

Eine Wasserkraft Anlage für Investitionen

Aquila Capital acquires Norway’s second-largest operator of small-scale hydropower plants

13/01/2015 - Norsk Grønnkraft AS operates 33 small-scale facilities located in central and southern Norway.

Use the extensive investment pipeline and invest in hydropower

Hydropower accounts for the largest share of clean energy generation in Europe. Investments in hydropower plants are particularly interesting and profitable for institutional investors, as they offer long-term stable cashflow and a low correlation to traditional asset classes and renewable infrastructure plants.

Hydropower plants today work with fully matured technologies and, with regular maintenance, can generate electricity reliably over many decades with high value retention and at low operating costs. Largely independent of subsidies, hydropower plants also have an enormous degree of efficiency and achieve an efficiency of 85–95 percent. In addition, stored hydropower can achieve higher capture rates as energy production can be shifted: if energy prices rise, water is released; if they fall, it is retained.


We have been active in the hydropower sector since 2008 and have already acquired more than 200 hydropower plants in Europe. Our dedicated team of experts have in-depth industry knowledge, comprehensive financial know-how and an extensive proven track record. This allows us to successfully conduct a wide range of transactions in the hydropower sector. Today, we have a stable portfolio and an extensive investment pipeline, as well as an active asset management approach to generate economies of scale.

Investment Opportunities

The Aquila European Hydropower Fund (1) has offered institutional investors access to a balanced and diversified portfolio of European hydropower plants since 2015. Together with our partners, including Europe's largest pension fund, investors can make a lasting commitment. In addition to investment opportunities in fund structures, we also design tailor-made investment solutions in the form of individual mandates or specific investment strategies and implement these for our clients.

(1) Official name: Aquila Capital European Hydropower Fund S.A., SICAV-SIF

Alle Videos
Ninetynine Seconds
On-Site Hydropower


Ninetynine seconds - Hydropower in Portugal

Find out more about how hydro power plants work both technically and economically. Christian Heidfeld, Aquila Capital’s Head of Asset Management Hydropower, explains how our Alforfa hydro power plant utilises a special cascade system. Our local Chief Operations Officer Francisco Machado provides further insights into how the plant looks like from the inside and how he ensures efficient operation at all times.

Bild von Mitarbeitern in Wasserkraft Betrieben in Norwegen


Virtual Site Visits in Norway, Tor Syverud

The outbreak of Covid-19 has posed challenges for Real Asset Management, for example due to travel restrictions. Tor Syverud, Head Investment Management Hydropower, gives an insight into Hydropower Asset Management during Covid-19, demonstrating how Aquila Capital is ensuring that hydropower plants continue to operate smoothly during the pandemic.



Ninetynine seconds: sustainability of hydropower

Aquila Capital is the largest operator of small scale hydropower plants in Europe. Norway produces more than 90 per cent of its electricity from hydropower. Hydropower is an important part of renewable energy and thus contributes significantly to the reduction of CO2.



Ninetynine seconds: hydropower in Norway

Hydropower is one of the most significant renewable energy sources in the world. Norway is the largest hydropower producer in Europe and meets its own electricity requirements almost entirely with hydropower.

Wind energy
Scalable investments with low levelized cost of energy at quality sites
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Solar PV
Fast growing technology with attractive risk-return profile
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Energy Efficiency
Making a valuable contribution to climate protection
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Data Centres
Efficient and sustainable colocation capacities
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Stable cashflows through continuous infrastructure investments
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Green Logistics
New standard: economic and ecological aspects combined
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Environmentally responsible residential areas in attractive locations
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Land Use & Carbon Forestry
Active management for sustainable certified investments
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