October 15, 2026
Corporate update, autumn 2026
With just over two months left of the year, we can begin to look back and conclude that Energifonden has had yet another successful year. A healthy operating business and strong returns on our investment activities mean that Energifonden stands on a very stable footing. I see this as proof of Energifonden’s ability to navigate a turbulent climate and seize opportunities as they arise. The combination of a strong cash position, low overheads and short decision-making paths means that Energifonden is stronger now than ever.
Over the summer, Energifonden has negotiated with several counterparties about acquiring various energy projects. However, the valuations we have seen have been too high and would not generate a satisfactory return given the level of risk. That said, we see a shift underway now that many companies have to refinance at significantly higher interest rates, which is pushing down the value of the projects and companies. USD interest rates are at a record high, which means we will see valuations of companies and energy projects marked down (by 15–30%), and that is when Energifonden stands ready to acquire quickly.
We can therefore conclude that the current business climate is very challenging for many. There are shortages of energy in its various forms, and extremely high energy prices are driving inflation upward. Even so, there are great opportunities for good deals in the energy sector in the coming years. The recipe for success in times like these is the ability to make decisions quickly and to be liquid with a large cash position. Energifonden has these ingredients. Our cash position has never been larger than it is now, the group has no outstanding bank loans or credit facilities, and it has a large credit line with an international bank that can be drawn on at short notice.
To date, Energifonden has issued 27 fixed-rate bonds (not counting upcoming offerings). These have delivered an average interest rate of eight percent to those who invested in them. Looking back on the nine years we have offered bonds to the public, I am grateful for the positive response we have received. We strive to be predictable in a world where everything is becoming more and more unpredictable.
The Board of Directors has recently resolved to offer the public the opportunity to subscribe for bonds during October/November at the following annual interest rates:
5% for a one-year term
6% for a two-year term
7% for a three-year term
9% for a five-year term
With these bonds, we are building up our cash position ahead of what is expected to be an acquisition-intensive future.
Wishing you all a blessed autumn!
Fredrik Johansson CEO and Owner Energifonden Sverige AB