Characteristics of investors in onshore wind power in Sweden

Abstract

In order to facilitate the transition to electricity industries with low CO2 emissions, it is important to understand which firms invest in renewable energy technologies. This study concentrates on the heterogeneous characteristics of investors in wind power that are embedded in the investors' dynamic capabilities. Data on 617 investors in the Swedish onshore wind industry are analyzed. Investors with higher investment and management experience and a mixed generation portfolio whose business is electricity production have more assets in wind. Investors' age in the wind industry has a negative relation with assets in wind, illustrating that latecomers are investing more. Individual incumbents of the electricity industry hold a relatively large amount of assets in the Swedish wind industry, but the group of incumbents as a whole possesses only 15 percent of wind assets. The results suggest that tailor-made policies could stimulate a greater variety of firms to invest in wind power.