First Research on Germany’s Only Pure-Play Hydropower Company

Parmantier & Cie. Research today publishes its inaugural report on DWK Deutsche Wasserkraft AG (ISIN: DE000A2AAB74), Germany’s only publicly listed company solely focused on run-of-river hydropower.

DWK develops and operates small-scale hydropower plants (Small Hydro) in Norway—one of Europe’s most attractive energy markets, offering regulatory stability, low taxation, and high public acceptance. With a project pipeline exceeding 260 GWh and expected IRRs of over 21%, DWK combines sustainable energy generation with robust economic fundamentals.

A strategic partnership with NordVest further strengthens the business model: jointly launched infrastructure funds (target volume up to €200 million) generate recurring, electricity price-independent income through management and sourcing fees—adding financial resilience and scalability.

The management team brings a proven track record: over 120 hydropower transactions in Norway worth €1.1 billion underline DWK’s deep sector expertise. According to the study, the company’s modular strategy—develop, build, sell or operate—offers flexibility across market cycles.
Parmantier & Cie. Research assigns a fair value of €5.00 per share, based on a conservative DCF model.

DWK stands for dependable green returns in volatile energy markets—and opens institutional access to a historically underrepresented asset class.
Full research report available at:


Bloomberg ; FactSet ; LSEG
Online: https://www.parmantiercie.com/research


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PARMANTIER & CIE. is a modern merchant bank based in Frankfurt am Main. The firm advises companies on all aspects of financing – equity, debt, and hybrid instruments – and also invests its own capital in listed and private companies. PARMANTIER & CIE. stands for integrity, foresight, and tailored financing solutions with entrepreneurial commitment.

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