Norwegian energy company Statkraft has acquired Spanish renewables developer Enerfin for an estimated €1.8 billion (US$1.9 billion).
The transaction includes Enerfin’s portfolio of over 1.5GW of solar, wind and energy storage projects that are operational or under construction, as well as its development pipeline. Statkraft said that the acquisition particularly increases its opportunities in the Spanish and Brazilian markets, where Enerfin – currently owned by Spanish construction and engineering firm Elecnor Group – has an established presence.
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The deal is expected to be closed in early 2024. The majority of Enerfin’s projects are wind farms across Spain and Brazil, though it also owns solar PV capacity, notably the 129MW Portón del Sol PV project in Colombia.
“This is a milestone acquisition for Statkraft,” said Christian Rynning-Tønnesen, CEO of Statkraft, “The acquisition reinforces Statkraft’s position as Europe’s largest producer of renewable energy and places the company among the top ten wind power producers in Spain, complementing our solar projects portfolio there.”
At the start of 2023, Statkraft received environmental permit approval for 600MW of Spanish PV capacity in the regions of Murcia and León, with construction expected to begin early 2024.
He continued: “The acquisition will also position Statkraft among the three largest wind power producers in Brazil, with over 1.5GW of installed capacity, and increasing our operational scale.”
In October, Rynning-Tønnesen announced that he was stepping down as CEO of Statkraft after more than 13 years in the job. He will remain in place until a successor is found.
Earlier in the year, Statkraft announced its plans for German expansion, where it looks to develop and operate 2GW of solar PV and wind capacity by the end of the decade.