Statkraft has acquired Element Power’s wind power portfolio in Ireland and the UK which has about 1550MW of projects under development.
The deal covers Element Power Ireland and three UK project companies, including about 50 employees that will be integrated into Statkraft.
About 1.3GW of wind power is under development in Ireland and a further 250MW in the UK.
The transaction, which was completed 1 October, does not include the Greenlink Interconnector.
Dublin law firm McCann Fitzgerald advised the Norwegian company on the deal.
Statkraft chief executive Christian Rynning-Tonnesen said: “This acquisition fits perfectly with our onshore wind power strategy. A very competent organisation based in Ireland and in the UK will strengthen Statkraft’s capabilities in project development, construction and commercial management in the UK and Ireland, as well as across markets.”
Element Power chief executive Mike O’Neill said: “We are delighted to complete the sale of our renewable energy and related activities in Ireland and the UK, and especially so to a company of Statkraft’s standing and ambitions for growth, who will build on our successful track record of project delivery.
“They are inheriting an extremely high calibre team and a substantial portfolio of projects that will enable them to take a leading role in the market. We wish them every success, whilst we look forward to continuing the development of our Greenlink interconnector project that will link these two important energy markets and help facilitate their continued decarbonisation.”
Statkraft said the acquisition fits well with its growth strategy to develop 6GW of wind by 2025.