Statkraft has acquired Spanish renewables company Enerfin, adding 1500MW of operational wind power, wind and solar capacity currently under construction plus a sizeable pipeline of projects in development to its portfolio.
Enerfin is a subsidiary of Elecnor Group, a leading Spanish engineering and construction business.
The transaction has an estimated enterprise value of €1.8bn, including equity and debt, subject to customary adjustments at completion.
The portfolio comes with significant opportunities for the repowering of wind farms, as well as hybridization and battery storage possibilities, Statkraft said.
The acquisition also enables increased market operations in both Spain and Brazil, it added.
Statkraft chief executive Christian Rynning-Tonnesen said: “This is a milestone acquisition for Statkraft.
“Enerfin is a solid, well-run company with a highly competent organisation and an attractive portfolio that fits well with Statkraft’s current activities.
“The deal will create further value for the customers, our owner and society as it constitutes a major contribution to the green energy transition towards zero emissions.
“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.
“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.”
The transaction is dependent on public approvals in the respective countries and is expected to be closed during the first half of 2024.
Enerfin employs a team of approximately 170 people, mainly based in Madrid.