Statkraft and Elecnor officials at the signing ceremony in Madrid, Spain. Credit: Statkraft AS.

Norwegian state-owned power company Statkraft has completed the acquisition of Spanish renewables company Enerfin from Elecnor.

The agreement to acquire Enerfin was first announced in November 2023.

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The deal bolsters Statkraft’s renewable energy portfolio, particularly in Spain and Brazil, and represents an expansion of the company in these markets.

The transaction, valued at €1.56bn ($1.69bn) after adjustments, will see Elecnor recording a net consolidated capital gain of €800m.

The acquisition adds 1.5GW of wind and solar projects, both operational and under construction, to Statkraft’s assets, alongside a pipeline of projects in development.

Statkraft president and CEO Birgitte Ringstad Vartdal stated: “This acquisition is a big leap for Statkraft and confirms our position as Europe’s largest producer of renewable energy and [our] aim to become a leading renewable company internationally.

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“It places us among the top 10 wind power producers both in Spain and Brazil, which are key markets for Statkraft. The portfolio is a very good strategic fit with our current portfolio and future growth plans.”

Enerfin’s portfolio is seen as a complementary fit with Statkraft’s existing operations, adding 170 new employees primarily based in Spain and Brazil.

In line with their earlier announcement, Statkraft intends to divest Enerfin’s assets in Canada, the US, Colombia, Australia and Chile.

Vartdal added: “We acknowledge the significant work done to develop the portfolios in these markets, and strongly believe in future opportunities for value creation.

“Statkraft is committed to finding new owners who can further create value by developing the business in these countries. Statkraft will run a sales process focusing on value preservation and care for all people involved.”