Norwegian energy company Statkraft is seeking buyers for its projects across four non-core markets, Reuters has reported.

The assets are part of the acquisition of Spanish company Enerfin, which Statkraft purchased from the Elecnor Group for €1.8bn ($1.94bn) in November 2023. The assets are located in the US, Canada, Colombia and Australia.

Statkraft CEO Christian Rynning-Toennesen stated: “When it comes to Enerfin, we will divest four countries in the portfolio there: Canada, the US, Columbia and Australia.”

“It is just that we don't have the financial or organisational capacity to take on these four countries.”

The Enerfin deal's closure will take place in the second quarter of 2024.

The acquisition was a strategic step for the company to bolster its portfolio with additional wind and solar capacity.

The deal boosted Statkraft's position as a key international renewable energy provider, particularly in Spain and Brazil.

The assets set for sale in the open market are diverse and extensive. They include 467MW of wind and solar assets, mainly in Canada and Colombia. Some are already operational while others are under construction and ready for development.

Statkraft indicated that the projects are part of a larger portfolio available to interested parties, with Rynning-Toennesen emphasising their quality across all four countries.

Statkraft is also preparing to offer a substantial pipeline of wind and solar development projects with a total output capacity of 5GW across the four countries.

The sales process will commence in March 2024, with financial advisor Rothschild enlisted to guide the proceedings.

Statkraft's strategic focus remains on its core markets, which include Europe, India and select South American countries: Chile, Peru and, notably, Brazil.

In January 2024, the company announced its intention to invest €6bn in its hydro and wind power facilities in Norway.

The plan includes a budget of between €1.8bn and €3bn for the refurbishment and transformation of Norwegian hydroelectric plants, and an additional €1.2bn–2bn for dam rehabilitation and the modernisation of older hydropower stations.

The projects are expected to take place between 2024 and 2030, with upgrades planned for the Mauranger, Aura, Alta and Svean plants.