Norwegian state-owned power company Statkraft has agreed to acquire energy company Enerfin, a unit of Spanish engineering and construction company Elecnor, in a transaction valued at €1.8bn ($1.97bn).
Spain’s Enerfin has a portfolio of 1.5GW in operation and under construction, along with a pipeline of projects in development.
With this acquisition, Statkraft adds wind and solar capacity to its own portfolio, strengthening its position as a major international renewable energy provider in Spain and Brazil.
The portfolio offers significant opportunities for the repowering of wind farms, along with hybridisation and battery storage possibilities.
Statkraft CEO Christian Rynning-Tønnesen stated: “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 increase our operational scale.”
The deal awaits public approval in the respective countries. Completion is expected in the first half of 2024. Its estimated value includes equity and debt.
Enerfin has a workforce of 170, primarily in the Spanish capital, Madrid.
In October 2023, Statkraft acquired two wind developers in Sweden, Njordr Offshore Wind and Svevind Nordic. The two have a combined 37GW pipeline.
Svevind Nordic, with 16GW of installed capacity, will be fully absorbed by Statkraft.
Njordr Offshore Wind is a joint venture of Njordr and Vindkraft Värmland and develops early-stage offshore wind projects.
