Statkraft Completes the Acquisition of a Major Renewable Energy Company in Spain

Statkraft has signed the final agreement to acquire Elecnor subsidiary Enerfin. The closing of the Enerfin deal significantly builds scale and strengthens Statkraft’s position in Spain and Brazil. The transaction has an estimated enterprise value of USD 2 billion. Furthermore, for Statkraft, the acquisition adds a portfolio of 1.5 GW of renewable energy projects worldwide. 

José Castellanos, Enerfin CEO; Rafael Martín de Bustamante, Elecnor CEO; Andrew Smith, SVP Head of Corporate Transactions in Statkraft; and José Miguel Ferrer, Country Manager at Statkraft Spain, at the signing in Madrid

In October 2023, Statkraft announced the agreement to acquire Enerfin. This acquisition is a big leap for Statkraft and confirms our position as Europe’s largest producer of renewable energy It aims to become a leading renewable company internationally. It places Statkraft among the top 10 wind power producers in Spain and Brazil. 

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For Statkraft, the portfolio comes with significant opportunities for repowering wind farms and hybridization and battery storage possibilities. In addition, the acquisition enables increased market operations in both Spain and Brazil. Enerfin is a subsidiary of Elecnor Group, a leading Spanish engineering and construction business. Enerfin employs a skilled team of approximately 170 people, mainly based in Madrid.

Key Objectives of the Acquisition

Several important goals served as the driving force behind Statkraft's strategic acquisition of Enerfin:

Expansion into New Markets: Enerfin provides Statkraft with a significant foothold in the Spanish renewable energy market, a rapidly growing European sector. Spain boasts excellent wind and solar resources, making it an attractive location for renewable energy development. By acquiring Enerfin's operational and under-construction projects, Statkraft gains immediate access to this lucrative market and strengthens its position as a leading renewable energy player in Europe.

Enhanced Portfolio Diversification: The acquisition broadens Statkraft's portfolio beyond its core hydroelectric holdings. Enerfin's portfolio comprises wind and solar assets, providing Statkraft with a more balanced and diversified mix of renewable energy sources. This diversification mitigates the risks associated with dependence on a single source and allows Statkraft to capitalize on the strengths of each technology. Wind and solar have complementary generation profiles, reducing overall production volatility.

Growth in Renewables Capacity: The acquisition significantly increases Statkraft's renewable energy capacity. Enerfin's 1.5 GW of operational and under-construction projects adds to Statkraft's existing capacity, propelling them towards their goals of renewable energy expansion. This growth strengthens Statkraft's position as a major player in the global renewable energy market and contributes to its commitment to the clean energy transition.

About Enerfin

Established in 1997, the company was part of Grupo Elecnor, a prominent global corporation in infrastructure, energy, and new technologies. Enerfin's core area of expertise was developing, operating, and managing wind and solar energy projects.

They focused on integrated project management, utilizing their technical and financial expertise across all stages. This included development, construction, operation, and even energy sales management. Historically, Enerfin had a strong presence in wind energy, with operational wind farms in Spain, Brazil, and Canada reaching a total capacity of 1.2 GW. This translates to supplying clean energy to over 1.5 million homes and avoiding significant carbon emissions.

Beyond wind, Enerfin also ventured into solar energy through its subsidiary, Enerfin Renewables. This subsidiary specifically focused on developing and operating renewable energy projects in the United States.

Read: Waaree Energies will supply 445 MW of Solar Modules to Statkraft India

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