News Release from Statkraft AS

Wind Industry Profile of

Statkraft AS

11/27/2023

Statkraft acquires Spanish based renewables business Enerfin from Elecnor Group

The acquisition of Enerfin adds 1.5 GW of operational wind power, wind and solar capacity currently under construction plus a sizeable pipeline of projects in development to Statkraft’s portfolio. This reinforces the Norwegian company’s position as a major international renewable energy player, and significantly strengthens its position in Spain and Brazil.

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Statkraft, Europe’s largest generator of renewable energy and a global player in energy market operations, has reached an agreement for the acquisition of the Spanish renewable energy company Enerfin.

Enerfin is a subsidiary of Elecnor Group, a leading Spanish engineering and construction business. The transaction has an estimated enterprise value of 1.8 billion EUR, including equity and debt, subject to customary adjustments at completion.

Enerfin's renewable energy platform includes 1.5 GW in operation and under construction, and a solid pipeline of projects at various stages of development.

“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”, says Christian Rynning-Tønnesen, CEO of Statkraft.

The portfolio comes with significant opportunities for the repowering of wind farms, as well as hybridization and battery storage possibilities. In addition, the acquisition enables increased market operations in both Spain and Brazil.

“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 1.5 GW of installed capacity, and increasing our operational scale,” says Rynning-Tønnesen.

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 skilled team of approximately 170 people, mainly based in Madrid. Statkraft looks forward to welcoming all new employees to deliver on the vision to renew the way the world is powered.