Spanish infrastructure builder Elecnor SA has reached an agreement to sell its renewables unit, Enerfin, to Norwegian state-owned power company Statkraft AS for an enterprise value of EUR 1.8 billion (USD 1.96 billion). The deal, subject to approval in Spain and Norway, will make Statkraft the sole shareholder of Elecnor's wind and solar development subsidiary.
Elecnor's decision to divest at least part of its shareholding in Enerfin was initiated in February 2022. After an unsuccessful search for a minority partner, the company, in June 2023, shifted its focus to offering a controlling stake. Chinese state-owned power company China Three Gorges Corporation had expressed interest in Enerfin, emerging as a front runner in the bidding race, as reported in September.
Enerfin, Elecnor's renewables arm, holds stakes in 1,734 MW of wind and solar power projects across Spain, Brazil, Canada, and Colombia, according to its third-quarter earnings report.
Statkraft anticipates that the acquisition of Enerfin will enhance its market operations in Spain and Brazil, solidifying its position as Europe's largest producer of renewable energy. The deal also positions Statkraft among the top wind power producers in Spain and one of the three largest in Brazil, with over 1.5 GW of installed capacity, further expanding its operational scale.
Christian Rynning-Tønnesen, CEO of Statkraft, remarked, “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.”