Norwegian renewables company Statkraft AS has initiated the search for buyers for certain assets of Enerfin, a Spanish wind and solar developer, ahead of the formal completion of its acquisition.
According to Spanish business newspaper Expansion, Statkraft has enlisted merchant bank Rothschild as its advisor for the sale of Enerfin's wind and solar portfolio in Canada and Australia. Unnamed sources indicated that the enterprise value of these assets could approach EUR 500 million (USD 539.9m).
Statkraft is poised to finalize its EUR-1.8-billion acquisition of Enerfin, the renewables division of Spanish infrastructure firm Elecnor SA (BME:ENO), by the end of the first half of 2024. The Norwegian state-owned company has emphasized its interest in Enerfin's wind farms in Spain and Brazil to reinforce its presence in those markets. As per Statkraft's former CEO Christian Rynning-Tønnesen, assets in Canada, Australia, Colombia, and the United States—considered non-core countries for Statkraft—will be divested.
Rothschild has been tasked with advising on the divestment of Enerfin's assets in Canada and Australia under the project name Sancho, as per Expansion.
The Canadian portfolio encompasses 1,255 MW of wind and solar projects at various development stages. This includes an operational 100-MW wind farm, a 136-MW wind farm under construction, 538 MW of wind projects in development, 221 MW of hybrid and solar projects nearing construction, and an additional 260-MW solar pipeline.
In Australia, the portfolio comprises 1,500 MW of wind and 200 MW of solar projects, with most projects not anticipated to reach the ready-to-build stage before the end of 2025, according to the report.
