Norwegian renewable energy giant, Statkraft, is charting a strategic course following its recent acquisition of Spanish firm Enerfin, with plans to divest assets in four non-core markets, CEO Christian Rynning-Toennesen exclusively disclosed to Reuters.
Statkraft, a state-owned enterprise, sealed the deal with Elecnor Group for Enerfin at a substantial 1.8 billion euros ($1.94 billion) in November, aiming to fortify its presence in key regions like Spain and Brazil.
See also: Statkraft Announces Ambitious Plans to Develop 2GW of Wind and Solar Capacity in Germany
“In regards to Enerfin, we will divest from four countries in the portfolio: Canada, the U.S., Colombia, and Australia,” Rynning-Toennesen outlined in an interview.
The assets earmarked for sale encompass a significant portfolio of wind and solar projects across these nations, totaling 467 megawatts (MW) of operational or near-operational capacity in Canada and Colombia alone. Additionally, the divestment plan encompasses a pipeline of wind and solar projects poised for development, amounting to nearly 5,000 MW across all four countries.
See also: Statkraft Secures 260 MW Wind Farms in Brazil from EDP Renovaveis for USD 323.5 Million
“We acknowledge the potential and quality of these projects; however, our current focus lies elsewhere due to limitations in financial and organizational capacities,” Rynning-Toennesen elaborated.
The divestment strategy underscores Statkraft's commitment to concentrating on its core markets, primarily situated in Europe, along with strategic footholds in India and select South American countries like Chile, Peru, and notably Brazil.
Highlighting recent achievements, the company recently unveiled a 519 MW onshore wind farm in Brazil, marking a milestone in its renewable energy endeavors.
See also: Statkraft and CIP secure 500 MW in Ireland's first offshore wind auction
The sales initiative is slated to kick off in March, with Rothschild appointed as the financial advisor for the process, with the closing of the Enerfin acquisition expected in the second quarter of this year.
