Statkraft acquires Enerfin to expand renewable energy footprint in Spain and Brazil

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Statkraft, Europe’s largest renewable energy producer, has successfully completed its acquisition of Enerfin, the renewables subsidiary of Spanish company Elecnor. This strategic move significantly bolsters Statkraft’s operations in Spain and Brazil, adding 1.5 gigawatts (GW) of wind and solar power projects that are currently in operation or under construction, along with a robust pipeline of projects in development.

Strategic Expansion in Key Markets

The acquisition of Enerfin not only enhances Statkraft’s scale but also strengthens its competitive position in two crucial renewable energy markets. “This acquisition is a big leap for Statkraft and confirms our position as Europe’s largest producer of renewable energy and aims to become a leading renewable company internationally. It places us among the top 10 wind power producers both in Spain and Brazil,” stated Birgitte Ringstad Vartdal, President and CEO of Statkraft. The integration of Enerfin’s assets is seen as a strategic fit with Statkraft’s existing portfolio and future growth ambitions.

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Welcoming New Talent and Capabilities

The deal brings 170 new employees from Enerfin into the Statkraft fold, primarily located in Spain and Brazil. The Enerfin team is recognized for its strong capabilities in project development and renewable operations, which are expected to bring significant value to Statkraft’s operations. “I warmly welcome all new employees to Statkraft. The Enerfin organisation has a strong track record in project development and operations of renewables. This will add great value to our organisation,” added Vartdal.

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Enhancing Operational Opportunities

The newly acquired portfolio offers numerous opportunities for technological and operational enhancements, including the repowering of wind farms and the potential for hybridisation and battery storage solutions. Moreover, the acquisition is set to increase market operations within both Spain and Brazil, reinforcing Statkraft’s commitment to advancing renewable energy deployment in these regions.

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Future Divestments and Strategic Focus

Statkraft also announced plans to divest Enerfin’s portfolio in Canada, the US, Colombia, Australia, and Chile. This decision underscores a strategic refocusing on markets where Statkraft sees the highest potential for growth and value creation. “We acknowledge the significant work done to develop the portfolios in these markets, and strongly believe in future opportunities for value creation,” Vartdal commented on the planned divestitures. The process will focus on value preservation and responsible management of the transition for all stakeholders involved.

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