norwegian group Statkraft reached an agreement with Elecnor will acquire its renewable subsidiary Enerfin with 1.8 billion eurosAs reported by both companies.
With this purchase one of the biggest operations renewable in Spain so far this yearprovided by Statkraft A ‘giant’ step in its growth in the Spanish market and in ‘green’ energies in Brazil.
Since Enerfín is a significant asset, Elecnor will call a general meeting of Elecnor shareholdersThe Group has informed the National Securities Market Commission (CNMV), whose call for approval of the operation by shareholders will be published in the coming days.
Mediobanca and Lazard served as Elecnor’s financial advisors, and Herbert Smith Freehills advised it on the legal aspects of the operation.
Special, Enerfin’s renewable platform includes 1,500 megawatts (MW) of power in operation and construction, as well as a robust portfolio of projects in different stages of development around the world.. The transaction is also awaiting relevant permits in different countries and is expected to be completed in the first half of 2024.
Statkraft, Europe’s first renewable producer and leader in the PPA marketWith this acquisition, it consolidates itself as Europe’s largest producer of renewable energy and enters the ‘top ten’ among wind producers in Spain, which perfectly complements the extensive solar portfolio in the country.
With the acquisition of Enerfin in Spain, its renewable portfolio increased by 1,600 MW and its installed capacity reached 650 MW.. The joint production of both companies’ renewable power plants is enough to cover the average annual consumption of more than 450,000 Spanish families.
Additionally, the acquisition of Elecnor’s renewable subsidiary places the Norwegian company among the top three wind producers in Brazil, with an installed capacity of 1,500 MW.
The operation was structured through a contract for the purchase and sale of social shares signed this Friday under the usual terms and conditions for such operations.
Enerfín’s enterprise value recorded in the operation is €1,800 million, including equity and debt.subject to the usual adjustments in these processes.
Statkraft’s managing director in Spain, José Miguel Ferrer, is “very pleased” with the closure of an operation This “offers a perfect fit for both companies” and places the Norwegian company in the “top ten” of wind producers in Spain, “perfectly complementing its comprehensive solar photovoltaics portfolio.”
“The combination of Statkraft and Enerfin means not only adding projects in the development and operational phase, but also bringing together two great teams with great knowledge and experience of the industry. They will contribute to confirming that we are one of the key actors in changing the energy model in our country.“, aforementioned.
Statkraft in Spain will recruit 90 people from EnerfinIts team in the country currently consists of more than 250 professionals. Specifically, Enerfin currently has six wind farms in operation with a total installed capacity of 410 MW and distributed between Navarra, Castilla y León, Galicia, the Valencian Community and Andalusia.
Moreover, Ribera Navarra is building the wind farm (Navarra)with a capacity of 139.2 MW and Construction of Cernégula (Castilla y León) will start soonIt has a power of 47 MW. These new facilities are planned to become operational at the end of the year and next in 2024, respectively.
Alongside the portfolio being developed, the operation also plans to re-strengthen various assets in Spain, which will provide an additional growth platform from 2025.
In addition to these growth opportunities, there are hybridization options in existing facilities and projects to be implemented. A green hydrogen plant in A Coruña’s outer port. Enerfin is also incorporating battery projects, anticipating the storage needs that will arise from the renewable energy distribution planned in Spain in the coming years.