Statkraft, the Norwegian energy group, reached an agreement to acquire Enerfin, Elecnor’s renewable subsidiary, in a deal valued at 1.8 billion euros, as reported by both companies.
The acquisition marks one of the largest renewable energy operations in Spain this year and signals a significant step in Statkraft’s growth strategy in the Spanish market, while expanding its reach in the green energy landscape in Brazil.
Following the deal, Enerfin will be the subject of a general meeting called by Elecnor’s board to obtain shareholder approval. The group has notified the National Securities Market Commission (CNMV), and the formal call for shareholder approval will be issued in the coming days.
Mediobanca and Lazard acted as Elecnor’s financial advisors, with Herbert Smith Freehills advising on legal matters related to the operation.
Enerfin’s renewable platform includes 1,500 megawatts of power either in operation or under construction, with a robust project portfolio in various development stages across different regions. The transaction awaits the necessary permits in multiple countries and is expected to close in the first half of 2024.
Statkraft, already Europe’s leading renewable producer and a major player in the power purchase agreement market, strengthens its position as Europe’s largest renewable energy producer with this acquisition. It also enters the top tier among wind producers in Spain, complementing its extensive solar portfolio in the country.
With Enerfin’s addition to the portfolio in Spain, Statkraft’s renewable capacity increases by 1,600 MW, reaching a total installed capacity of 650 MW. The combined output from both companies’ power plants could supply the average annual electricity needs of more than 450,000 Spanish households.
Additionally, the deal places Statkraft among the top three wind producers in Brazil, bolstering its installed capacity to about 1,500 MW in the South American nation.
The operation was structured through a standard purchase and sale agreement executed under customary terms and conditions for such transactions.
Enerfin’s enterprise value in the transaction amounts to €1,800 million, inclusive of equity and debt, subject to usual adjustments common in these processes.
Statkraft’s managing director in Spain, José Miguel Ferrer, expressed strong satisfaction with the closure of the deal, noting that it offers a strategic fit for both firms and places the Norwegian company in the top ten wind producers in Spain, while complementing its broad solar photovoltaics portfolio.
He emphasized that the combination would not only accelerate project development and operation but also bring together two experienced teams, reinforcing Statkraft’s role in transforming the country’s energy model.
Statkraft will integrate Enerfin’s Spain-based team, expanding its local workforce from over 250 professionals to a larger, cohesive unit. Enerfin currently operates six wind farms in Spain, with a total installed capacity of 410 MW distributed across Navarra, Castilla y León, Galicia, the Valencian Community, and Andalusia.
New projects include the Navarra wind farm with a capacity of 139.2 MW and the Cernégula project in Castilla y León with 47 MW, both planned to become operational by the end of 2024 and 2025 respectively. The portfolio development will be reinforced by these assets, forming a broader growth platform from 2025 onward.
The plan also envisions hybridizing existing facilities and pursuing new projects, such as a green hydrogen plant located at A Coruña’s outer port. Enerfin continues to incorporate battery storage projects to meet the evolving energy storage needs anticipated with Spain’s renewable expansion in the coming years.