Spain’s Elecnor agrees to sell its renewables unit to Statkraft

Spanish infrastructure builder Elecnor SA (BME:ENO) has struck an agreement to sell its renewables unit Enerfin to Norwegian state-owned power company Statkraft AS.

The deal puts the enterprise value of Enerfin at EUR 1.8 billion (USD 1.96bn), Elecnor and Statkraft said in separate statements on Friday.

The agreement requires approval in Spain and Norway, and if finalised, Statkraft will be the sole shareholder of Elecnor’s wind and solar development subsidiary.

The share purchase agreement marks the conclusion of Elecnor’s attempts to divest at least part of its shareholding in Enerfin. In February 2022, Elecnor launched the sale of a “significant but not majority stake” in the business. After a fruitless search for a minority partner, the company in June 2023 offered to sell a controlling stake.

In September, it emerged that Chinese state-owned power company China Three Gorges Corporation had expressed interest in Enerfin and was considered a front runner in the bidding race, as reported by Spanish media outlet Voz Populi.

Enerfin owns stakes in 1,734 MW of wind and solar power projects in operation and under construction in Spain, Brazil, Canada and Colombia, according to its third-quarter earnings report.

Statkraft expects the acquisition of Enerfin to strengthen its market operations in Spain and Brazil.

“The acquisition reinforces Statkraft’s position as Europe’s largest producer of renewable energy and places the company among the top ten wind power producers in Spain, complementing our solar projects portfolio there. The acquisition will also position Statkraft among the three largest wind power producers in Brazil, with over 1.5 GW of installed capacity, and increasing our operational scale,” said Statkraft’s CEO Christian Rynning-Tønnesen,

(EUR 1.0 = USD 1.091)

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