Norway-based renewable energy company Statkraft has completed the acquisition of Enerfin, a Spain-based renewables business and subsidiary of Elecnor Group, in a transaction valued at €1.8 billion (~$1.97 billion), encompassing equity and debt.

The transaction, contingent on public approvals in respective countries, is slated for closure in the first half of 2024.

Enerfin’s assets include 1.5 GW of operational and under-construction wind and solar capacity, along with an expansive pipeline of projects at various developmental stages.

The acquisition unlocks opportunities for wind farm repowering, hybridization, and battery storage while complementing Statkraft’s solar portfolio.

Statkraft said the acquisition strengthens its footprint in Spain and Brazil.

“This is a milestone acquisition for Statkraft. Enerfin is a solid, well-run company with a highly competent organization and an attractive portfolio that fits well with Statkraft’s current activities. The deal will create further value for the customers, our owner, and society as it constitutes a major contribution to the green energy transition towards zero emissions,” said Christian Rynning-Tønnesen, CEO of Statkraft.

In the third quarter of 2023, Statkraft reported net operating revenues of NOK10.6 billion (~$985.16 million), a decline from NOK13.2 billion (~$1.28 billion) in the comparable quarter of 2022, attributed to an 84% decrease in Nordic power prices. Despite this, the company signed long-term contracts, maintained a profit after tax of NOK4.4 billion (~$409.12 million), and acquired renewable energy projects, including two early-stage Swedish wind projects in October, with a substantial onshore and offshore wind portfolio.

In September, Statkraft acquired 39 wind farms from Breeze Two Energy for NOK4.7 billion (~$443.2 million), doubling its wind capacity in Germany and nearly in France. The strategic acquisition, encompassing 337 MW of capacity, focuses on wind farms located in Germany and France.

Last year, Statkraft commissioned its 55 MW Nellai solar project in Tamil Nadu, India, set to generate 120 GWh of power annually.